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Buying a Mercedes-Benz ML250 CDI - Best finance options

Discussion in 'Non FIAT Cars and two wheelers' started by amit, Nov 22, 2012.

  1. amit

    amit Superiore

    Messages:
    767
    Navi Mumbai
    My uncle has finalised on the Mercedes ML 250 CDI so we are out hunting for the best finance deal. The rates we have got are:

    Autohangar Mercedes - Finance from Axis Bank - 9.75% or 3189 per lakh for 36 months. 90% loan on ex-Showroom.
    HDFC Bank DSA 1 - 10% or 3189 per lakh. 95% loan on Ex-Showroom.
    HDFC Bank DSA 2 - 10% or 3176 per lakh. 100% loan on Ex-Showroom.

    I really don't get the number's part much. Is it better to look at interest rate or EMI per lakh? Also, should we talk to SBI or Bank of Baroda or any nationalised bank?

    The above numbers are of course still negotiable.
  2. naveen2cool

    naveen2cool Superiore

    Messages:
    646
    Chennai
    Depends on the amount of loan you are willing to take and the number of years. Also check for various rates at Loans India: Get Cheapest Loan Rate in India - BankBazaar
    You would also have to check for processing fee, pre payment charges and also wether the rate is fixed or floating. It would be mostly fixed.

    The above rates seems fine in current scenario. If you get somewhere between 9-9.5 % then its a good deal.
    Last edited: Nov 22, 2012
  3. rishike007

    rishike007 Esperto

    Messages:
    1,416
    Mumbai-Pune
    Pune- Mumbai
    Grande Punto 1.2
    Amit,
    Call Rajesh Iyyangar @ 9820534391

    He is financing the high end cars from last 7-8 yrs as per my knowledge.

    Just give him the options which hdfc & axis has given to you & ask for the more benefit.

    He will give you the best deal...:)
  4. theblack

    theblack Esperto

    Messages:
    2,188
    Bangalore
    EMI calculations depend on the loan being taken as well.. So be careful.

    Point 2: Is the EMI fixed or floating (Considering the current scene in indian economy I would recommend you go in with fixed EMI ).
    Fixed EMIs @ a national bank would probably be .5 to .75% higher than what is offered by others but its still a safe bet.
    Who knows what will be the interest 1 yr from now?

    Point 3:: Its always better to stick to nationalized banks , might be a bit of a hassle to actually get the loan but there after you are really in safe hands when it comes to monthly payments..
    Also many Nationalized banks dont charge a closure fee , but private banks still do and if you fight for your rights then they come up with lame explanations and somehow extract money .
  5. nitinkumardba

    nitinkumardba Superiore

    Amit, I suggest you to check with SBI as first option. You get multiple benifits with SBI. Processing time is very fast in SBI now. Though they ask extra documentation but still its much better option.
  6. amit

    amit Superiore

    Messages:
    767
    Navi Mumbai
    I tried with bankbazaar and got fed up with the site. Since it's going to be corporate registered, the site wanted me to put in full details of turnover, Gross income and what not. When I tried the turnover allowed me a max of Rs.10 crores only!

    Thanks! will do that.

    Yup most sites suggest SBI even though the processing time may be longer. Will explore that option as well.

    Pre-payment or fore closure will not be done as it's going to be a 3 year loan and the car is going to be company registered. Makes business sense to keep the EMi's going :).
  7. ramjn

    ramjn Staff Member Janitor

    Messages:
    5,243
    Chennai
    Linea 1.3
    Does Mercedez itself doesn't give good Finance deals? I feel like I have read in T-BHP that Merc offer very good Finance deals to sell its products.

    If you are planning to get the finance from outside, I would strongly recommend SBI. Processing time with SBI takes longer is also a myth. When you have all papers in order that they have requested, they process very quickly. I got my car loan processed from SBI in flat 2 days.
    Last edited: Nov 22, 2012
  8. amit

    amit Superiore

    Messages:
    767
    Navi Mumbai
    Thats the first thing the dealer was told but he said Mercedes is not doing any financing on ML250 at the moment.

    The SUV was booked yesterday, best quote we got was 9.4% from HDFC & ICICI, dealer is ready to match it paisa for paisa so doing it through them as it will be a one point contact which means less headache for all of us.

    Insurance is something I would like to explore on my own just to see how much savings we can get. Currently dealer is quoting about Rs.1,66,404.

    Delivery in February 2013.
    1 person likes this.

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