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Avoiding common problems faced by car loan customers

About the common problems faced by car loan customers and a few tips to avoid them

Apnaloan.com Research Bureau

14 Aug 2007

Here are some of the common problems faced by car loan customers along with ways to avoid them:

1. Delay in disbursement beyond promised date. Just budget for at least a week's delay in disbursement even after you have handed over all papers.

2. Non-disbursement despite approval. Just move your loan to another bank.

3. Delay in cheque disbursement to the dealer (which means delay in obtaining delivery of the car) even though the interest meter starts from date of cheque rather than the date on which the cheque is handed over to the dealer. There is no real solution to this problem except that you could check with the dealer if he has an account with the concerned bank, in which case this delay will not happen.