Technology has made getting a new car an easy and effortless process – You can hop onto the Internet to compare models, and read about car specifications, performance, design elements and everything in between.
However, for most people, buying a brand new car is quite a daunting prospect given the financial risk involved, along with the added burden of making the right choice. As you read this right now, many of you might be getting ready to shell out some money on a new set of wheels.
The Souqalmal.com team has shortlisted some important things to keep in mind before you choose which car to buy…
Choose the car model carefully
Before you head to the car dealership with a cheque in hand, make sure you do some research. It is a good idea to shortlist a car based on your requirements and budget. While choosing a specific car may boil down to individual preferences, you can still figure out ways to save on your chosen car model. Find out when the car dealership runs their biggest annual discounts – This could be during the Holy month of Ramadan, or even when an existing model is about to be replaced with a newer one. Eventually, you can also bargain with the car dealership by throwing light on better deals being offered by their competitors in the market.
Figure out how you’ll pay for the new car
As a potential car owner you have the option to pay for the car with your own savings or through a car loan. Most people end up taking a loan to facilitate the purchase, considering that buying a car is a big financial commitment. If you’re going down the bank finance route, make sure you first check if you’re eligible to apply for the loan amount you have in mind.
Although most banks in Bahrain do not have a down payment requirement, you can choose to pay a portion of the car price up-front and finance the rest through a car loan. This will reduce the size of your car loan and ultimately, your interest cost too. If you want to arrange a down payment, make sure you have the funds ready by the time you go looking for a new car.
Compare car loans before choosing one
If you decide to take a loan, you have the option of getting one from a bank, or through the car dealership. When applying for a car loan, it is important to compare different loan products before diving in. You must take into account the interest rates, processing fees and terms of repayment being offered by different banks.
Invest in the right car insurance
You would obviously compare car makes and models before choosing the right car, so why not invest a bit of time in comparing your car insurance options too. After all, comparing various car insurance plans is the most reliable way of getting the best coverage at the most affordable premium.
Souqalmal.com has brought its flagship car insurance comparison platform to Bahrain to simplify your search for the right car insurance policy. On this platform, you can compare multiple quotes from Bahrain’s leading car insurance providers, read about the features and benefits offered under each product and choose a policy that works for you. You can also pay for your car insurance securely online and have your policy delivered straight to your email inbox.