- Assess your financial capability
A vehicle is a high-value asset that comes with financial obligation spanning over an extended period, in case the loan option is chosen. Therefore, financial capability is the first thing to assess. This can be calculated by deducting one's income with all expenses and existing debt. The estimation will reflect the available monthly budget that can be allocated to pay off an auto loan and the suitable price range of a vehicle. The financial capability is also an essential factor that auto finance service providers take into account when approving loans. - Check your credit appraisal
If you are looking for further reassurance regarding financial capability, several auto finance service providers offer a preliminary credit appraisal service on their digital platforms to support customers during vehicle selection. These services can present a relatively precise credit evaluation by an effortless step of filling out accurate personal information such as monthly income, job history, and previous loans. - Plan your monthly instalment
After assessing one's financial capability, the next step to reinforce confidence before purchasing a vehicle is to plan the monthly instalment. The amount will depend on the down payment, loan terms, and interest rate. These details are usually included with the credit appraisal. If you are not using such service but already have specific vehicle brands and models in mind, the websites of auto finance service providers often provide a loan calculator together with an instalment table to help with loan planning. - Find the best deals
Motor Show is one of the best opportunities to purchase vehicles with the best deals, as auto brands use this event as a place to offer attractive promotions and privileges. Auto finance companies also have special campaigns for the event, which often include, but not limited to, special interest rates, payment terms, and exclusive premiums. Thus, it is recommended to research the available promotions in order to get the full benefits from the Motor Show visit. - Get Your Apps ready
Some auto finance companies now provide digital auto lending services, allowing their customers to apply for loans swiftly and conveniently via mobile applications. Verifying identity through the National Digital ID (NDID) and credit bureau checking can also be completed on mobile, before signing the contract without the need for additional document submission.
All automobile users have different needs and financial limitations. Therefore, borrowers are encouraged to consult with both auto salespersons and financial advisors who can provide in-depth information so that they can purchase their dream cars or motorcycles and pay off loans without worries.
Source: FleishmanHillard Thailand