Like we’ve said before, no deal is fixed unless you fix it. Most banks, dealers and manufacturers advertise certain interest rates but the actual deal varies from individual to individual depending upon a lot of factors. The only common factor in all this though is that the buyer needs to negotiate. Negotiations on interest rates for a car or bike loan can be made on several accounts. The history of your relationship with a certain bank could earn you a better interest rate based on the number of years that you’ve had an account there or also based on your credit and balance history. Employees also get discounted interest rates in some banks so be sure to work all your connections and figure out the best possible deal.
The best position you can be in while negotiating on interest rates is when the offer comes to you through service calls or emails instead of you having to approach the bank. Take advantage of these calls if you’re looking to buy a car in the near future and haggle the lowest rate that you can. Of course, it helps if you attain an attitude that portrays that you’re not really in the need of the loan, but just considering the possibility since the bank approached you in the first place. Another great idea is to try and get finance from a nationalised bank. Rates of interest are generally lower in these kind of banks.