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Originally Posted by Zappo  One thing though. Talking directly to the bank does not help IMO. This I realized when I was shopping for a car loan. A manager with ICICI who looked after the car loans business told me (after we established some rapport based on my numerous accounts with them, my track record, my paycheck blah blah blah) that he will never be able to offer me anything less than the rack rates. In fact no one in the bank will be able to do so. He suggested that I approach the DSAs and play hardball with them. That is how the rates come down. The DSAs give you rates below the rack rates but banks don't. |
That is the case with banks like ICICI. Its the DSA's who determine everything and at times screw your happiness by making large promises and following it up by making smooth excuses!!! Better to go to SBI, Corporation Bank etc.
Never believe the banks the car dealers have tied up with. The car dealers will push only for these banks. I remember Whitefield Honda actually trying to push ICICI/HDFC/Kotak onto me. I flatly refused. Even their senior manager came and told me that I shouldn't go to nationalized banks as they take time, more paperwork blah blah.
Best is to visit different banks and get everything sorted out. Play one against the other. Say SBI is giving so much, what's your best offer. Most of them reduce. Also try to reduce processing charges. I paid 0.5% only. Sometimes they quote anywhere from 2 to 5% depending on how desperate you are.