Remember, all lenders provide some cash discounts. You can always play off one lender against the others to some extent.
Take all discounts in cash to be set off against your down payment and upfront fee requirements. Don’t settle for a so-called lower interest rate in lieu of discounts or car accessories. Once you have reached the limit of negotiation on cash discounts, then you can negotiate for some free car accessories.
You can also employ the month-end trick by negotiating till the 23rd or 24th of the month. Every bank has monthly targets for its staff and as the month-end nears, the bank offers slightly better terms to enable them to fulfill their target. However, this is unlikely to work where the income documentation is not absolutely clear.
You can obtain better cash discounts on some colours that may not be fast-moving. If you are not particular about the colour of your car, check with the dealer staff whether a better discount is available on any specific colour of the same model.
Take your own car insurance. If you are not a first-time car buyer, remember the no-claim bonus will be available to you and not to the owner of your old car.
Give full details about your existing borrowings (including any credit cards) and good repayment track record to all lenders. Remember that most banks will check with the Credit Bureau anyway to find out about your existing borrowing and repayment track record. So, making full disclosure about your existing borrowings makes sense and can actually be used to reduce interest rates on car loans further.