How to Pay Car EMI Easy: The number of car buyers in India is continuously increasing. Now taking a loan on a vehicle has also become very easy. You can apply for a car loan even from the comfort of your home. However, many people get worried while paying the EMI of the car taken on loan. You buy an expensive car under the guise of an agent, but sometimes a situation arises that you are not in a position to pay the EMI. Here we are telling you the 3 things that you must do before buying a car on loan.
1. Choose a car according to your budget
In fact, when you go to buy a car, the agents try to sell you the most expensive model regardless of your budget. Many times customers fall into this trap and end up buying a car which is out of their budget. Since they are taking the car on loan, they buy the car even after having less money in the beginning, but when they have to pay a hefty EMI, the customers get upset.
2. Make so
Try to make as much down payment as possible while buying a car. By doing this, the EMI installment will also become smaller and you will also have to pay minimum interest. For example, if you are buying a car for Rs 10 lakh, try to pay half of that amount as a down payment. By doing this, you will have to pay the EMI of the remaining Rs 5 lakh only.
3. How old should the loan be? How old should
Your car loan duration is also an important factor. Experts believe that a car loan of a maximum of 4 years is correct. By doing this, your EMI every month does not remain large. Besides, 4 years isn’t a very long time for a car. This means that the vehicle will be completely yours for the first few years.
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