Most individuals have three monetary aspirations in life Pavel Buchnevich Rangers Jersey , having a well-paying job,a comfortable home, and a car of their liking. A well-paying job is usually the start of this ambitious journey. With a lot of hard work, dedication and a certain amount of practical thinking one can save money to fulfil their materialistic desires.

Although, owing to the availability of Car Loans,offered by both Banks and NBFCs (Non-Banking Financial Companies) with the ease of EMIs Brady Skjei Rangers Jersey ,the ambition of having a comfortable car is not beyond one鈥檚 reach. However, there are numerous factors that one must consider before buying a car, like opting for a Car Loan, to ensure you do not make an impulse investment.


1. Choosing the Right Car:


The first and most vital factor to consider is the need for a privately-owned car. Emotions aside, although commuting by car is a comfortable way of travelling, it is not always the most feasible and practical way in all cases. Moreover Rick Nash Rangers Jersey , different individuals may use their cars for different purposes, such as driving to work, going on weekend trips or just running errands. In each case, one should select the right car by evaluating more than sheer looks. The mileage of the car, its estimated maintenance, and more. Always assess the choices of cars at hand to fit one鈥檚 individual need to either commute David Desharnais Rangers Jersey , flaunt or frequent long drives.


Incase the need for a car is highly limited, one can also buy a second-hand car, by opting for Used Car ers offer Car Loans for both new as well as used cars. However, the interest rates are usually different in both cases, a new Car Loan interest rate ranges between 9.25-13.75% range, whereas for the Used Car Loans its ranges between 12.50 and 17.50%.


2. Capacity to Repay a Car Loan
Being eligible for a Car Loan is the easy part. However Michael Grabner Rangers Jersey , before applying for a Car Loan, one needs to evaluate their own financial capacity to handle the additional monthly expense of EMIs. Opting for a Car Loan which has a high interest rate and long tenure can be a financial burden, one can use online EMI calculators and look before leaping into a whirlpool of interest and penalties owing to loan default.


3. Negotiation of Interest Rate
Getting a Car Loan at a lower interest rate makes a Car Loan highly affordable, as lower the interest rate, the lower is the EMI and payable interest. Having a good Credit Score helps by leaps and bounds in helping one negotiate their Car Loan interest rate. Try to opt for monthly reducing rates over fixed rates of interest for the best deal.


4. Importance of Down Payment
Banks may offer Car Loans at 100% of the cost of the car. Although, this sounds good at first Kevin Shattenkirk Rangers Jersey ,higher the loan amount the larger the debt one needs to repay. Thus, the larger the down payment that you can afford to pay, the lower the amount of the Car Loan one needs to borrow and pay off, indirectly lowering the monthly EMIs.


5. Evaluate the Pre-closure Penalty


Pre-closure of a Loan is clearing the debt one owes the financial institution before the designated end of tenure, which saves a large amount to be paid as interest. However, many banks levy a large penalty on the prepayment of the remaining Car Loan. When shopping around for Car Loans one should always evaluate the pre-closure penalty charges levied by the lending institution (lower the better!). You never know when one might come into money to pay off the debts at hand.


These simple yet important factors ensure you are prepared to hit the ground running and choose the right car loan for your dream car.

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