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Know what a car loan costs you


It’s tempting to buy a new car, whether it’s an upgrade, a first car or the next car for the family. Whatever the reason, a car loan makes the purchase easier.

Car loans are usually between three and five years but some lenders may also offer loans for up to seven years. A longer loan may mean equal monthly installments (EMIs), which makes the car seem more affordable, but overall, you pay more in interest.

Don’t forget that a car is a depreciating asset, so borrowing more may not be the best thing to do. But if you take out a car loan for a short time, the IMIs will be heavy and your credit report will be blocked if you don’t pay.

Conditions also apply to the loan amount. For example, some lenders lend the full price of the ex-showroom car, while others may offer a loan of up to 80%. Apart from the car loan interest rate, also check the applicable processing fee and other charges.

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Updated: 20 November 2023, 11:48 AM IST

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