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.
View the Full Image
Milestone Alert!Livemint tops the charts as the fastest growing news website in the world 🌏 Click here for more information.
Get the latest Business News, Market News, Breaking News Events and News Updates on Live Mint. Download the Mint News App for Daily Market Updates.
Less
Updated: 20 November 2023, 11:48 AM IST
Denial of responsibility! greenleaselibrary.org is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – at loginhelponline@gmail.com The content will be deleted within 24 hours.
