5 steps to climb to reach your first car purchase
Everybody has to take some important decisions in life as they grow in terms of their personal life as well as career. You plan to purchase many things in your life as you excel in your career. It may range from purchasing a car to purchasing a house.
These decisions are connected with the emotions as well as financial management of life, so, the decision regarding their purchase should never be an impulse. In the current article, let us examine five steps that one should count on before purchasing a dream car.
Purpose of the car
Every purchase has a purpose and a car is not an exception; knowing the purpose will help you narrow down the search results and fix your budget too. If you intended to purchase a car to commute to work, you need to hunt in the segment of cars that endure traffic and pollution.
If you need to enjoy long drives on the weekend, mileage would be a concern. On the contrary, if your purchase is driven the car for a special occasion, luxury cars may fit in the basket.
How about a used car?
If the finances available with you are not sufficient to purchase the make and model of your choice, give a thought to second-hand cars. Inspected cars that are in good condition may address your requirements effectively without the need for compromising the budget.
Can you handle the burden of a Car Loan?
As car loan becomes inevitable in purchasing many types of cars available, you should check if you can handle the burden of the car loan by considering the interest rates offered by the lender.
The car loan EMI calculator will help you figure out the right EMI for the loan. Compare car loan interest rates in India and choose the lender carefully to ensure that loan EMI does not tighten your budget.
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Negotiate the interest rates
Whether you are going to purchase a new car or a used car, car loans provide the required financial assistance. After you compare car loan interest rates in India, check if you can negotiate the interest rate with the lender to reduce the overall cost of the car.
Having a good credit score will serve as an excellent tool to negotiate the interest rates so, ensure that your credit score is intact before you reach the lender with the loan application.
Down payment
Nowadays, lenders are offering car loans at zero down payment. This is not an advisable option. When you compare car loan interest rates in India for finance with zero down payment, car loan EMI calculators will show up large EMI which includes high-interest rates that increase the cost of your car.
You should keep your down payment big when you purchase a car to reduce the burden of EMI. Before purchasing the car, you should also ensure that you will be able to handle maintenance cost along with the EMI without any hassle
