As opposed to the age-old notion that buying a car is a luxury, owning a car has rather become a necessity in recent times. With the rise in disposable incomes and a plethora of car loan options available to suit every need of the customers, car sales have increased exponentially over the past couple of years. However, managing a loan is a task that is easier said than done. An individual must ensure that he or she is punctual in its repayment otherwise he or she might default. If a loan is not paid on time, it negatively impacts the borrower's credit score and diminishes the chances of another loan approval in the future. See the list below to learn about the ways you can manage your car loan EMI so that the chances of defaulting decrease.
A good car loan is one that not only helps you during your financial crisis while purchasing a car, but also increases the value of your car over time. Before decide to you dive head-first into a car loan scheme, you should do proper market research to find the plan that suits your requirements and helps you save money in the long run. Choosing a car loan with a less EMI amount and short repayment tenure in addition to opting for a scheme with a prepayment option can help you maintain your finances properly while ensuring that you can repay your debt in time without having to pay a large amount as interest.
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