With RBI hiked repo rate, car loans are about to get costlier for vehicle buyers and owners
A hefty amount of car loan EMI can impact your financial health severely
Before buying a car always assess your financial strength and the recurring costs that involve the model you want to purchase
If your budget permits you to buy a small hatchback, don't opt for a premium SUV which is beyond your reach
While buying a car, try to make a sizeable downpayment to keep the loan amount less
A large downpayment may put pressure on your pocket initially, but it will help you in long term
Every month, try to repay a bit extra money than your original EMI amount
Repaying a bit extra than the EMI every month would help you with reduced loan tenure
Try to make part or pre-payment of car loan to save on interest and to shorten loan tenure