Which car loan do you have to pay off?

It’s tempting to buy a new car, be it an upgrade, a first car or another for the family. Whatever the reason, a car loan will make buying a car easier. Auto loans typically have terms of three to five years, but some lenders can also offer loans for up to seven years. A longer loan can mean smaller monthly installments (EMIs), which makes the car seem more affordable, but overall, you pay more in the form of interest. Don’t forget that a car is a depreciating asset, so taking out a larger loan may not be the best thing to do. But if you take out a short-term car loan, the EMIs will be heavy, and failure to pay will mean a smudge on your credit report. Conditions also apply to the loan amount. For example, some lenders lend out the full factory price of the vehicle, while others can lend up to 80%. In addition to auto loan interest rates, also see applicable processing fees and other fees.


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