Car Loan EMI Calculator
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A family car is a must-have requirement in today's life. For most households, a car is a matter of pride. It provides you an entirely new world of possibilities. Having a car allows you to travel anywhere, any time without any hassle. There are several incidents when we have to rush to the destination point on an urgent basis. However, we keep waiting for the cab or the public transport to come, and in the meantime, we miss several important things /opportunities due to not reaching on time.
We have also faced medical emergencies where the family cars have saved the lives of our near and dear ones. So it is clear that we should really invest our money to purchase an affordable family car of our choice. Further, there are a few points that need to be kept in mind while making your decision for purchasing a family car like the total number of family members, comfort level, budget, and parking space available at home then make your decision on the basis of available options in the market.
As per experts, even if you have enough amount to make the complete payment, it is advisable to take a car loan instead of paying the complete amount on your own. You can pay large amount as down payment and pay off the remaining amount in monthly EMI, there are several other benefits for the same as you can invest the remaining amount in mutual funds or bonds and may get better returns than the interest amount you are going to pay on the car loan. also, a car loan may build or improve your credit score each time you pay back an EMI. This further works in your favor whenever you required a loan or credit card in the future.
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