subject: Car Loans Make It Easy To Buy A Car [print this page] In today's world, car is no longer a luxury; it has become a necessity. People no longer want to wait for buses, trains, and taxis. They want to travel in the comfort of their own vehicles and not jostle in a crowd. So a car is a necessary inclusion in everyday life.
However, buying a car is easier said than done. Banks have realized this and have taken measures to solve this problem with people. Car loans are available without much hassle. So if you have found yourself a job, and the next thing you want to do is take your special person out on a spin, you can consider applying for a loan. Many a times, the car dealers channelize the process of applying the loan, making it smooth. Once the loan is sanctioned, the keys are yours. But what follows is a little long drawn and painstaking; you must clear your car loan. Often people have a lot of doubts regarding the amount they need to pay to repay the loan. Well the basics are simple. You first need to decide whether you want to pay the entire amount, i.e. the car price in the form of easy monthly instalments (EMI) or if you want to make a down payment. Then you need to decide on the number of years through which you will pay the EMI and the rate of interest that you can afford. Once all this is decided, the loan calculator will be able to tell you the total amount that you need to pay every month to clear your loan. Though most people would think that making a down payment of a lump sum of money is difficult in one go, it will probably be easier in the long run, as this decreases the number of instalments that you need to pay. The loan calculator gives you an amount rounding of the decimal to the next whole number.
Though people ignore it, car insurance is necessary. In some countries, you will not be able to buy a car from a registered dealer if you do not have insurance. The primary reason for this is your safety. If you are hit by a car, or your car is damaged by someone else, then you will be covered and the immediate expenses will be taken care of by the insurance policy. The insurance amount depends on the newness of the car. The more recent a car is, the higher the amount. So if value safety, then car insurance is a policy that you should be looking into.
