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5 Mistakes to Avoid When Taking a Car Loan

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4. Not Shopping Around

As already mentioned, the smartest thing that a prospective car loan applicant can do is doing his/her homework before selecting a vehicle. While tracking down a good deal on a new car is very important, it is even more so, to arrange reasonable and affordable financing.

More often than not, buyers focus mainly on finding a car and do not take enough time to shop for the best car loan deal. Then again, there are those who jump at the mention of dealer financing. The fact however, is that one should always check all available options to see who offers what benefit and then select a deal with the best interest rates for car loan and features that suit the loan applicant’s scenario.

3. Focusing only on the EMIs

Some loans have longer tenures and smaller EMI amounts. Just because the EMI sounds affordable and reasonable does not mean that it is the best option for you. Make sure that you look at the big picture such as how much interest you are paying in total before you make a decision based solely on the EMI amount.

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