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5 Mistakes to Avoid When Taking a Car Loan

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2. Selecting the “No Down Payment” Option

Not having to make a down payment on a car sounds very tempting. It means that you can drive away your new machine without having to pay a single rupee. This deal is exactly what it seems like – a gimmick to lure shoppers.

The fact is that this deal is more like a ‘less now, more later’ deal. Zero down payments basically implies that you will be paying more on  future EMIs resulting in a higher interest outflow. Moreover, there are also hidden charges and fees that people generally forget to factor into this equation.

1. Going with the ‘Gut’

There are instances when you have an iron clad limit to the financing that you want to go for. But, sales talk is designed specifically to break down that resolve. A number of deals or offers might be offered to you and you might find your resolve slipping because it’s just about a little more money. Sometimes, excitement may make you stretch your pocket and buy a car for which you have to spend a little more than your original budget. Going with the ‘gut’ might be a great option for many situations, but not for car loans. Assess everything in a logical manner and keep your emotions in check.

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