Selecting the appropriate car loan
By Vaibhav Aggarwal
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Most people dream to own a car. If a person does not have a car, he wishes to own it at the earliest and if he has one, he wishes to upgrade it even earlier. Cars have become a status quo for the current generation. Present trends reflect a quest in people to own a car in early years of life only. With career just in the initial phases, probability of owning a car with money saved is dim. Thus comes the scope of car loans.

It has been found that 60% of the cars in India are financed. Lenders also understand this trend and thus flood with competitive offers to allure and attract the customer to their niche. The customer however is bound to get confused with the host of offers available. Adding to it are the large numbers of manufacturers and car models in the market.

Also it is often seen that the base variant of the car which comes in advertisements and has the cheapest price is unavailable in the showroom. In its place lies a better model which definitely catches the eye better and is undoubtedly costlier. The customer gets allured by this better model and most of the times; he impulsively agrees to shell out some extra pennies from his wallet to get his dream car. All these factors make the estimation of idealized car loan a tough affair.

But one thing that needs to be kept in mind is the fact that car is a depreciating asset. The more one invests in a car, the lesser is left back with him for investing in appreciating assets. This is why the customer is advised to first set up his budget as per his EMI paying capacity. EMI can be easily calculated using car loan EMI calculator at

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