Points to Know About Car Loan
A car loan is a way for you to purchase a new or used vehicle.
You borrow money from a lender and pay them back over time, usually with interest.
The amount you borrow is called the loan principal.
Car loans almost always include interest, which is how lenders make a profit on the money they lend you.
It is easy to get excited at the prospect of owning your dream car on installments, which is a fraction of the actual price.
The more you borrow the more interest you pay over the loan term. The longer the term, greater the interest you pay over the loan term.
Do understand that car loans are short tenor loans. As the loan tenor goes down, the impact of interest rate goes down significantly.
A car is a depreciating asset. This means the value of a car goes down as it gets older.
Car loans are typically available as fixed rate loans. And banks can charge prepayment penalty if you try to prepay a fixed rate loan.
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