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  1. 1. Car Loan, one of the trouble faced bytodayÂ’s individual. From how to get reliablecar loan till finally getting one is a long drive. Let us try to make this long drive in to short and sweet journey by discussing important facts to considering before getting a Car Loan.
  2. 2. To begin with if you have decided on your amounts that you canafford to pay back then you are on the right track Another importantthing is to look for loan before you walk on to the car yard This canput you in a better position to negotiate with dealer and at the sametime you will not end up signing a car loan document wherein loanamount doesnÂ’t meet your needs or interest fees are high andinflexible
  3. 3. Different Types of car loans There are mainly two types of loans iesecured loan and unsecured loan Usually Car loan is a secured loan With secured type of loan - lender has this security to keep the caruntil the loan is completely paid
  4. 4. Â This also gives lender an advantage to take back the car in case ifborrower cannot repay the said loan amount Whereas in unsecuredloan this is not possible Select the loan term that suits you Theduration of car loan repayment can vary somewhere between 1 to 7years
  5. 5. If you plan to repay the loan in the span of 1 year then yourrepayment will be high and interest amount will be less on the otherhand if you plan to take up long term plan say for 7 years then yourrepayments will be lower but the interest amount would go up Usethe which will assist you in determining the interest rate you wouldhave to pay for the tenure you desire Car Loan Interest Rates Themost important factor to consider while taking car loan is to check forcar loan interest rates
  6. 6. Usually the interest rate depend on type of bank / organization fromwhere you are taking loan, type of loan secured/ unsecured, andyour personal credit value If your creditvalue is more then your ability for repaying it is higher and hencethere are chances that you can get lower interest rate car loanArticle Tags:
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