Buying a car is still a dream for many despite
a plethora of lenders and financing options available in the market. What
creates the hindrance for purchasing a new car is that most people are not able
to meet the eligibility criteria of income, work experience, etc. Moreover, the
income criteria differ across different car models. You would often want to buy
a premium model, but lesser salary may have been creating the roadblocks in the
way of purchasing the car. However, you can take solace from the fact that the
value of car depreciates the moment it goes out of the showroom. On the
economical front, used car loan is better than personal loan due to lower
interest rates. If you have the requisite cash available to pay the down
payment, you should opt for used car loan to reduce the interest outgo from
your pocket.
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