Nitin pulled out his mobile phone and promptly booked a cab to go to the airport. It was a smooth experience and he boasted about how well he was managing without his car. Soon, a message flashed on his screen – the ride had been canceled. He searched for another cab frantically as his flight was due to take off in a short while, but in vain. Exasperated, he called up his friend and requested her to drop him to an airport. While on the way, he pledged to return in a fortnight and apply for a car loan right away. There is no alternative to owning your own vehicle, and Nitin realized it the hard way.
Why is your own vehicle a necessity?
We all are aware of the various cab services that have flourished in the last few years. While these cabs are of immense help, they can’t really compare to the comfort and convenience of having a car of your own. A cab may refuse to go to a certain area at a certain point of time or may simply not turn up when the weather is bad. With your own car, you can drive to wherever you need to go, at whichever time of the day and under all kinds of weather conditions! To put it in simple terms, your car is obligated to bail you out when you need it to do so. A cab has no such obligation.
Need we say more?
Getting your own car
Whether you have been a car owner in the past or you are still waiting to buy your first car, you can own your own vehicle effortlessly with the help of a good car loan. Car loans are widely available these days. You get some excellent deals and buying a car becomes a joy! You can get a car loan for a new car as well as a used car. The loan providers have various offers and you can get the best loans at the best rates. In fact, many people every day make use of this brilliant financial tool to drive home their very own vehicles.
Things to remember when taking a car loan
Here are a few tips for you to find your ideal car loan and to manage it properly. Take a look:
- Opt for the correct loan: As mentioned above, specific car loans are available for used cars and new cars. When you go looking for a loan, compare the options and even buy it, make sure you have located the correct type of loan. Unless you find the ideal car loan, you won’t be able to drive the ideal vehicle.
- Know your credit score: The credit rating plays an extremely vital role in all loans, including car loans. You should be aware of your credit score to know what kind of an interest rate you will be offered. If you have a high credit score, you can very well expect to get the loan at a lower rate of interest. If your credit score is poor, you may have to pay a higher interest for the same loan.
- Select the correct EMI: Do not blindly agree to the EMI terms your loan provider suggests. Study your own financial capacity and select an EMI that is economical enough for you to pay every month. Try to opt for the highest possible EMI amount (within your budget) as this will help shorten the loan tenure. The longer your loan lingers, the more interest you pay. So try to clear the loan at the earliest and fetch some positive yields in the long run.
- Be meticulous with the repayment: Once you buy your car with the car loan, do not forget all about it. Be very serious about the loan repayment. Do not miss any EMIs. If you default on your car loan, you will face many issues such as a dented credit score and more scarily, your car being confiscated by the loan provider. So be responsible and make the payments on time.
The bottom line
So as you can clearly see from the points mentioned above, a car is a great possession and helps you out immensely. So if you can afford it, do buy yourself a car. Take the easily available car loans to finance your vehicle. Pay the loan on your own terms and enjoy the privileges this amazing financial tool has on offer.