Car loan comparison: Interest rate, EMI, processing fee
A loan for longer may mean smaller equated monthly instalments (EMIs), which makes the car seem more affordable, but overall, you pay more as interest.
It is tempting to buy a new car, be it an upgrade, a first car or another car for the family. Whatever be the reason, a car loan makes the purchase easier. Car loans are usually of 3-5 years but some lenders may offer loans for up to 7 years too.
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