If you are planning to buy a car, then there are wide range of options available. But not every car suits you when some aspects are considered.
One of the aspects would be the budget especially, if you need a bank loan to buy a car.
There are several banks providing financial assistance to the borrowers, even before approaching a bank it is necessary to check whether this new EMI fits into your monthly expenses. To plan these you need to know how much you are going to pay on your car loan EMI which can be known by using a Car Loan Calculator.
Our Calculator will calculate the installments to be paid monthly i.e the EMI and the total payment for the car including the interest rates by the end of the tenure.
Car Loan Calculator will make you understand your payback capability i.e. how much you can afford monthly. Apart from monthly costs and the total payable amount, it will let you compare different banks interest rates and choose the one that is nominal rather than ending up in picking the costly one.
Other aspects to be considered:
Used Car or New Car:
Decide whether you want to buy a pre owned car or a brand new car. There are equal number of pros and cons in both the cases.
New cars are provided on high benefits like several packages and free maintenance vouchers whereas on a used car, these additional benefits might have expired long back.
New cars are definitely a peace of mind as they are unused, there are no chances of sudden breakdowns for the first few years.
You can get a used car for affordable rates. Even though dealers provide offers on new cars, the final price would be high when compared to the pre owned cars. There are few used car showrooms as well to purchase pre owned cars where the rates can be negotiated.
Be it an used car or new car, financing is not an issue in UAE. There are several banks providing car loan options for used and new cars if the documents are perfect.
Purpose of purchase: Note the purpose of purchase. Are you going to use it frequently or occasionally? How long are you going to drive per day? If you are going to use it frequently for a long or short distance then consider the one that gives good mileage and doesn’t cost you much on the fuel.
Family size: If you are part of a small family with 1-4 members then a 5 seater would be efficient. If you are more than 5 members then definitely you need to consider an SUV.
Do proper research and consider all the aspects then you will be clear about your choices