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How Long Can You Finance a Used Car?

Not sure how to choose the tenure for your used car loan? Here are some factors to keep in mind for the best possible outcome.

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How Long Can You Finance a Used Car?

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  1. How Long Can You Finance a Used Car?

  2. A long tenure will lower your EMIs. But is it suitable? Find out.

  3. Suitable Tenure Selection is Important Because it Affects – • Monthly instalments payable • Total interest liability • Duration after which you can be debt-free Use a car loan calculator for better understanding.

  4. Consider These Factors While Selecting Your Used Car Loan Tenure

  5. Your Disposable Income Every Month • From net income, deduct monthly expenses (including emergency financing) for disposable income calculation • It should meet your monthly repayment liability

  6. Future Flow of Cash • Consider any promotion, raise or better job opportunity. • Count major expenses like home renovation, wedding, or big-ticket purchases. • Estimate your EMI affordability accordingly.

  7. Consider Prepayment Plans • Expecting a large amount of money soon? Choose a long tenure with a prepayment plan. • Consider prepayment charges beforehand.

  8. Account for Depreciation • Due to wear and tear, car’s value will diminish over the years. • Long tenure means paying more money than the car’s worth.

  9. Conclusion To wrap up, pick the shortest tenure possible for you and become debt-free at the earliest, so you can become the owner.

  10. Thank You !Would Love to Hear From You Hero FinCorp Limited 09, Basant Lok, Vasant Vihar, New Delhi - 110057 Tel. 18001024145 Email Id: Corporate.Care@HeroFinCorp.com Website: https://www.herofincorp.com/ Know more- How Long Can You Finance a Used Car?

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