Buying your first car can be both exciting and overwhelming. However, careful planning could significantly ease the process. You could start by thoroughly researching and budgeting for your purchase. Allocate approximately 10-15% of your monthly income towards the car loan EMI, while also accounting for additional expenses such as fuel, maintenance, and insurance. Selecting the right car is crucial; assess your needs by researching various models and reading reviews.
Explore financing options such as car loans from banks or non-banking financial companies (NBFCs), which could cover up to 80-90% of the car’s on-road price. If opting for a used car, consider used car loans that might have slightly different terms. When choosing a dealer, visit multiple dealerships to compare prices, negotiate effectively, and request a detailed cost breakdown to avoid hidden charges.
Ensure that you have all the necessary documentation ready and opt for comprehensive insurance for enhanced protection. After registering your vehicle with the Regional Transport Office (RTO) and finalising the purchase, conduct a thorough inspection of the car. Maintain the vehicle with regular servicing, familiarise yourself with driving regulations, and keep in mind the car’s resale value and depreciation.
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