ECONOMICS

Detailed explanation-1: -You can pay majority of amount once vehicle is in transit (make sure dealer gives you this in writing about VIN number and a tentative ETA for PDI).

Detailed explanation-2: -The EMI for a car loan broadly depends on the period of the loan, interest rate, and the principal amount. So, the EMI will vary with the rate of interest and the loan tenure. For example: The EMI for a 7 lakh car loan at 7% interest and a loan duration of 5 years is Rs. 13, 861.

Detailed explanation-3: -The average monthly car payment for new cars is $700. The average monthly car payment for used cars is $525. 38.32 percent of consumers financed new vehicles in the third quarter of 2022. 61.68 percent of consumers financed used vehicles in the third quarter of 2022.

Detailed explanation-4: -Make Extra Payments Paying Twice A Month: Making two payments that are more than your monthly bill will not only pay off the principal faster but will reduce accrued interest. Paying The Principal: Make payments that directly impact the overall cost of the vehicle instead of the interest rate.