ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -As a general rule, you will have to pay a minimum of 10% of the car value as a down payment. Some lenders/banks offer car loans up to 90% of the on-road price. Some lenders offer car loans up to 100% of the ex-showroom price but you will have to pay the difference of on-road and ex-showroom price as a down-payment.

Detailed explanation-2: -If you can afford it, make a larger down payment on your loan. This will reduce your loan amount and, therefore, your EMIs. Prepayment: If you want to reduce EMIs on an existing car loan, then consider prepaying a part of the loan if you have the funds to do so.

Detailed explanation-3: -Down Payment is a payment option available on select products, using which, you can pay 25% of the product price at the time of purchase and convert the balance amount into EMI on your credit card. You will have to pay the Down Payment and the first EMI installment in the next billing cycle of your credit card.

Detailed explanation-4: -Cashier’s Check. A cashier’s check is certified by your bank. Certified Check. A certified check tells the lender you have enough money in your account to cover the cost. Wire Transfer. Cash. Credit Or Debit Card. Personal Check.