Thursday 9 June 2022

Buying a car ? Check this out

Hello to the people who are here reading my blog post today. We are the lucky ones who witnessed the harsh scenario of the Covid 19 pandemic and we are still alive to tell it's tales to the coming generations. This pandemic has affected us in all possible ways. We have been effected mentally, physically and most importantly Economically. The ability of people to invest or spend has been slashed by a very big margin and thus people need to think twice before making any expenditure. The reason I am talking about this today with you guys is that I recently was planning to buy a car for myself although I wanted a car since 2020 but couldn't get one due to the pandemic. So finally a couple of years later I realized that maybe now was the time to buy a car. 

 This was my first car and I was completely unaware of what were the do's and don't 's of buying a car. I started my planning with the type of car I wanted and the cost of the cars in the market. The most important thing one needs to plan prior buying a car is the financial aspect of how is the car being bought. In my case I was looking forward to get a car loan from a Bank and pay it in installment later. This may sound easy but believe me it's not easy at all. There are several things that must be taken into consideration before applying for a loan like what is the cost of the car, how much you are willing to pay as the down payment, how long installments do you want. What is the rate at which the loan is being offered and most importantly how much money are you going to pay per month for the EMI. These questions are real bonkers and I was so confused whether or not should I buy the car as it seems too complicated. Finally I came across this website and it took all my pain away. This not only helped me calculate my load easily but also helped me to understand the different aspect while getting a car loan. has so many such useful calculator that helps you calculate different things like mileage of a car, fuel budget and etc. I personally used the car payment calculator I wanted to buy a Mahindra Xuv700 and it was costing me around 15 lakhs on road including everything so I fed my data on the calculator which calculates in USA currency so I just converted my 15 lakhs to dollars which came up to $19270.95 and I was willing to pay 5 lakhs as my down payment so I converted that too into dollars which came to $6423.65 and then I put in the rate of interest which was 6% for me and lastly I fed in the duration for which I wanted the loan to be. It automatically does the rest calculations for you. No hassle, pen and paper needed. For example look at the image below

So for me the the payable amount for a month was $248.37 which is 19329.43 rupees. I never imagined that calculating a loan could be this easy and so much fun. I have helped lot of my friends helping them calculate their loans. It's too easy and fun and you got to try it out yourself. 

Being that said and shown here their is one more thing that I would like to mention here. If you are looking to apply for a loan be it for House, Car or Studies you need to have a good credit score and a good civil. so to save the hassle again visit Credit Karma to calculate your credit score for fee and the next time if you are applying for a Car loan do use the it is a promise you definitely will love it and will find it helpful. 

1 comment:

  1. Thanks for sharing this.


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