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Choose a short tenure for your car loan

Choose a short tenure for your car loan

Friday, June 9, 2017, 11:08 AM

Most lenders offer up to 7-year tenure on their car loans. The longer the loan tenure, the higher is the interest cost. As cars are depreciating assets, it makes sense to repay your loan as fast as possible. However, shorter tenure leads to higher EMIs. So, first determine how much EMI you can pay and then fix the loan tenure accordingly.
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