Buying a car is a significant financial decision for many Canadians. It's not just about selecting the make and model that suits your needs; it's also about making sure that the car fits comfortably within your budget. Smart car buying involves meticulous planning, research, and the use of financial tools like car loan calculators to ensure that you're making a wise investment.
Car loan: There are four different interest rate calculation methods: daily reducing, monthly reducing, annually reducing and non-reducing. The method used to calculate interest can significantly impact the total interest paid. The daily reducing balance method is the most cost-effective option for borrowers. Even though the interest rate of such a loan will be higher, the total outgo on interest will be lower. Know how to make the most of it while borrowing money
To avail of favourable terms for a car loan, a good credit score is of prime importance. It is very important to check the provisions applicable for prepayment and pre-closure of the loan. All you need to know while taking a car loan
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There are a good number of buyers who go for a second-hand car. Cost-effectiveness is, of course, a major factor. A two-year-old vehicle can be 20-30 per cent cheaper than a new one. Most car companies have their pre-owned divisions, and several banks and non-banking financial companies (NBFCs) offer lucrative rates and deals. So should you opt for an auto loan to buy a pre-owned car?