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A Surprising Story: The "Hidden" Cost of a Dream Car
Sameer had his heart set on a car with a price tag of 15 Lakhs. He calculated the EMI based on the price alone and felt it was manageable. He was about to book the car when a friend suggested he use a detailed auto loan calculator.
He entered the car price, but then he added the other costs he hadn't considered: a 10% sales tax, 50,000 in registration and insurance, and other dealership fees. The calculator instantly updated the total loan amount. The new "on-road" price was much higher, and the resulting EMI was now outside his comfortable budget. The surprise was realizing that the sticker price is just the beginning. This detailed calculator helped him avoid making a huge financial mistake. He ended up choosing a more affordable model, which he could comfortably pay for, all thanks to understanding the true total cost of ownership before committing.
Auto Loan Strategies & Official Information
Preparation: The most important strategy is to be well-prepared. This means determining what is affordable, knowing your credit score, and researching car models and prices before heading to a dealership. For the latest car models and pricing, you can visit the official websites of major manufacturers.
- Explore models from Maruti Suzuki India Limited
- Explore models from BMW
- Check out the latest offerings from Tata Motors
FAQs
What is the difference between dealership financing and direct lending?
Direct lending means getting a loan directly from a bank. Dealership financing is arranged by the car dealer. Direct lending often gives you more negotiating power.
How do taxes and fees affect the loan?
Sales tax, registration, and other fees can add a significant amount to the total price. Most lenders allow you to roll these costs into the total loan amount, which increases your EMI.