Insurance and EMI Guide : Buying your first car in today’s era is always a special moment and a day of joy. It is a feeling as if you feel that a dream of yours has come true and a wave of happiness sweeps over the house. But along with this happiness, there are also some responsibilities.
The two most important things are insurance and IMI, i.e. monthly installments. If they are not managed properly, the joy of owning a car turns into tension. But if you can easily manage both things with a little planning, then you can enjoy the benefits of your car for a long time.
WHY INSURANCE IS IMPORTANT?
Insurance is not just a formality but a safety measure. It protects both your car and your money. If your car gets into an accident or is stolen, insurance companies will help you. The best option is comprehensive insurance, that is, get full insurance for the car because it covers damage to your car as well as other vehicles. If the budget is very low, then you can get third-party insurance because it is cheaper, but it does not cover the damage to your own car. When buying insurance, do not just go for the lowest price, but see what facilities it has. Additional coverage such as engine protection, etc. should be available in it.
Understand EMI
EMI is another important aspect. Most people only look at the price of the car but do not think about how the EMI is affecting their monthly budget. One rule is that only 15 to 20 percent of your salary goes towards IMI. If it is more than this, it can have a bad impact on your daily expenses and budget. To reduce IMI, it is better to make a higher down payment in advance. For example, if the price of your car is Rs 1 million and you pay Rs 3 million in advance, the remaining loan will be Rs 8 million, which will last for a long time and will consume a lot of money from your budget every month. Now we see the opposite, if the price of the car is Rs 1 million and you pay 50 percent of it, that is, Rs 5 million, then you will be able to pay the remaining Rs 5 million easily over a period of time, and you will not have much burden and your monthly installment will also be reduced. And this is the wisdom. The shorter the term, the less the interest. It will go but the EMI will be higher.
Budget planning
For this reason, it is important that you plan your budget thoroughly before buying a car and consider whether you have any personal loans or credit card bills. After looking at all of these, decide whether the IMI and insurance premium can be paid easily or not when there is any pressure later. It is better to make a decision based on facts now than regret later.
Success and peace
Plan well so that you don’t have any problems later. Choose the right insurance, pay the appropriate advance and set the loan term according to your income. Then you can enjoy your first car without any financial worries. Buying a car is a big achievement and with proper planning, this joy can come into your life. You can enjoy your world without any tension and worries.
Conclusion
Before buying a car, it is important to look at your monthly budget carefully. If you already have personal loans or credit card bills, then you should not take this decision at all. In short, buying your first car is a big achievement. To maintain this happiness, it is important to choose the right insurance plan. Before making a decision, compare different options, make an appropriate down payment, and take a loan whose term can be easily adjusted according to your factors.
Read more: Insurance and EMI Guide for First Time Car Buyers: Understand Everything in Simple Language
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