To make the most of your vehicle, use the age-old 20/4/10 personal finance rule. 20 stands for the minimum percentage you should pay as down payment. This will decrease the overall cost of your loan. 4 means you should finance a car for no more than four years.
If you opt for a longer tenor, you will end up paying more in interest cost. The sooner you close the loan, the earlier you will become the owner of the car. Until then it will be hypothecated to the lender. 10 stands for the maximum percentage of your monthly income you should shell ...
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