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An introdution to car loans, vehicle finance and automobile insurance in India

Apnaloan.com Research Bureau

10 Aug 2007

The Indian consumer never had it better. While incomes have been rising exponentially because of more job opportunities, there is more choice available in every segment. In the good old days, owning an Ambassador car was a status symbol for the rich. Then came Maruti 800, India's first small car, and now, almost every international car maker has an Indian arm.

And that is not all. With more money on offer, the young rich middle class is willing to upgrade very often. Add to that families which believe that more than one car is a necessity rather than a luxury and we have a whole army of genuine users who are driving the car market. As a result, companies are also dishing out the latest and the best for the Indian market.

However,buying the right car is a tricky decision. You need to budget yourself, choosing the right car for yourself, and know a few tricks to get the best possible deal.

For starters, here is a little costing advice. Besides the price of the car, here are few other costs that you need to consider.

  • Licence costs
  • Registration costs
  • Tax costs
  • Insurance costs
  • Fuel costs

Total budgeting advice - You have to peg your car loan to 15-20 per cent of your net income.