How Long Can You Finance a Used Car?

1

• How Long Can You Finance a Used Car?

2

• A long tenure will lower your EMIs. But is it
  suitable? Find out.

3

• Suitable Tenure Selection is Important Because it
  Affects
• Monthly instalments payable
• Total interest liability
• Duration after which you can be debt-free
• Use a car loan calculator for better
  understanding.

4

• Consider These Factors While Selecting Your Used
  Car Loan Tenure

5

• Your Disposable Income Every Month
• From net income, deduct monthly expenses
  (including emergency financing) for disposable
  income calculation
• It should meet your monthly repayment liability

6

• Future Flow of Cash
• Consider any promotion, raise or better job
  opportunity.
• Count major expenses like home renovation,
  wedding, or big-ticket purchases.
• Estimate your EMI affordability accordingly.

7

• Consider Prepayment Plans
• Expecting a large amount of money soon? Choose a
  long tenure with a prepayment plan.
• Consider prepayment charges beforehand.

8

• Account for Depreciation
• Due to wear and tear, cars value will diminish
  over the years.
• Long tenure means paying more money than the
  cars worth.

9

• Conclusion
• To wrap up, pick the shortest tenure possible for
  you and become debt-free at the earliest, so you
  can become the owner.

10
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• Hero FinCorp Limited
• 09, Basant Lok, Vasant Vihar, New Delhi - 110057
• Tel. [phone]
• Email Id Corporate.Care_at_HeroFinCorp.com
• Website https//www.herofincorp.com/
• Know more- How Long Can You Finance a Used Car?