Buying a car has always been a ‘dream come true’ moment for people and the multitude of finance options available today has made this dream more accessible to us. The car finance available to us provides us with a lot to think about, from options in loan tenures, loan amounts, EMI amounts, and more. However, when availing of car finance there’s two things you should keep in mind.

- You can accumulate a large amount of interest, if you choose a longer loan tenure. - Paying monthly installments for a long time stagnates your financial growth and restricts expenditures.

But as tricky as it may seem, we at Kuwy have some important and helpful tips for you, to pay off your auto loan as fast as possible.

Look into your loan details

When you plan to pay off your loan amount faster, the first thing you need to do is inspect the details of your loan, which includes the amount that has been paid, the amount that needs to be paid and the remaining period of your tenure. It is also important to check if your lender penalizes prepayment. If not, pay that extra amount whenever you can to end your loan tenure early.

Bigger EMI payments

It is a good idea to make bigger EMI payments to ensure that the principal amount of your loan is paid off as soon as possible. This helps in avoiding the constant rise in your interest amount, which in turn reduces the whole amount that needs to be paid. There are some finance institutions that allow you to pay installments, twice a month. Utilize bonuses, tax returns and other income sources to pay off the installments.

Cut back on luxury expenditures

While we all love fancy dinners, cool gadgets, long vacations and other luxuries, it is ideal to cut back on these expenses. For example, you could choose to go on one mini vacation or choose pocket friendly gadgets to ensure that these expenses don’t put a dent in your monthly budget or affect your loan payment.

Choose an affordable car

Today, there are a wide range of cars suitable to all income groups. Choose a car that suits all your needs and is also affordable. There has been a boom in the industry of pre-owned cars, in recent times. Used luxury cars are available with affordable loan options.

Buying a car comes with a lot of considerations but Kuwy is here to make the process easier for you. Be it a new car or a pre–owned car, find the most exclusive deals and convenient car-finance options only on kuwy.in. You can also download the app for more details.