When should you buy your first car?

- When people start their career and start making money, many of them dream of having a good car. To achieve this dream, loan facility is available but, a person should know as when ACTUALLY one should go for buying a car.

- - Simple rule to go for it is – 20 / 4 / 10

  • 20 = You should have 20% of Total Car amount in your saving account for a down payment
  • 4 = Max Repayment Tenure should be 4 years
  • 10 = You should be able to allot MAX 10% of your salary towards the CAR loan EMI + Fuel + Maintenance + Car Insurance

    • Enlightenment –
    These rules helps an individual to understand whether he / sheis not spending more than his / her financial bracket and create unnecessary burden on budget.