Follow these 4 simple money saving methods and bring your favorite Car Home

Buying a new car is a big dream for many people. Let's get ready to take that beauty your home.

Today we will talk about how to plan and make strategies to save some money and own a new car. This is the desire of most of the people but it is not as easy as it sounds. It's important to first do your homework considering how much you can comfortably pay the cash and apply for loan for the rest of the amount for how long. 

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1. Select your budget for the Car

You should be able to choose the most suitable budget in your mind and pen down on a paper, to perform all the calculations and follow as per the strategy.

If it is less than ₹5 Lakh then you can keep reading... 

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2. Choose the Source of Saving

There could be "n" no. of  possible sources for your saving such as savings from your salary, investing, redemptions, collecting money every months in piggy bank etc.



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3.Time Duration

This is the most important factor in which you have to be more conscious that is time span like after how many days you want to get your Car - is it 1 month, 3 months or 6 Months. Yes - 6 months is good time to follow your Car buying passion to pay with down payment and get it at an easy EMI.

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4. Less EMI More Down payment

So the Calculation Starts here for your Car : Let's suppose you plan to buy a brand new HatchBack for around ₹5.0 Lakh. Now this will be your selected Target at price ₹5 Lakhs (Approx.) and you have 6 months to purchase a car with the down payment and loan option. So in just 6 months you have to make at least ₹50000 saved for the down payment so that you an buy and live the peaceful life by not paying much EMI . 

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5. Economic Strategy

1. Start saving ₹100 from your wallet per day. 100 * 180 = ₹18000

2. Start Recurring Deposit of amount ₹3500 for 6 months. 3500 * 6 = ₹21000

3. Invest in growing mutual fund (SIP) of around ₹2000 for 6 months. 2000 * 6 = ₹12000

    Expected rate of interest is minimum 15%  as per the current market. (Subjected to change as per market fluctuation)

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With this plan, you are able to pay the down payment of ₹50000 or more if you get more returns in SIP  to the dealer and you can apply for car loan of ₹4,50,000 at good interest rate as per your selected bank. 

* If you are a good CIBL scorer, bank may offer you minimum 8% interest. At 4.5 Lakhs loan amount with 8% annual interest for 5 years will be approximately ₹9124 per month EMI.

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I hope through this method you can plan to buy a Car.

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