Diwali is just a few days away, and many people will be planning to buy various things. These days, owning a car is a dream for many, but due to a lack of funds, many people are unable to buy one. In such cases, taking a car loan is a great option. With a car loan, you can buy a car and pay the EMI every month.

If you are thinking of buying a car this Diwali but are hesitating due to the fear of loan EMIs, we will tell you how to repay the car loan EMI as quickly as possible. Let’s take a look at some important tips.

Gather Complete Information About Car Loans

Before taking a car loan, understand all its details. Apart from interest, there are several other charges included in the loan. Make sure you are aware of all additional charges so that you can plan your loan repayment accordingly.

Make Extra Payments Whenever Possible

One of the best ways to pay off your car loan faster is by making extra payments. If you receive extra money, such as a bonus or savings from your budget, use it to pay off the loan. This will reduce both your loan amount and interest.

Never Skip Your EMI Payments

Always try to pay your EMI on time. Skipping even one month’s EMI can extend your loan tenure and lead to extra charges.

Cut Down on Unnecessary Expenses

To pay off your loan quickly, reduce unnecessary expenses. By saving money and making higher EMI payments, you can clear your loan much faster.