Things you should check before taking an auto loan

Interest rate: Ensure the used car loan interest rate mentioned in the document is the same as agreed upon during the verification stage. It should also state the nature of the interest rate, whether fixed or floating.

Tip: While choosing a second-hand car, make sure to pick a vehicle in good condition, with a high resale value, and from a good dealership.

3.Self assessment: You need to assess your credit score before applying for a loan. Also, your duration for loan requirement needs to be assessed and it is advisable to pick a smaller duration loan.

You may eventually "default" on your loans or credit cards, and it's critical to understand the consequences of missed payments or defaults.