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    • Car Finance: Car finance comprises the different financial products which allows someone to acquire a car with any arrangement other than a single lump payment. The provision of car finance by a third party supplier allows the acquirer to provide for and raise the funds to compensate the initial owner, either a dealer or manufacturer.
    • APR: “Annual Percentage Rate.” It is the annual rate of finance charge you pay for your loan or credit line. For car loans, APR is the rate you pay that accounts for your interest charges plus all other fees you have to pay to get your loan.
    • Monthly Reducing Balance: In the case of monthly reducing balance method, the principal gets reduced at the end of every month and the interest is calculated on the outstanding principal at the end of the month.


Interest is calculated on a monthly reducing balance basis.

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About Mynewcar

Car buying is an emotional journey that should be accompanied by joy and happiness. MYNEWCAR.IN offers its customers new cars, accessories and related services like car finance, leasing, insurance combined with an easy and convenient purchasing experience. Our mission is to simplify the car buying process to a joyful experience. Customers can search, compare and book their new car anytime and anywhere. MYNEWCAR.IN provides unbiased information at every step and assists you in getting the best deals. Your new car will be delivered hassle-free to your doorstep in partnership with the authorized dealer.

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