CAR LOANS ARE EASIER TO GET - BUT STILL STUPID

Car Loans in INDIA

BUYING A CAR IN FINANCE

Thinking of buying a car no longer needs a long term financial saving. With easy availability of car loans, simpler eligibility criteria and lucrative interest rates, more and more people are today buying cars than ever before.

There is no denying the fact that car loans are a great financial tool that can help people especially the middle class average earning family to finally relive the dream of owning a car.

CAR IS A DEPRECIATING ASSET

No matter what car model one buys, car as a vehicle is a depreciating asset. A large number of successful businessmen have used the power of loans to buy assets that offer them better returns over the years.

A car would offer no such returns and the value of the vehicle is depreciating with time. Only for a limited few who like self employed

KNOW YOUR NEEDS Easy availability of car loans and active advertisement

by car loan companies, banks and non banking financial companies is forcing people to opt for car loans well above their means.

The best way to avoid the lucrative trap of car loans is to understand one’s needs for a vehicle and opt for one that suits the budget.

Buying a luxury SUV or sedan can mean a higher EMI than buying a small hatchback.

HIGH PREPAYMENT CHARGES

Car loans come with very high prepayment charges and usually car loan borrowers are tied up for the entire duration of their car loan.

In case of prepayment of the loan, high prepayment charges dent the pocket making the final price of the vehicle escalate even higher.

NEW CARS V/S PRE OWNED CARS

Rather than taking a loan to buy a new car, one can easily try and look for a better deal with a pre used car.

Instead of spending an extra amount on car loan interest rate, one can save a lot of money opting for a pre owned car.

A LOAN IS A LOAN EVEN WITH LOW INTEREST

RATES Even if a car loan comes with very low interest rate, a loan is a loan and the final value of the vehicle is bound to get compounded with the interest rates.

Paying a high price for an asset whose actual market value is decreasing by the day benefits only car loan service providers and not the end consumer.

BANK BAZAAR

Thank you for checking through our slide. For more information about the Car Loans from different banks etc., then just browse through Bank Bazaar.

http://www.bankbazaar.com/car-loan.html