Have You Ever Purchased Any Car On Loan?
By AKRao24
@AKRao24 (27422)
India
August 30, 2018 9:37am CST
In our country there is a cut throat Competition in the Car market today as many International Brands are selling at an affordable Price.
Since the government employees are getting handsome salary and the people working in Private sectors are also earning good , various finance Companies are showing interest in giving loans to purchase Cars.
The loan availed is to be paid back in monthly installment with an affordable rate of interest , that is making the people to get attracted to wards this facility!
In fact many Car companies directly selling the Cars on installments at very lucrative rates of interests to attract the customers!
Have you ever purchased any Car on Installments? Do you have any plans to do so?
18 people like this
21 responses
@vandana7 (102698)
• India
30 Aug 18
Last year we bought a car. Dad rushed it. I was waiting for Margadarsi Chit to mature. But dad took it a few days before his birthday. He was so excited. LOL. Whatever, I am down about 2.50 lakhs against total of 600000 so more than half way cleared. Next October, I would be free of debt.
5 people like this
@vandana7 (102698)
• India
8 Sep 18
@TheHorse You are too old fashioned LOL. How do you meet emergencies?
I usually have fixed deposits, and I go and get limits on them. So kinda deposit earns me 8.5 percent, I get loan for 10 percent. But if I route all my cash receipts and payments through the overdraft limit account, I end up paying only 2 percent. I get tax rebate on interest paid. I think net net it works in my favor, when compared to keeping it in savings bank account.
But from 60 I will turn new leaf...I will be a good girl and stop borrowing.
2 people like this
@AKRao24 (27422)
• India
4 Sep 18
@DaddyEvil , That is so true! He mentioned it once!
3 people like this
@DaddyEvil (174528)
• United States
4 Sep 18
@AKRao24 Have you not noticed that pony is saving his myLot money for a new Porsche? I can't remember how long he said it will take him to purchase it for cash, though. 
3 people like this
@vandana7 (102698)
• India
12 Oct 18
One thing I will agree. Outstanding loan is like Democles' sword. It does cause some stress. When we are younger, we can withstand such things. As we grow older, there are other worries such as insurances and building maintenance, which we did not have to worry about as young folks. I for one am glad I borrowed heavily as and when I could. I am still in red, and will be out only in October 2019. But the outstanding amount is not much. It is very well covered.
1 person likes this
@JohnRoberts (109841)
• Los Angeles, California
30 Aug 18
I have never made loan payments on anything.
3 people like this
@sunrisefan (28524)
• Philippines
12 Oct 18
I bought my second car by availing of our employees' car loan program from the company I worked for. My daughter took out a loan of 1 million pesos for the current car that I have which cost P1,470,000.00 in 2016. She made a down payment of P470,000.00 and later on, when if was able to sell our previous car, I reimbursed her with P200,000.00
1 person likes this
@AKRao24 (27422)
• India
12 Oct 18
@sunrisefan , I am happy that it is working for you and you are happy with it! All the best!
1 person likes this
@sunrisefan (28524)
• Philippines
12 Oct 18
@AKRao24 They charge 21% straight for 4 years and I think it's fine. The first car loan when I was still employed was 6% er annum on diminishing balance. The term was 5 years (or 7, I can't exactly recall now).
1 person likes this
@pitstop (15551)
• Australia
30 Aug 18
My first car was bought on loan as I didn't have enough money to buy it fully.
It was worth it.
I had one car purchased by novated lease which was financially helpful as it was a good package deal.
My present far was bought with full payment. The dealer and the bank tried to tempt me with a loan, but the math was better for a full payment.
1 person likes this
@amirev777 (4117)
• India
5 Sep 18
Yes, I had purchased my first car, Maruti 800 on loan in 2004.
1 person likes this
@DaddyEvil (174528)
• United States
4 Sep 18
Yes, I have purchased several cars using low interest loans from my bank. Most Americans do that. It is the way most have to buy something that would be beyond their capacity to purchase any other way.
I pay cash for some large purchases where most others would ask for a loan to purchase the same thing. When I bought our last Washer and Dryer set the company tried to talk me into keeping my cash and buying them with a loan. The problem is, when purchasing with a loan, the interest rates are not favorable to the person buying the item. I paid cash for them and saved myself the interest they wanted to charge me.
I feel sad for people who don't realize how much money they stand to lose in deals such as this.
1 person likes this
@AKRao24 (27422)
• India
7 Sep 18
I think most young people purchase the vehicles on loan as they don't have good resources at the beginning of their lives! Once grown up and having gained the experience in life the income naturally goes up and people have good savings to purchase the vehicles in cash! And by this time they realize the importance of the interest they are unnecessarily paying to the banks!
1 person likes this
@porwest (112876)
• United States
16 Sep 18
I do and I have. When it comes to a car it is a depreciable asset, and since I can usually earn more on investments and pay less than I earn in interest, it would be silly to take high yielding money out to pay cash for something that goes down in value. But I do make large down payments. For example we paid $10,000 down on our Edge and $14,000 down on our F-150.
1 person likes this
@Marilynda1225 (91130)
• United States
30 Aug 18
Yes I have . It was the only way I could buy my car
1 person likes this
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