A long discussion & suggestion to go for floating rate for long tenor on car loans, this festive season.
With the interest rates seemingly having peaked now, simple logic says go for a floating rate & get benefit thereof.
But would not suggest long tenor, esp 5 to 7 years. It is always better to go for less than 5 years. Long tenor means we are stretching ourselves, for a simple mode of transportation/commuting. Not worth it. Dream car can wait :) Savings as much important!!
A good idea would be to look at in-house finance options from some of the manufacturers also.
And last but not least, negotiate hard
Happy & Safe Driving!
Car Loan? Let tenure decide the type of loan you take this season | Firstpost
With the interest rates seemingly having peaked now, simple logic says go for a floating rate & get benefit thereof.
But would not suggest long tenor, esp 5 to 7 years. It is always better to go for less than 5 years. Long tenor means we are stretching ourselves, for a simple mode of transportation/commuting. Not worth it. Dream car can wait :) Savings as much important!!
A good idea would be to look at in-house finance options from some of the manufacturers also.
And last but not least, negotiate hard
Happy & Safe Driving!
Car Loan? Let tenure decide the type of loan you take this season | Firstpost
