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    Thread: Consumer Opinion: Is it wise to buy Cars without Loan, with 100% down payment ?

    1. #41

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      Where you heard that if I buy a car on loan I cant resell the car.

      If you buy a house on home loan with your logic. I cant sell it, since the house is collateral.

      Buddy, I dont know where you get your logics from, hope you really not practising them in real life.
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    2. #42
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      Quote Originally Posted by Tj seera View Post
      Where you heard that if I buy a car on loan I cant resell the car.

      If you buy a house on home loan with your logic. I cant sell it, since the house is collateral.

      Buddy, I dont know where you get your logics from, hope you really not practising them in real life.
      Hmm.. I said till the other guy takes care of your loan.
      You can't sell it even if you want to before you or the next buyer is willing to settle the loan completely, so there goes your logic for six
      Do you know when housing loan is taken over by the new buyer, the interest rate is renegotiated based on the new buyers paying ability and there is processing fee and transfer fee too? So coming back to point if you are selling a hypothecated car to a buyer ( at a firesale, I may add), you need to remove the hypothecation either by settling the amount with bank or transfering the remaining loan to the buyer.

    3. #43
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      Quote Originally Posted by the4wheeler View Post
      You can't sell it even if you want to before you or the next buyer is willing to settle the loan completely,
      There are two reason why you'd this:

      1. You are a regular car changer - you like to change your ride every 6 months to 1 year - Loan is not an instrument for such person. He needs to rotate his capital.
      2. There are some unforeseen circumstances and you need to sell the car. In this case, talk to your banker or pay the entire amount if you have or see if new buyer is willing to fund it. You'll have to be ready to incur financial loss in such situation. Plan well.

      Quote Originally Posted by the4wheeler View Post
      Second, borrowing money from friend or relative or company or society was suggested as it is lesser of an evil than borrowing from bank at a higher rate
      There is no doubt that these definitely make better financial sense. Personally I prefer Co-op banks than relatives/friends. (Its my personal choice not to bring money in relationships - I am very bad at this, so I'll never go to friends neither any of my friends have come to me, thankfully)

      Quote Originally Posted by the4wheeler View Post
      you will not buy a depreciating asset like a car and would rather invest the money in your business or an asset that appreciates
      +1, if I have an option to buy a property and a car with similar financial impacts, I'll choose property any given day.

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