Buying a car? Why taking loan is not a smart option

Buying a car is a dream for many. But, not all have the required money to purchase it outright. Founder of Goodmoneying.com, Manikaran Singal, sheds light on how buyers should proceed. He also tells if you can clain tax benefits on the premium paid for car insurance.
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[@nasah99]

It's not just the EMI burden every month. People forget to include the fuel cost, insurance, maintenance and repair charges. Parking fees, cleaning charges also add to the bill. If a person is paying 10k EMI for the car loan (example for a small car), he/she should also add at least another 8k-10k for the others, per month. Even if you are earning 1 lakh per month, 20k car expenses will burn a hole in your pocket. This is the reason many folks sell their cars after just a few months of owning them, unable to bear the extra drain on their expenditure.

[@ssingh8726]

If you need car and have money, but you can invest that money and beat interest rate then go for EMI..

[@meso4939]

Thank you very much for the help

[@samifarooq4047]

Very good suggestions.

[@prasworld9]

Brother next year agar new car purchase krna hai to konsi krni chahiye, Electrical ya Petrol/Diesel ????

[@amolshekhar7130]

very informative....thanks ....🤗

[@Shabana.mansuri]

Really very nice concept

[@lovejitsingh552]

Good suggestions

[@MrPreetamekka]

Thankyou sir

[@nasah99]

Excellent advice. One should not live beyond one's means.

[@rishavsingh.61]

Hi

[@rishavsingh.61]

Is it necessary to take a car loan while buying a car worth rs 17 lakh

[@rishavsingh.61]

Can i pay whole money at once by cheque??

[@anirammahato1593]

@@rishavsingh.61 Ya

[@Just_SAHIL]

Agreed

[@tonywilfred007]

Nice

[@arindamsonu007]

I am not a financial expert but even I can tell this guy has little idea about how interests works. Car loan is on depreciating principal. It's better to take a loan of 5 lakhs then park that money in outright buying in cash

[@santoshpss]

If you can, could you elaborate a bit for me?

[@jaysinghjogi2294]

plz elaborate....looks interesting

[@xuxuonex]

Financing a depreciating asset is even more dumb. People are so easily trapped into all these credit cards rewards, financing discounts, invest in equity crap. Why don’t people understand the big banks will WANT you to take loans and credit cards not for your own good, but theirs.

[@sanusafalya4335]

Car..khana..peena ghumna..aur kya chahiye

[@praveensinghkushwaha]

Ya i satisfied with you 😉

[@MohanSingh-gg5zk]

Hindi please

[@ketulpatel4667]

Abe chutiye

[@priyeshpathak3223]

Hindi me bta le bhai अंग्रेज

[@sachin2842]

u learn English hindi ppl 🤣nortg

[@Aijaz2929]

𝙋𝙖𝙜𝙖𝙡 😅😆😆😆

[@jaysinghjogi2294]

plz speak in hindi?

[@zeeshanbangash6800]

Speak Hindi

[@dishansaikia245]

Meaningless

[@G_techlab]

Can you add some meaning please?

[@ggauravj]

Every word was True!

[@jeetpatel6249]

Buying a liability on loan is not a good idea