Jul 26 2009, 07:52 PM
QUOTE(SKY 1809 @ Jul 26 2009, 03:34 PM)
Believe it or not, the most ideal car loan is for one year duration. The Flat rate interest would be closer to the Reducing term method.
But you have to make sure it is a year HP agreement, not a 6 years HP agreement.
Who ever grants you such a loan, that banker officer might get lecturing from his /her senior.
I have been trying to get 1 year car loan for more than 15 years, no luck But you have to make sure it is a year HP agreement, not a 6 years HP agreement.
Who ever grants you such a loan, that banker officer might get lecturing from his /her senior.
QUOTE(Micky78 @ Jul 26 2009, 04:13 PM)
you may consider invest half the money into insurance plans, FD's and share market. Early settlement on car loan is not recommended unless you had no placed to put the money into..
insurance is a bad suggestion in this case, insurance is another long term commitment. buy insurance when having ONE lump sum money is a bad idea. buy insurance when the monthly repayment is a small part of your constant cash flow, ie salary, not when you have a lump sum to work with. even those pension alike lump sum premium policy, is usually giving lower than FD return.
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