Quote:
Originally Posted by GTO  We've always insisted that, taking a loan on a 2 - 3 year old used car (and one that retains its value well) will work out more expensive than buying a brand new car. Friendly mod - Ajmat - was thinking of a used Vtec some years back. When he did the math, a new Vtec worked out cheaper. |
That depends a lot on the loan options available.
The rate of interest for a new car and the rate of interest for a personal loan is within .5% of each other.
The lower rate of interest for a personal loan is offered based on
1. Credit Card History.
2. Old personal loan track record.
3. The deal clincher is where you work.
The roi being offered to my organization in Sept 08 was about 14.5%.
Got the value from an email in the employee forum. This when negotiated would go down to about 13%. OR in the case of banks like Std Chartered the last emi is waived off.