Quote:
Originally Posted by kbalii 
The last resort: If you can find a gaurantor with a steady income (salaried) who can place a gaurantee for you, then your problem is solved. The car can be in your name but the monthly installments would be from his bank account. If that is complex, then dont try this. In my case, my brother is a freelance PM and he gets paid in wire transfers and files IT returns but in the Vehicle loan, I signed as the gaurantor and he took the car. The EMI vanishes from my account (Which my bro pays for). In this case, we have the lovest interest rates and the car delivered in no time. |
Interesting you mentioned that, as mine is an exact scenario. The EMIs would be deducted from my sister's salaried account but the car would be in my name, as she would sign up as a co-applicant (is 'guarantor' the same or should I specifically ask that she would be a guarantor and not a co-applicant?). The only difference is the exorbitant ROI and Processing & Stamp charges in my case. The sales guy said they are just a mediator and don't get any cut from the bank, but should I directly check with Kotak too? I think I will, tomorrow. Can you please share which bank did you take the loan from?
Thanks!
Quote:
Originally Posted by phamilyman Also kindly consider a loan that has the least pre-payment penalty so that you can retire the 15% nonsense rate they are heaping on you. There's no other place for your money than to retire this 15% - no better investment.
Prepayment and minimum upfront fees (even at a higher interest rate  ) would be key IMO. |
I think I would atleast negotiate for a low/no pre-payment penalty with them, if nothing else. Thanks for the advice!
One other alternative is to book the car in my sister's name. Since she's a salaried employee, she should get a car loan at favourable rates (not from her salaried account though, Citibank has stopped Car loan facility
). The only issue is, I would be doing most or all of the driving. Could it be a problem (from road transport rules or any other laws' perspective) since RC and Insurance would be in her name? Is there a provision of getting my name in the RC/Insurance as a co-driver?
By the way, I do have a car license