Go Back   Team-BHP > BHP India > Team-BHP Reviews > Indian Car Loans & Insurance

Thread Tools Search this Thread
Old 27th April 2007, 11:58   #16
Team-BHP Support
Rtech's Avatar
Join Date: Apr 2004
Location: Bombay
Posts: 5,770
Thanked: 176 Times

Some posts here have been moved to a New Thread (Sam's take on "pimpin" your ride.). Lets all please leave this thread to discuss the actual topic. It's not as far fetched as people make it out to be.

Last edited by Rtech : 27th April 2007 at 12:25.
Rtech is offline   Reply With Quote
Old 27th April 2007, 15:41   #17
Wimwian's Avatar
Join Date: Feb 2007
Location: Mumbai
Posts: 191
Thanked: 4 Times

My personal opinion would be to stay away from personal loans as far as possible. Itís very easy to fall into a debt trap these days... what with plastic money offering unbridled liquidity at short notice, most people fail to read the fine print and donít realize the exorbitant interest rates that these instruments carry. Many of these end up taking a personal loan for repaying credit cards and the cycle goes on...

Personal loans should always be the last fallback optionÖ because after that one is left with no other source of funds except for begging at friends and relativesí doors. If you take a personal loan for non-essential requirements, it might get difficult to tide over emergencies later.
Wimwian is offline   Reply With Quote
Old 27th April 2007, 16:48   #18
Senior - BHPian
suman's Avatar
Join Date: Sep 2005
Location: Gurgaon
Posts: 4,589
Thanked: 256 Times

OK, now that we're back on topic, Abhibh, it doesn't make sound business sense to me. If he was going to recover the money invested, maybe it would be an option. But what is he doing here - paying 18 to 24% (depending on Bank) interest to spruce up an OLD car, he will be paying EMIs for the next 3 to 5 years, by the time he's debt free, its time to sell the car anyway I'd think.

I wouldn't do it...........
suman is offline   Reply With Quote
Old 27th April 2007, 17:57   #19
Join Date: Mar 2007
Location: Delhi
Posts: 254
Thanked: 2 Times

loan from a bank fro mods?..it doesnt make sense to me atleast.

alternate way is to borrow money from friends/relatives and pay back at his convinience, if he is so keen.

or else waiting for sometime & save some money for mods, it makes more sense than borrowing at any time.
arunforu1 is offline   Reply With Quote
Old 27th April 2007, 18:30   #20
Senior - BHPian
rahul_intlad's Avatar
Join Date: Aug 2006
Location: Pune
Posts: 1,577
Thanked: 2 Times

I am curious to know the car we are talking about here.

Also is there a requirement to pay 1.5 lakhs upfront,cant things be done one at a time as and when cash permits.As pointed out personal loans are quite expensive[18-24%] and you feel a pinch with regards to EMI's due to their relative short repayment periods ,but anyways look at the PSU's compared to the private banks if indeed he is going forward.

Last edited by rahul_intlad : 27th April 2007 at 18:32.
rahul_intlad is offline   Reply With Quote
Old 27th April 2007, 19:38   #21
sreedotk's Avatar
Join Date: Dec 2006
Location: Chennai
Posts: 215
Thanked: 22 Times

Could a guy mortgage his car as the collateral. The idea is to keep the car as the Collateral for the Pimp my car Idea and pay interest rates as you would do for a Car loan.

And no i dont like the idea of Pimping the Car on borrowed money, but since this was for suggestions hence my thoughts.
sreedotk is offline   Reply With Quote

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Similar Threads
Thread Thread Starter Forum Replies Last Post
The Cheap Loan or the Smart Loan - SBI Advantage Car Loan keyur Indian Car Loans & Insurance 199 10th January 2016 12:49
Buy car using cash OR Take car loan & prepay home loan? rajshenoy Indian Car Loans & Insurance 13 2nd August 2013 18:16
Pimping My Ride Swift ICE Upgrade vrrraju In-Car Entertainment 34 28th January 2009 15:13
Help Needed : HDFC Personal Loan mobike008 Shifting gears 7 25th August 2008 17:25
Killed for a 15000 Personal loan!? tsk1979 Shifting gears 53 29th June 2007 07:33

All times are GMT +5.5. The time now is 05:13.

Copyright ©2000 - 2016, Team-BHP.com
Proudly powered by E2E Networks