Car loan vs outright purchase

varkey · 10th March 2024, 07:41

Quote:

Originally Posted by capnemo

Thanks rx100. I wasn't aware SBI was offering at a reducing basis. Atleast HDFC I know, is offering flat rate auto loans.

Not just SBI, even HDFC provides it on reducing balance basis. I don’t think I’ve seen flat rate auto loans other than from smaller non banking loan providers. I’ve my BoB Car Loan also on reducing balance. In fact I’ve noticed that loans on reducing balance is the norm at least from major banks, and flat rate loans are an exception.

View Poll Results: Have you taken a car loan or gone the full down-payment way?
Full down-payment	304	38.19%
Couldn't buy without a loan	329	41.33%
Loan taken for any other reason	163	20.48%
Voters: 796. You may not vote on this poll