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Easy Leasing


samueldaniel7
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All leasing companies will ask for guarantors, if the lease amount is high. If you are taking around 40-50% of the valuation, you might be able to get away without guarantors.

There are banks which give vehicle loan facilities (even for 2nd hand vehicles) without guarantors.

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Go for personal loan. I had the same problem and went for a personal loan which didn't have much different other than 1%-1.5%.

It is a good idea which you will be the owner of your own vehicle but the amount that you can get from a personal loan is limited and calculated based on the salary and other loans taken isn't it?

Edited by Nishan.dj
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Financing through a personal loan is a bit of a stretch. Also you will be paying a bit more interest, albeit 1%-2%..when a few millions over 4-5 years are in the equation, it's not exactly a small amount.

But these days AFAIK banks provide vehicle loans with much less documentation and rather quickly. Interest rates have also come down if I'm not mistaken.

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Financing through a personal loan is a bit of a stretch. Also you will be paying a bit more interest, albeit 1%-2%..when a few millions over 4-5 years are in the equation, it's not exactly a small amount.

But these days AFAIK banks provide vehicle loans with much less documentation and rather quickly. Interest rates have also come down if I'm not mistaken.

Yes, the rates have come down but obtaining a personal loan is not that much stretching Hoonigan. I obtained a personal loan recently to settle my housing loan & to spend the rest for a car. I provided all the documents on time & believe me, they released it within just two days(Handed over the docs on Wednesday & got money on Friday evening) :) . The other thing is since my company has registered with them, I didn't wanted to have guarantors which is not a common privilege that everybody could have. The rate is 16.5% annually for 5 years.

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Yes, the rates have come down but obtaining a personal loan is not that much stretching Hoonigan. I obtained a personal loan recently to settle my housing loan & to spend the rest for a car. I provided all the documents on time & believe me, they released it within just two days(Handed over the docs on Wednesday & got money on Friday evening) :) . The other thing is since my company has registered with them, I didn't wanted to have guarantors which is not a common privilege that everybody could have. The rate is 16.5% annually for 5 years.

Well you must be drawing one hell of a pay check :D

Yes, they process loans very very quickly if all documents are in place. And most companies are registered with one bank or another so I don't think that's a huge issue.

Anyways, what I meant to point out was that it is cheaper and maybe more viable than going for a personal loan. Unfortunately, I've forgotten the lease mechanism to say whether a car loan is better than a lease or not.

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Well you must be drawing one hell of a pay check :D

Yes, they process loans very very quickly if all documents are in place. And most companies are registered with one bank or another so I don't think that's a huge issue.

Anyways, what I meant to point out was that it is cheaper and maybe more viable than going for a personal loan. Unfortunately, I've forgotten the lease mechanism to say whether a car loan is better than a lease or not.

Ado.. nah machan, am not that kinda paid man ;) . Otherwise am not obtaining loans ne.. Not sure about other cases, but in my case, they(Com**ci** Bank) issued me it without a hassle.

If I went for a lease option, I would have to bare the cost of valuation, Insurance, Document & processing charges along with transfer fee(Rs 40k approx.). But here I had to spend for the insurance & normal transfer fee(not 1 day service) only.

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With the added cost Speedy mentioned, and if the interest rates are that drastic, a loan is the way to go. Out of which, a non secured personal loan would fetch a comparatively higher rate of interest than a loan against a FD or a Car loan.

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With the added cost Speedy mentioned, and if the interest rates are that drastic, a loan is the way to go. Out of which, a non secured personal loan would fetch a comparatively higher rate of interest than a loan against a FD or a Car loan.

Loan against FD is useful only for short term purposes. No point doing that for long term.You will be ultimately paying 3% interest for using your own money!

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