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India – Car loan – what is the benefit of going for car loan if I have got money to buy it on cash?

Written By: admin on November 21, 2009 One Comment

I am a salaried person. Are there any tax advantages in India for car loans? I came to know that its not considered in the same category as house loan. Is there some other advantage ?

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One Response to “India – Car loan – what is the benefit of going for car loan if I have got money to buy it on cash?”

  1. UCANTCME on: 21 November 2009 at 11:01 am

    I DON’T KNOW WHAT INTEREST RATES YOU HAVE THERE BUT HERE IS AN EXAMPLE WHERE I LIVE.

    CHECKING ACCOUNT PAYS 2.00%

    MONEY MARKET PAYS 3.75%

    CD PAYS 5.60%

    I CAN GET A NEW CAR LOAN BETWEEN 0.0% TO 2.9% SO I WOULD FINANCE IT AND MAKE MONEY BUY USING THIER MONEY.

    ALSO PAYING CASH IS NEVER A EXCELLENT THOUGHT BECAUSE YOU DO LOOSE SOME LEVERAGE DURING WARRANTY ISSUES.

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