Should you take a car loan?

Taking a loan for buying a car, and paying around 10 percent interest on it is not uncommon. On one hand it gives ownership of a car while on other hand it makes you feel the pinch of EMIs.

But is taking a car loan worth it?

Sharing few thoughts -

- If you don't have enough cash in hand but buying car is a necessity due to commuting requirements or business requirements, there may not be any other option.

- If you think that you will become more financially disciplined & avoid unnecessary spending, then go ahead. But then, it poses a large question about your fiscal discipline.

- If you are using for your business, then you may be able to get tax benefits & loan may help.

- If you think that - "Interest rate is 10% only and mutual funds will give me 15 percent", then revisit your assumptions. Mutual funds/ stocks have historically given good returns, but are you sure that you will get 15 or 12 or 24 or whatever percent of "assured"returns they "promise"?

- If you want to upgrade your lifestyle because your position & lifestyle needs a Honda City and not Honda Brio, and you are not in a position to refinance, then rethink if you really need to go for this ...

- If your previous car is like 5 year old and you need to get a news one because everyone is having a new car, then rethink ...

What are your thoughts?

Comments

K-eediyot box

(Disclaimer - Please do not think that I don't know spellings ... my numerologist told to use the above spelling for eediyot and add a k before it, this will help generate more TRP and comments for the blog) Time 7 : 30 - 8 PM, 8 - 8 : 30 PM .... 10 : 30 - 11 PM Venue - Zee TV, Star Plus, Sony entertainment etc. etc. Figure this - A family drawing room belonging to an extremely rich business house occupied with a mixture of emotional and scheming characters - 1 saas, 2 bahus, 1 son (+1 who makes an entry unaware of what is happening), 2 random distant relatives, 3 random cousins, all mouthing dialogues that have earlier been said by actors ranging from Nirupa Roy to Rajesh Khanna, followed by a long silence, 13 camera angles for same scene (top view, side view, cross sectional view, lateral view, 45 degree elevation view) , flashbacks and memories that last few episodes, good people becoming evil, evil people actually being un-evil, rebirths, amnesia, a background score that often ...

Fan-o-phobia

Has there been some thing that you are worried about lately, something that might not seem too important that has been troubling you? ... Or that the very thought of it makes you shiver, tremble with fear or puts in the fear of god within you? Well ... I am facing one such thing of late. Somehow I have developed a fear of the fans, especially in cases where fans are a relatively lesser height, usually which I can touch easily with my palms or even elbows ... and even the ones that I can barely even touch by my fingers. This has not been without a reaon though. Recently I went to a relatives place where there was this combination of a fan being at lesser height and me being quite tall. After taking a bath (yeah ... I do take a bath ... in summers at least!) I switched on the fan, and raised my hands to wear a T-shirt. And suddenly I found something hitting my left thumb, hitting it really hard. Before the signal was sent to my brain so that I could realize what was happening, I put my h...

Get cashback while doing online shopping

Originally published on BeingFinWise __ Cashbacks are an amazing way to save money while shopping. More so while you do online shopping. In addition to regular deals and discounts, you can get cashback if you go via affiliates . This way you can get cashback on your online shopping, over and above your regular deals. Some of the popular affiliate networks offering cashback on online shopping in India are Cashkaro , Gopaisa , Pennyful etc.

What's the purpose of investing?

"Investment" - This word is much used and often much abused one. One keeps on hearing this almost all the time be it in office or catching up with friends or attending a family functions - almost everywhere. More so when we are fed with lot of information about how one needs to make money work to get more money. However, for a lot of people, the clarity on one question is often lacking - What is the purpose of investing? And even if one knows his/ her purpose of investing, it is often not implemented in real life. For instance, purpose of one's investments may be having sufficient funds in times of need. Yet they may opt for a personal loan when faced with pressing need for money. Based upon my observations, below are some of the most common purpose of investments (in no particular order) I invest because there is some sufficient funds lying with me and I can get great returns. I am investing for some specific goal - buying a house, education of kids, m...

The local train

That was when I saw her. She had almost missed her train. There was another in 8 minutes, but she always preferred to catch this one only. It was a long ride - Mira Road to Churchgate and it took nearly an hour to reach there in a fast train. More than three hours a day she spent in commuting. It could have been more had her home not been near the railway station. I had moved to Mumbai recently and was still trying to catch up with its pace. I was yet to get accustomed to the local trains. Slowly and steadily I would. Sometimes I wished that I stayed near my office, but it was too expensive. So I chose a distant suburb, trying not to dig a hole into my pocket and screwing my life inside stuffed trains. This continued for few weeks. I always noticed her getting to the station, catching the train and alighting at the destination before briskly walking to her office. Mine was nearby, but that was it - I never manged to talk to her. She was somewhat reclusive and I didn't have any p...

Random Ramblings

Search This Blog