Is it wise to take a car loan in the age of your 20s? Or is it advisable to take a second hand car with savings?
6 Replies
CA. Sourav Sarkar
(Chartered Accountant )
(24583 Points)
Replied 20 March 2021
Go for second hand car with savings.. as you are in 20s you can purchase new car after 20s also with the savings
Prachi Bansal
(3129 Points)
Replied 20 March 2021
But also shouldn't it also be wise to buy a new car at once only with some amount of loan and some amount of savings at once?
CA. Sourav Sarkar
(Chartered Accountant )
(24583 Points)
Replied 20 March 2021
Yes, it's upto your decision
Prachi Bansal
(3129 Points)
Replied 21 March 2021
Will I get any benefit or anything if I opt for taking a loan for the first time or anything of that sort? Will I get any advantage?
jay
(analyst)
(44 Points)
Replied 22 March 2021
It is advisable that you should go for a second hand car, as you can make its payment in one go from your savings. Also, instead of paying emi you can invest the same amount.
Prachi Bansal
(3129 Points)
Replied 22 March 2021
Yes even I am thinking that investing might give me more benefits instead of just filling my EMIs
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