First time car buyer ,On Loan or Cash? dealer insurance or other after buying the car?

[vkempire]

Hi all,(CIBIL 784), Salary 70k

I am going buy the car for the first time. But I have no idea how to do this.

I am going to buy the new car AMT of approx 12Lakh. I have something 10Lakh(invested here and there, Liquid fund 4Lakh, other small mid cap, stocks (excluding emergency fund)).

I have watched YouTube videos people say take car loan don't buy on cash, invest it. do FD and all stufff.
What should I do, pay all 10lakh and 2 Lakh loan or (I think pay 6 lakh and take 6 Lakh loan)

What about the insurance?

Or is there any bargaining point?

Any suggestions please

 

[bekifaayatifan]

My opinion - Buy used & pay in full. Get an honest mechanic to check the vehicle before purchase.

Since you want a brand new vehicle, get a loan. Below video can help a bit.

***********.youtube.com/watch?v=nFf9trArZF8

Get extended warranty (for maximum possible years). AMTs are not the most reliable automatic transmission.

Insurance can be taken from outside. Better to look for Insurers who has cashless facility tie-up with your service centre. Sometimes manufactures bundle their warranty, service package & RSA (Road Side Assistance) with their own Insurers. So your insurer options maybe be limited.

Also, change the AMT fluid every 4-5 years, even though manufacturers says it's a life time fluid.

 

[amitvicky]

Hi all,(CIBIL 784), Salary 70k

I am going buy the car for the first time. But I have no idea how to do this.

I am going to buy the new car AMT of approx 12Lakh. I have something 10Lakh(invested here and there, Liquid fund 4Lakh, other small mid cap, stocks (excluding emergency fund)).

I have watched YouTube videos people say take car loan don't buy on cash, invest it. do FD and all stufff.
What should I do, pay all 10lakh and 2 Lakh loan or (I think pay 6 lakh and take 6 Lakh loan)

What about the insurance?

Or is there any bargaining point?

Any suggestions please

Did you enquire about the loan, as in %age , term, so do you know about the EMI you would need to pay.
Do you think you are comfortable paying that EMI out of 70K in hand salary and manage your regular expenses As-Is??
If yes then loan is OK

But, still I would recommend to pay the bill upfront and invest the same EMI in SIP.

 

[amitvicky]

BTW... Which car are you planning to buy?
And good luck for the purchase.