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Planning to buy a car worth ~ 15 L INR / 20k USD to my parents in India. Whats the best way to do it, (first car so don't want to do any mistakes) ? 1) get a personal loan in USA, transfer whole amount to India, and keep paying in USA 2) get a vehicle loan in India, transfer USD to INR on monthly basis for loan payments 3) any other better options please comment TC : 250K #personalfinance #investments #car #loandepot #indiasalary
You can straight away buy a car for 20K USD at your TC. Not worth paying interest on loan IMO.
Don't have 20k cash ready invested in other things, loan is the only option
Take loan in USA at cheaper rate and then buy car in India.
What is the rate of interest for a loan in USA ? A car loan in India comes at a rough rate of 10%
Personal loan in USA comes at a 5% approximately
Its closer to 7 than 5. Put down 10k (6 to 7L) as down payment. Take a loan in India and make sure your policy does not include any early loan repayment fine. You'll probably need to pay $300(close to 20k) a month as per the loan agreement, so when you have extra cash(or rupee is weaker) pay upto $500 a month and clear the loan faster than 5 years.
Just checked today . India its 7.5 for car π loan
Dont take any loan? Car is a depreciating asset. Why pay interest on it?
This person is unaware of the low interest rates in the US. If you can grow your money at a rate higher than the loan interest, take the loan
How will he grow the 20k when he will buy a 20k car with it? The car will lose its value and will need repairs etc and you will pay whatever internet the bank charges. Unless his family drives it as an Uber I donβt see him generating income.