Hey everyone! I am keen on buying a new car however I don't want to own it, specifically, I want it either on a lease or on EMI. I don't know whether those two are the same or not because on one you can get some tax reductions (which will help me a lot!). I am looking at buying either a 3series or 5series BMW or a Q3/Q5 Audi or Volkswagen Passat/Tiguan. Kindly help me to figure out how to buy a car without paying the entire amount all at once.
For salaried individuals, no tax benefits are available if you have taken a car loan. Deductions from payable tax can be availed only if you are self-employed or a businessman, and you declare the profit or capital gains earned from your work or business, or if you purchase a vehicle for business use.
To get the car on lease, you need to co-ordinate with the respective brands you wish to buy.The lease will have to be taken in the name of your company. Though there is no down payment or security deposit, you do have to submit a few documents. Since you will be getting the lease in your company's name, you will have to submit documents such as financial statements, electricity bills (as proof of address). Lease plan allows you get the mobility without the hassle of owning and managing it. At the end of the tenure, simply return the car and take a new one. All this, for just a fixed monthly payout.
Secondly, if you wish to purchase the car on loan, you have to pay the initial down payment i.e 20-25% of the ex-showroom price approximately and rest of the amount is financed and converted into EMI's.
You may call us on our toll free number 1800-200-3000 (Mon to Sat from 10AM-7PM). Our team will be glad to assist you.
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It is great that you wish to buy a new car and we are happy to be a part of your new car purchase. Choosing between the fuel type is always an important decision. If you drive for more than 1500 kms in a month, you should go for a diesel car and if you drive less then you should choose a petrol one. Click here to go through our story which would help you decide which fuel type you should go for. Talking about the cars that you have short listed, all of them are class leading. Swift is going to be face lifted this year, the ongoing version doesn't have that much to offer you. Baleno is great car and so is i20, there are quite a few differences when it comes to power and features. i20 comes with rear AC vents and Baleno has ABS and airbags as standard. Baleno also feels light on the steering but i20 does not. Both cars offer almost same amount of leg room and space. We would suggest you to go for Baleno if you are looking forward to buy a low maintenance car. If you are looking forward to buy a car which has better comfort features, go for i20.
Yes, certainly you can get a car on EMI. You need to take a car loan in order to purchase a car. The eligibility depends on your bank profile. You can get finance from various bank and even from the brands. The amount is disbursed in the dealers account and you have to pay the EMIs as per the calculation. In order to get further clarity over this you can click here or call us on our toll free number 1800-200-3000 (Mon to Fri, 10AM to 7PM) and our team will help you in the best possible way.
Hey Vinay, as of now we will not be able to share this as we are not aware of the norms that a banks follows while they decide the eligibility of loan. However, you can contact us on our toll free number 1800-200-3000(Mon to Fri, 10AM to 7PM) and our team will arrange a call back for your from our finance team. They will surely help you with this concern. Click here to check out our finance section.
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