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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.

Published On : 2016-07-02 04:49:04.0 sahil
Category : Financing
Answers for this Question

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.

Please click here to find the dealers of different brands by selecting the city and brand name.

CarDekho Helpdesk on 2016-07-02 10:45:55.0
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