Reality: Zero down payment loans exist but come with higher interest rates (0.5–1.5% higher) and stricter eligibility. The total cost-of-ownership is often significantly higher than a loan with a 20% down payment.
Borrowers take zero down payment loans, forget about higher rates, and end up paying ₹1–2 lakh extra in interest over the loan tenure.
Reality: Both showroom finance (dealer-arranged) and direct bank loans are safe if from registered institutions. Direct bank loans often have lower rates (8–10%) vs. showroom finance (10–12%).
Borrowers accept higher showroom rates out of a false belief in "safety" and overpay for dealer convenience.
Reality: Used cars offer immense value if properly inspected. While rates are slightly higher, the principal amount is lower due to depreciation, leading to lower EMIs.
Young professionals waste ₹5+ lakh buying expensive new cars when ₹8–10 lakh used cars serve equally well with lower financial burden.
*Used car EMI is 37% lower. Depreciation hit is already absorbed by the previous owner.
Reality: Lenders offer LTV (Loan-to-Value) up to 80–100% depending on vehicle age and credit score. You rarely need a massive down payment if your credit profile is strong.
Buyers assume they must save 40–50% for a down payment, delaying their purchase unnecessarily when they qualify for higher LTV.
Savings Available: ₹2 Lakh
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