Sep 17, 2010 08:11 AM
21380 Views
This is an abstract query and advice needed. I was trying for a car loan and one of my friend told that the maximum car loan can be availed by booking the highest model of car and start the loan processing. But while taking the delivery you can opt for the lower end model of the same car.
By this, the down payment will be reduced and it will be less burden to arrange cash for down payment.Now my query is:- is it really possible?- If yes, then what are the after effects of such scenes?- once the loan is over(paid), can hypothetication be cancelled and bank will issue "No Dues" certificate?- what about RTO after 5 yrs loan repayment.?
If someone came across this scenario, please share the details with me on(sandeep.dosanjh@gmail.com)
