When you don't have the funds but you need that liability to make those funds, a loan is the better option than not getting a loan and not make money.
But why is he asking you to pay the rest? if he had full money why not pay himself? What if the rest payment you made via card and he isn't able to pay you back, you will be left with a huge liability on your name.
To make it as credit card EMI. I trust him. And even if he doesn't pay any month or is late in paying, I can front the amount.
But in that case credit card emi will have more interest rate than a traditional auto loan, you can get a decent bike loan 11-12%pa I'm sure CC emi charges will be more than that. Anyway if you trust him no harm for you. Use infinity considering the recent deval. of Regalia.
I see. Then there's no point in paying through Credit card. There's one upside though, your vehicle is not the property of bank and you don't have to do anything after the loan ends to transfer it in your name.
Yes that's an added advantage but hypothecation removal (Bank's name removal) can be done easily with nominal charges but you will save a lot of money in interest if you go by Auto Loan
if you know what you are getting yourself into then no issues
You said u can pay amount in his behalf if he doesn't.. nice .
Fair enough. I didn't understand how loan and CC EMI were different. That's why I was asking.
With cc emi . Your cc limit is blocked hence high utilisation ratio !
