Margin money
schemes :
This
scheme is the most straight forward in which if a car costs $ 1 lakh, than
down payment should be 10% of the total amount and you would get a loan of $ 90,000/-
.The interest rate will depend on the monthly basis.
Security
Deposit Schemes :
In
this scheme, the company claims to give you a loan of 100%, but asks for 10% advance
amount, which will be returned to you at the end of the loan period.
Hire
Purchase:
Under
hire purchase, the rate of interest is calculated from the loan balance
but the size of the installment is higher. In this case, the vehicle is automatically
transferred to the buyer as soon as the last installment is paid.
