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Tip of the Day Don't Borrow from Your 401(k)

Don't Borrow from Your 401(k) - Investments should always be long-term and yoru 401(k) is no different than any other investment. The returns are on the long-term investment, so...

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Interest Free Finance Cars

The number of people who buy cars has gone very high these days, a part of the reason for this is that there are many lucrative offers by car companies and sellers who encourage everyone to buy a car. It is evidently seen that the number of people who buy cars has gone up very high over the last few years. In spite of all the go green slogans and other awareness programs, the number of people who use cars has increased like never before.

One of the major attractions that are provided by car sellers or dealers is the offer of interest free finance. In general if finance is availed for buying a certain product or a commodity then an interest amount is implied to it. When the person who availed the offer pays back the money that was giving by finance, the person has to pay the interest money along with it, this is the general rule of finance when buying a product.

But recently there are companies that offer interest free finance for cars, this means that the finance needed to buy a car is provided by a firm or company and the person who availed this offer need not repay the interest sum of money for the finance that was provided. It is enough if the person pays only the exact cost of the car, and also the time limit to pay this sum of money is around five years. This is considered as a very good option for any middle class family, if they plan on buying a car but they are not able to pay a big sum of money on a single instance, then this offer would be very helpful for them. The finance offers the money needed to buy the car; the person can pay the money in installments every month or so and over the time can finish paying the cost of the car within the time limit pronounced by the financing company.

Although this offer is attractive, there are some experts who suggest that if a person has enough money to buy a used car by paying ready cash, then it is better to go for that option than to buy a new car with the help of finance. The reason they give is that, over the five years when the payment is made by the person who took finance for the car, the value of the car depreciates to a good extent making it not worth for the price that is being paid.

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