Souqalmal.com’s CEO Ambareen Musa writes for Gulf News.
If you’ve already chosen the car you’re going to get this Ramadan, it’s time to decide how you’re going to pay for it. Will it be cash or loan? Here are the pros and cons.
No interest or profit: If you have enough cash lying in a zero interest or profit current account, this payment option is ideal, helping you avoid paying interest on a car loan.
Easier to sell: If you pay for the car with cash, it will be easier to sell it later. When you take out a loan, you basically mortgage your car to the bank. Hence, without settling the full loan amount, you won’t be able to transfer ownership to the new buyer.