One of the most obvious drawbacks is paying privilege over the loan you have taken from the bank; not just on car loans but on any type of loan. It’s like you are buying money by paying extra money for money. Even after the fixed default rate of interest, the total money that you are going to pay back might be more than calculated.If you opt for a variable interest rate loan, the interest rates might change. Might increase or decrease depending on the situation. If you want to pay off the loan ahead of your schedule, the bank might penalize you on that too.Another problem with having a loan is defaulting- not paying your loan in time might result in seizing your car as a whole.But at the end of the day, even if you manage to repay the loan, your car might lose value being within the loan term.
ABOUT US
The Turbine is the only automobile & cycling magazine in Bangladesh since 2019! We are delighted to bring you the first ever automobile & cycling magazine in Bangladesh devoted solely to catering to the information demands of automobile and cycling enthusiasts. From the flamboyant muscle cars, bikes, and bicycles of the sensational sixties and seventies to the humble home Humber project, our readers will get the whole gamut of automobile related news, updates, features, and interviews. It will also help connect the car and bicycle enthusiasts. If you are a car, motorbike, or bicycle enthusiast, you must have noticed that there is no proper platform of information on the current automobile and bicycle industry, and that’s why we came up with the plan of filling this void. We know it’s a big step and a daunting task, but to take us one step closer to our dreams we need your help and support. If we all work together, we will not only run a successful business but will also be able to contribute to the automobile and bicycle industries in Bangladesh.
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