How did I take debt the right way?

Last month, I ended up taking a loan at a very competitive rate of interest. Since I had to buy a car, I was exploring various options in the market.

I approached many banks but their terms and conditions were not suiting me. Then I decided to mortgage some of the gold I have but again I was ending up paying a huge amount as interest. I dropped the idea. The finance deals provided by the car dealer were also asking for insane money.

I was trying to figure it out and suddenly a thought came to me.

Why not take a loan from close relatives?

Though it sounds impractical but why not give it a try. So I contacted a couple of relatives to get a solution. Some responded and some did not even pick my call. Ultimately, one of my friends who is into business agreed to provide a loan in which the rate of interest is quite low.

So, I got success by trying out various options. I think one should try for the available options to save hard earned money.

Do you have similar experiences to share?

#finance #debt #rateofinterest #car #purchasing #deals #financialinstitutions #mortgage #manufacturers #business #tenure #saving