Innovative EMI free cars!

Buying a car just got easier and through a very innovative way. There is this car financing company, EMI Free Car, which helps people buy cars builds on the get-paid-to-drive concept in which owners are paid money to put up advertisements on their cars.

The company puts up vinyl ads on the exterior of a new car and makes 36 monthly payments or EMIs on a 5-year bank loan on behalf of the car’s buyer. In return, the owner has to drive the car for a distance of at least 1,500 kilometres each month. This is a scheme expected to help boost demand for cars and especially those aspiring to own their first car. The company is said to have helped nearly 50 people in New Delhi and its suburbs buy new cars in February. More than 4 million applicants are in line. The company’s profit would come from auto wraps and it is also in talks with car dealers, banks and insurance companies.

This is a very good idea but not many would want to sport a car with an advertisement running on both sides, which in turn would advertise how they have got the car! Vinyl decals have usually been on radio taxis and many would not want to spoil their personal cars with unwanted branding even if it meant getting a discount. Now that is a roadblock, a status symbol issue faced even by Nano, which EMI Free Car will have to get over.