What is the interest rate on car loan ? - Business & Economy - Banking - TIK Share

What is the interest rate on car loan ?


Babulal Shiradana

2013-08-27

Hi,

Can anyone help me with the current interest rate on car loan ? and any one knows what are the major areas that we should look for while taking a loan ?

Thanks in advance.

CA Pulkit Sharma

2013-08-27

Car Loan interest rates will vary in each bank but not significantly.

The average rate you will find will be around 14%

Icici car loan rates are around 11 to 15% depending on tenure of repayment.

I will advice to go and check in the outlet or the site of car dealer, they will have some financing schemes.

The financing by car company will be cheaper as car company pays commission to financing companies and vice-versa.

Both of them will be benefited as the marketing cost will be less for financing companies and they offer lower rates.

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Babulal Shiradana

2013-08-27

Thanks Pulkit, Appreciate your quick response !

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