| If everything is done the right way, the only thing | | | | kind of loan is going to most budget-friendly and |
| that can come in the way of purchasing your | | | | go in for that particular loan that will save us lots. |
| dream car is the hefty sum. Unless the car buyer | | | | Currently a few banks offer 9 to 13 per cent |
| was extremely rich to have the required cash | | | | floating interest rate on new car loans and 14.5 to |
| ready, buying a car was once upon a time a very | | | | 17 per cent on used car loans. The fixed rate for |
| difficult process. It was meant only for the rich | | | | new car loans is somewhere around 10.5 per cent. |
| and famous. The common man had to struggle | | | | This is the scenario as of now and is likely to |
| and save his earnings for years together to | | | | change soon. You need to be very careful while |
| experience the luxury of a new car. Thanks to | | | | applying for your new or used car loan, conduct a |
| the car loans, these days, cars have become a | | | | careful research and, first of all, be aware of the |
| necessity and not a luxury. However, it is | | | | different interest rate types. Floating and fixed |
| necessary to know A-Z about the automobile loan | | | | are the two types of interest rates that prevail in |
| in order to get the best deal. | | | | today's automotive industry. |
| Firstly, do not skip your homework. Research on | | | | Perform a thorough study and see what type of |
| the Internet and get details of car loan interest | | | | interest rate is going to best suit your condition. If |
| rates from various banks and lenders. Get as | | | | you feel the rates may go down over a period of |
| many details as possible. As of now, banks are | | | | time and you are ready to take the risk, go for a |
| increasing car loan rates and it is becoming more | | | | floating interest loan. However, if you feel the |
| and more difficult for new car buyers to afford | | | | rates are most likely to go high, go for a fixed |
| these ever-increasing rates. Recently, we heard | | | | rate loan. While the floating type car loan involves |
| about the hike in loan rates in the automobile | | | | a lot of risk, the fixed type is safe enough. The |
| industry. Some lenders have already increased the | | | | rate that is fixed initially is what is going to be |
| auto loan rates and others are likely to follow suit | | | | carried throughout the loan repayment tenure. |
| a little sooner or later. We may not be able to | | | | As mentioned earlier, go through the rates of as |
| decrease these rates which have increased by | | | | many banks and private lenders and go in for the |
| 0.25 to 0.50 per cent. However, there is | | | | auto loan with the least interest rate and EMI. |
| something we can still do. Analyze carefully what | | | | |