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Author: admin | Category: Lease Car Calculator | Date: 26.10.2014

Just received news from bankers that interest rate for HIRE PURCHASE (Car loan) is going up in stages.
Compare car loan rates in India: Choose best car loan with lowest interest rates, calculate EMI, check eligibility, and apply online with special offers. Especially since the festive season starts from August, Car companies are competing to capitalize the consumers' trust and to sell more cars as much as possible. When you are taking Car loan, you also need to check the Processing fees that Bank is currently charging on your Car loan. We have already read the importance of Credit score in getting loans in my previous articles. You should know the complete details of current Car loan interest rates, processing fees, Maximum Car loan to be sanctioned etc.
Now-a-days, many students are searching for online jobs because of the flexibility to work from home and colleges. Selection of stocks and the timing to enter into the stock market is a very difficult task to many investors. The current academic year would close by end of April in India and the new academic year would start in early June.
The main aim of this Blog is to educate the youngsters about personal savings and investments. The content is strictly copyrighted to the Admin and may not be reproduced without permission. Just like personal loans, there‚Äôs a huge range of car loans out there vying for you to pick them. Here also, it is very important to maintain a good Credit score to get the Car loan from Banks. However, if you not paying your EMIs properly, the Guarantor’s Credit score will also get affected.


When you are taking car loan, proper care should taken that your Long-term financial goals should not be affected.
To share my experiences, my mistakes, my success stories, and the smart way of investing methods into different investment products. Then only you can a get Car loan without any hassle and can drive the car on this festival season along with your family.
Recently a Public sector bank has declared the baseline for monthly income to get the eligibility for Car loan. Need to double check on processing fees with the Banks, otherwise you may be end up with surprises.
Banks will scrutinize all this basic info and then decide how much loan to be sanctioned, what is the rate of interest, what is your EMI and the loan duration. A new car can be financed with no money down and anywhere from 0-2 percent interest, while a used car will usually be financed with 6-7 percent, resulting in a used car possibly costing more per month than a new one. But, to impress new clients, Banks are offering special interest subsidy schemes on Vehicle loans. Banks now-a-days concentrating on reducing their NPAs as suggested by our Finance Minister. The first response is to ask how this makes any sense, but there are several factors that influence the cost.There Is Less RiskThe finance manager knows exactly what the value of a new car is and how the value will depreciate because its current state is a sure fact.
To lure these customers, both the car companies, as well as a number of banks offer special discounts and schemes on car loans. With a used car, its true resale value in the future depends on many variables and unforeseeable situations.
The bank issuing the loan has more guarantee of making money from the loan on a new car and has a more solid view of the profit, so they can afford to charge less interest. With a used car, their investment in the vehicle is less secure and loan companies always charge higher rates in less reliable situations.In Whose Interest Is It Anyway?Typically, new cars are financed by the same people selling the car.


People think just the opposite about used cars, so the loan is expected to be paid off quicker with a higher rate each month.Lower Credit ScoresStatistics show that used car buyers often have a lower credit score than people who purchase new cars.
The average credit score for used car buyers runs about 660 compared to the average for new car buyers of 749. Low credit scores raise interest rates on all types of loans, because the bank financing the loan feels it is taking more of a risk.
Since the lender feels the loan may never be completely repaid, it is in the bank’s interest to make more money from the deal in the short term.
Depreciated ValueBecause a used car has significantly depreciated in value even if it isn’t very old, the bank financing the purchase stands to gain less profit than from a new car.
Additional Costs Raise The Loan AmountA new car purchase includes financial benefits, such as a warranty, that impact the loan price. One should weigh out the advantages of both buying a new car and a used car in the short and long term and remember to shop around for prices. It is also wise to consider whether the cost of maintenance, lower monthly payments, ease of purchasing with lower credit, and other factors will fit the needs of different individuals.
She is a contributing writer to this and other blogs and also writes email newsletter articles, press releases and web content.
Prior to her writing career, Natalie worked in various fields including real estate, equipment leasing and banking. 10 Tips for Better Time Management 15 Ways to Save on Everyday Household Essentials 10 Best Personal Budgeting Tools With Reviews Federal Tax Rates and Brackets for 2016Popular PostsHow Much Is Car Insurance?



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