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Planning to buy a car? Here's a snapshot of loan rates by various banks

The deal being offered at the car showroom may not be most attractive

Topics
car loan | loan rates | car buyers

Bindisha Sarang 



A snapshot of car loan rates by various banks, and other related details

  • When you go car shopping, car dealers offer you a loan through a pre-existing tie-up with a financier. Remember, dealers usually get 1-2 per cent commission on your loan.
  • It makes sense to shop around by checking out what other lenders are offering—your bank, other banks, and NBFCs.
  • Many times, your bank may offer you a pre-approved loan. Find out if you have this offer. You can negotiate with your bank to give you a better rate on such a loan.
  • Use your pre-existing relationship with your bank to get a at concessional rates.
  • Remember, interest rates can differ for different car models even if the loan is taken from the same bank. This can impact your overall budget.
  • Bank employees have to meet month-end targets and may get frantic to close the deal around that time. Use it to pressurise them to give you better terms — a processing fee waiver, perhaps.

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First Published: Fri, November 15 2019. 12:39 IST

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