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When it comes to buying a car the most important factor apart from deciding which one to buy is to find the best possible car loan interest rates. Acquiring a car loan in the best terms possible is very essential to feeling good about your newly acquired asset. Earlier Car loans used to come at a fixed rate of interest. That means that it would remain static all throughout the loan tenure giving you a steady EMI. Now they have moved on to floating rates. This has its advantages and disadvantages. The advantage being that the EMI comes down with the amount you pay off increasing. The disadvantage being that the floating rates means that you can suddenly be paying more than your original rate of interest if the rates get revised during the tenure of your loan. The following comparisons will give you a good idea of which bank offers you loans at what rate and should help in getting a bird’s eye view of it all in the same place without having to go from site to site.
Car Loan Interest Rates Offered By different Indian Banks
• ICICI Bank-
o New Car loan (floating rate of interest) starts at 11% uptill 15.25%.
o For used cars the rate is between 16% to 17.5 %
o Processing fees is Rs 2500 to Rs 5000.
• HDFC Bank-
o Starts at 11.5 % to 12.25 % from 36 to 60 month tenures.
o For used cars the rates can vary from 15.25% (26-60 mnths), 15.75% to 18.75 %(12-24mnths) and special Corporate
o Rates of 13.75% to 15.75 % (36-60 mnths)
o Processing fees- Rs 2325 to Rs 4275.
• SBI- Â
o 11.25 % on new cars and between 17.25% to 17.50% (upto 36 months) on used cars. The processing fees is 0.5% of loan amount
• Kotak Mahindra-
o 11.50% to 13.50% (reducing method) for new cars, for used cars its 17% to 20% with a processing fee ranging between Rs3,300 to Rs 3,500.
• Axis Bank-
o Reducing method rate of 11.5% to 14.5 % on new cars and 16.5% to 18% on used cars with a processing fees of Rs 3000 to Rs 3500
Bottomline of it all is that most Car loans will start at an approximate 11 percent rate of interest and go upto 16.25 percent at a reducing rate method. Each bank will have its own requirement and assessment of processing fees. However, on and average you are looking at something like INR 3,000. Car loan tenures will vary from as low as a 1 year loan up to 5 years maximum and all banks will charge you for foreclosing the loan. Suggest Car Loan Interest Rates Issues
Question by Anthony D: My car loan = k @ 7% rate, I want new care dealers 0% financing, and have 7% paid w/ 0%, is that possible? Buying a new car, need advice on how to present case to dealer I don't want trade in value of existing car put towards purchase price, instead I want the value of my trade in put towards my higher interest loan and the whole purchase price of the new car at the promotional 0% interest rate. Best answer for My car loan = k @ 7% rate, I want new care dealers 0% financing, and have 7% paid w/ 0%, is that possible?:
Answer by Sage
Presuming I understand what I think you're trying to describe, which is that you want to buy a new vehicle for 0% and, rather applying the value of your trade-in toward reducing the balance due on the new vehicle, you basically want to "pull cash out of the deal" that's basically a 0% loan, correct? If you otherwise qualify for 0% financing and it doesn't change the fundamentals of the deal to such an extent that the loan-to-value ratio becomes unacceptable, you shouldn't have any problem whatsoever. In fact, I've done the same thing. While you may need to be able to explain yourself to the dealer so it can do for you what you want, it's not the dealer you'd need to convince of anything, it would be the lender; and all the lender cares about is your creditworthiness and the fundamental soundness of the loan. If I understand you correctly, you really just want to buy a new car with 0% little or no money down and the dealer to pay you cash directly for your trade in. If so, it's no more complicated than that. The only mitigating factor would be if you happen to owe any money on your existing vehicle. If you do, the dealer would pay-of that loan first and then give you the proceeds. You have to be very careful though to not run afoul of sales tax complications. Depending upon how your state interprets such matters and how closely the dealer is willing to walk to the fine line of tax laws, since the dealer's trade allowance is being removed from the transaction rather than paying-off the loan or being applied to he new vehicle, that money may not reduce the purchase price for the purpose of determining how much sales tax you have to pay for the new car. If this is the case, you can wind-up paying a pretty hefty amount in additional sales tax that might offset any additional benefit from the difference in interest rates. Best of luck. I hope this helps.
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