Question: What Type Of Car Loan Is Best?

Which bank car loan is best?

Best Car loan Interest Rates India October 2019

Car loan BanksInterest RatesEMI per Rs 1 lakh for 7 Years
HDFC Bank8.50% – 11.25%Rs.

1,584 – Rs.

1,725

ICICI Bank8.82% – 12.75%Rs.

1,600 – Rs.

1,806

IDBI Bank9.00% – 9.10%Rs.

1,609 – Rs.

1,614

Indian Bank9.00%Rs.

1,609

15 more rows

What is a good rate for a car loan?

The average loan interest rate on a 60-month new car loan is 4.36%. However, borrowers with excellent credit pay a lower rate of around 3.724%. If you have a score lower than 720, you’ll pay an average of 5.098%. The lower credit score can cost you $18 per month and $1,100 in total interest.

Is 72 month car loan bad?

You may owe money when you go to trade in your car. Virtually any expert will tell you that a 72-month car loan is hardly ever a good idea. If you sign off on splitting a short term loan, like a 24-month loan into a 72-month loan, there’s a high chance of paying much more than the vehicle is worth.

Is it better to get a car loan from a bank or dealer?

The good news is that you have options: You can get your car loan from a bank or credit union, or you could go through the dealer. While both have their benefits and considerations, you’re always better off being informed about your financing options before you ask for the keys.