Cost of Car Loans

08 Sep

Cost of Car Loans

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Article On Car Loan Cost

Everyone is interested in buying a Car may it be to for a new one or for upgrading their existing car. Whatever is the reason, in today’s scenario there are several lenders who provide a Car Loan at ease. These loans are repayable over a period of 3 to 5 years, however in some cases repayment goes up to 7 years also. It is well known that more the period lesser would be the EMI amount, however at a higher interest amount.
It is equally important that a car also has a depreciation associated with it and hence short term loan is advisable. But people have the burden of heavy EMIs, in shorter loans and a failure to comply with prompt repayment ends up in being black listed. To quote there are lenders who give loan on Full ex-showroom price of the car and others may offer loan upto 80%. Also, there are other charges like Processing Fee, Penalty for delayed payment, Variation in interest rates, Other service charges, etc.,
Here is a chart which gives the details of various car loans of various institutions.

Rates For Car Loan

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