A car loan is pretty much what you think it is: It is a personal loan, the proceeds of which are used to purchase an automobile. More specifically, a lender loans the borrower (you) the cash it takes to purchase a vehicle. In return, the borrower agrees to pay back the lender the amount of the loan plus interest usually in monthly payments, until the amount owed is fully paid off. Pretty simple so far.
Car loan interest rate
Car loan interest rate varies from one bank to the other and is influenced by your monthly income, profession, existing EMI, credit score etc. you can compare car loan interest rate of top banks and apply for the lowest rate loan with maximum features and flexible tenure.
Car loan calculator
Car loan interest rate calculator can help you analyze at what interest rate you can borrow the amount and what would be your EMI. The lender will check for your existing EMIs so that the repayment is not a burden for you.
Car loan rate of interest
Car loan interest rates change frequently, so its important to keep track of them. Your loans interest rate influences how much youre going to pay for month to month. And a lower interest rate can mean thousands of dollars in savings. Our rate table can help you know the best time to buy a new or a used car.
Car loan EMI calculator
You can calculate your EMI Amount with the help of the mathematical formula:
EMI Amount = [P x R x (1+R)^N]/[(1+R)^N-1] , where P, R, and N are the variables. This also means that the EMI value will change every time you change any of the 3 variables.
Lets discuss these 3 variables in detail.more Information in our application.