New Car Loan

New Car Loan

Explore the most flexible, quick and cost-effective way to own your dream car

New Car Loan Interest Rate


Before obtaining a car loan, you can enquire about the automobile interest rates (fixed or floating) banks charge and select the one that aligns with your preferences.

With a fixed interest rate, your interest payments remain consistent throughout the loan tenure. A floating interest rate means your interest payments can fluctuate based on changes in interest rates. Choosing a fixed interest rate is advisable if you expect future interest rates to increase and prefer a stable payment structure.

The interest rate on a car loan is generally not directly tied to the type of car but may be influenced by the car's cost. It is at the lender's discretion to decide the interest rate for the car loan. 

If you make a big down payment, it reduces the amount you need to borrow for the car loan. Since your loan amount will be lower, your interest repayment will be lower over the entire tenure of the loan.

If you have a strong credit score, a higher income, and a good rapport with the bank, you can try to negotiate for a lower interest rate on your car loan. However, it is up to the bank to decide if you can get a loan at a lower interest rate.

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