| Bank Name | Rate of Interest % | Loan Tenure | Loan Amount | CIBIL Score | Apply Now |
|---|---|---|---|---|---|
| Bank of Baroda New Car Loan | 8.7% | N/A | N/A | 700 | Apply Now |
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A car loan is a type of personal loan used to finance the purchase of a vehicle. The borrower agrees to repay the loan over time, usually with interest. The lender typically secures the loan with the vehicle itself as collateral.
When you take out a car loan, the lender gives you a lump sum to buy the car. You then repay the loan in fixed monthly installments over a period (usually 24 to 72 months). The lender charges interest on the loan, which increases the total amount you pay over time.
A down payment is the amount of money you pay upfront when purchasing the car. The more you pay upfront, the lower your loan amount will be, which can also reduce the interest you’ll pay.