Car Loan EMI: How much to pay for the down payment?
Every year auto companies in india launch many new cars with high-end features, high-value services and high technology. However, the more luxurious the model of the car, the higher the price. If you have liked a car and are planning to buy it, then the most important thing is that you first compare the cars of all the companies and their prices, choose the model of your car according to your pocket and use. Finance is the second most important step after choosing a car. Not everyone can buy the car of their dreams with their savings. There are many options available in the market to get a car loan and to find the best deal you need to compare the car loan interest rates of different banks.
How much to pay for the down payment?
While financing the car, you have to spend around 10-15% of the initial amount as a down payment. The balance amount can be financed from the bank. It is important to understand that the higher the car loan amount, the higher will be your EMI. However, while applying for a car loan, it is very important to maintain a good credit score. Those who have a good credit score get a lower interest rate from the lender.
These people get discount
There is also a 0.25% discount in the interest rate for existing home loan borrowers and corporate salaried account holders. women and Armed Forces personnel are given a rebate of 0.05 per cent on the interest rate subject to the minimum floor ceiling of RLLR. women car owners who contribute towards EMI get a 0.10 per cent rebate in interest rate subject to minimum ROI.
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