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Who says interest rates have gone through the roof ? Ask them to watch the recent car commercials, and they will stop cribbing. See for yourself: Hyundai had launched a 5.99% promotional interest rate scheme sometime back, and Nissan India has an auto loan scheme with an interest of 5.98% going on currently. The rates may seem incredible at a time when banks are quoting anywhere between 11% and 13% on auto loans.
But don't worry, they are real. They are standard reducing balance schemes and cheaper, because the manufacturer is subsidising the loans by giving extra but indirect discount in terms of lower interest rate, experts say. "Typically, car manufacturers collaborate with financiers to come up with a custom offer on one or all the cars they have in the portfolio. Both the car manufacturer and finance company go the extra mile to make the deal sweet
This way, these deals are normally cheaper than the generic auto loan schemes offered by the banks. The availability and sweetness of these schemes depend on how badly a car manufacturer is looking to do sales. With a slow market like today, there are plenty of such deals even on fastmoving cars," says Banwari Lal Sharma AVP - Marketing, Car-Wale Automotive Exchange Private Limited.
However, don't go by the rates alone. The numbers could be highly deceptive when it comes to the car loan market. Car loan rates, unlike those on home loans, are not easy to compare. This is because banks just quote the rack rates, whereas the effective interest rate is much lower and it varies from dealer to dealer. That is why if you really want to evaluate a car loan offer that would work lighter on your pocket, you have to do the math yourself.
"The bank specifies the rack rate on which it would propose to lend. The dealer has the option of ploughing back his commission, thereby reducing the interest burden for the customer. The decision on the extent of commission to be ploughed back rests with the dealer. Manufacturers also provide subventions, from time to time, to ensure stock liquidation, and these may also be passed on to the customer to reduce his effective interest burden. However, the bank would continue to maintain its lending rate," says Ashok Khanna, senior executive vice-president & business head, vehicle loans,
Hence, it all boils down to the dealer-bank tie-up and how much benefit the car dealer passes on to the customer. Here, we help you navigate the process of identifying the best car loan deal.
EVALUATING THE OFFERS
With the hardening of interest rates and fuel prices touching the sky, discounts and subventions by manufacturers are the only way to make the car market survive the tough time. Most loan deals are genuine in nature, still buyers have to be careful. They need to understand the scheme very well and compare it with the other schemes from different finance companies.
"There have been instances of a non-standard loan product at 7% interest rate working out to be more expensive than a 12% interest rate standard loan because the non-standard product had a different compounding base and wasn't on a monthly reducing basis," says Sharma says.
A subsidy or discount offered by a manufacturer can be factor in while calculating the loan burden to make the deal look much better. For example, a Rs 3-lakh loan at an interest rate of 13% for five years will have an EMI of Rs 6,753. "Let's assume that the dealer gets a discount of Rs 20,000 to be offered to the customer
CAR Loan EMI Calculator
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Car Loan(New vehicle) | ||||||||||||||
| A Special attractive Scheme of Car Loan | ||||||||||||||
| We have started a special new scheme for Car Loans under different Fixed ROIs. The complete details of the scheme are as under :- | ||||||||||||||
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Pre----approved loan Scheme Terms:
Meet your needs for a car with a minimal documentation(Documentation mandatory) process through a small loan amount of up to Rs 1.5 Lakhs for a used car of modest proportions.
Small size loans for used cars
Used car loan amount up to Rs. 1.5 Laks
Short and immidiate documentation processes
Preferred loan Terms Process:
Purchase a car with a no hassle documentation process through a loan amount ranging up to Rs 15 lakhs (Depending on the back)across a 60 month period.
Loan amounts(Loan range from Rs. 1.5 to Rs. 15 Lacs.
Loan amounts(Loan range from Rs. 1.5 to Rs. 15 Lacs.
free documentation
Up to 85% of car's road value
Loan tenure of 60(5 years) months
Approve your own car(Four wheeler) loan:
You can get a car loan approval faster(Quick) and completely by yourself for used car purchase at 3 times your annual salary.
EMIs calculated at up to 40%(depends on the market and bank) of net salary
Buy a new car worth 2 times your annual salary
Faster and easy documentation process
How you can you gain with your existing car loan
Use your existing car to generate cash or get a car loan against your lien---free car when the car ownership is held with a clear on your name.
Take cash against your car after marking a lien on it.
Let KMPL take over your existing car loan process.
Get a top up on your existing car loan based on your credit payment.
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