Interest Rates for Car Loans
                     Car Loans
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What is a Car loan?
• A car loan is also called as 
automobile or auto loan. It is a 
secured loan type, where the car 
itself is the surety that is placed 
with the lender. In case of non-
payment of the loan amount, the 
lender has the right to seize the 
car.
• With a car loan, the individual can 
purchase a car or can-do repairs 
to the already existing car.
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Types of interest rates for car loans
• Car loans are offered in two different types of interest rates. This will affect 
how much interest you pay to the lender.
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1. Fixed interest rate
• Car loans with fixed interest rate 
loans means, the interest rate will 
be the same throughout the loan 
period. The best thing about this 
interest rate is that the interest 
payment will be constant 
throughout making it easier for 
the borrower to plan his budget.
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2. Variable interest rate
A variable rate of interest 
is where the rate keeps 
moving up and down. The 
interest rate keeps 
changing due to external 
factors but compared to 
fixed rates, variable rates 
are a better option to 
choose from.
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Benefits In Taking A Car Loan
1. Easy to buy a car
The borrower can buy his 
dream car easily with the car 
loan provided by the banks. 
Many lenders offer almost 
100% finance on the ex-
showroom price.
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2. Can choose fixed or variable interest rate
The borrower has the 
chance of choosing either 
fixed or variable interest 
rate. The lender will charge 
the rate based on the 
interest rate chosen by the 
individual.
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3. Can buy a used car
A second-hand car can also 
be bought with car loans 
and the borrower can do 
the repairs with the rest of 
the money.
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