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Old 14th January 2005, 11:37   #1
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Lightbulb Looking for a loan

[font=Comic Sans MS][color=Blue]I am looking for a loan to buy a second hand car for about Rs.220000... could you guys suggest me the best options available. I want to know all the details including loan amount which would be disbursed... the rate of interest... EMI .... term of repayment... some website suggestions would do good... Put all your experiences together if possible... One of my friends in Kolkata got a new Zen (dunno the model) for a down payment of 6.500 @ 3% flat interest and a term of 3 years his EMI comes to around 6500/- dont remember the exact amount...this is my idea of a great deal...... if you could suggest something good I would be thankful...

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Old 14th January 2005, 15:25   #2
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Man, 3% is real low. Sorry i can't be of much help as i am not in India. But good Luck!
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Old 14th January 2005, 17:51   #3
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3% is real low. Think during festiv season some manufactures gave that rate. But 2nd hand car loan is different story. The intrest will be way higher than this. Best thing to do is to call all the bank and talk it out to them.
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Old 14th January 2005, 19:14   #4
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Hi Moralfibre,
I dont think it can be 3%, as the bank rates are officially 8-9% and on this you get a discount (dealer discount), which makes it come down to 6.5 to 7%... and all this for a NEW car. For second hand one, int. is normally higher..something around 12-16%, depends on the bank, the car model,year of manufacture etc.

I have recently taken a loan (for new car) & just a couple of years back I took a Used car loan. The best deal you can get is only by Shopping around i.e. call up few banks directly, call up few of their D.S.A's and then get down to simple bargaining.

Dont jump into taking aloan bcoz the EMI's are lower for 1 than the other. Try to find out how much extra you are shelling out at the end of the loan tenure.

Also one more thing...you mentioned yr friend made a d.p of 65000 & is paying 6500 per mnth for 3yrs...tht brings the car value to 2.99Lakh!!!!... New Zen is priced way above this.
And for a 2nd hand car...3% is next to impossible (except for the fact if he has got own company loan with rediced interest...but tht still doesn't give proper calculation of a new zen!
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