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! |