Unfortunately, the issue is that medical students who borrow through the federal student loan programs are not able to get funding specifically to purchase a car or adjust the Cost of Attendance (COA) for car payments. …
Just so, do med students have cars?
If you go to a Med school in a major metropolitan area with good public transportation you should be able to do years 1-2 without needing a car.
Subsequently, how much car loan can I get if my salary is 30000?
|Bank Name||Min Loan Amount (In Rs.)||Est. total amount (Principal+Interest) (In Rs.)|
|ICICI Bank||1 lac||3,57,030|
|HDFC Bank||1 lac||4,06,256|
|Axis Bank||1 lac||5,21,280|
How much car loan can I get on 40000 salary?
It is advised to customers that they restrict their car loans to not more than 20 percent of their monthly income. For example, if you make Rs. 40,000 per month, your monthly car loan EMI should not exceed Rs. 8,000.
How much interest do banks charge on car loans?
The national average for US auto loan interest rates is 5.27% on 60 month loans. For individual consumers, however, rates vary based on credit score, term length of the loan, age of the car being financed, and other factors relevant to a lender’s risk in offering a loan.
How much salary do you need for a car loan?
Whether you’re paying cash or financing, the purchase price of your car should be no more than 35% of your annual income. If you’re financing a car, the total monthly amount you spend on transportation – your car payment, gas, car insurance, and maintenance – should be no more than 10% of your gross monthly income.
How much should I put as a downpayment on a car?
When it comes to a down payment on a new car, you should try to cover at least 20% of the purchase price. For a used car, a 10% down payment might do. Part of your decision will depend on where your credit score stands.
Is $800 a lot for a car payment?
A good starting point is your budget. Experts say your total car expenses, including monthly payments, insurance, gas and maintenance, should be about 20 percent of your take-home monthly pay. … Then a safe estimate for car expenses is $800 per month.
Is 72 months too long for a car loan?
The most common term currently is for 72 months, with an 84-month loan not too far behind. In fact, nearly 70% of new car loans in the first quarter of 2020 were longer than 60 months — an increase of about 29 percentage points in a decade. The trend is similar for used car loans.
Is a 3% car loan good?
According to Middletown Honda, depending on your credit score, good car loan interest rates can range anywhere from 3 percent to almost 14 percent. However, most three-year car loans for someone with an average to above-average credit score come with a roughly 3 percent to 4.5 percent interest rate.
Is it a bad idea to finance a car?
Financing a Car May be a Bad Idea. All cars depreciate. … When you finance a car or truck, it is guaranteed that you will owe more than the car is worth the second you drive off the lot. If you ever have to sell the car or get in a wreck, you owe more than what you can get for it.
What is a high car payment?
According to experts, a car payment is too high if the car payment is more than 30% of your total income. Remember, the car payment isn’t your only car expense! Make sure to consider fuel and maintenance expenses. Make sure your car payment does not exceed 15%-20% of your total income.
Which bank offer car loan is best?
Compare Best Car Loan Interest Rates in India for 2021
|Bank Name||Car Loan Interest Rates||Processing Fee|
|Federal Bank Car Loan||8.50% p.a. onwards||Contact the bank|
|SBI Car Loan||7.20% p.a. onwards||New Car: Nil (offer valid until 31 January 2022)|
|ICICI Bank Car Loan||7.90% p.a. onwards||0.5% of the loan amount|