The average 72-month auto loan rate is almost 0.3% higher than the typical 36-month loan’s interest rate.
|Loan term||Average interest rate|
|36-month new car loan||3.67% APR|
|48-month new car loan||3.74% APR|
|60-month new car loan||3.81% APR|
|72-month new car loan||3.96% APR|
Moreover, how much car loan can I get on 25000 salary?
Most lenders determine the maximum loan amount up to 10 times of your monthly salary. If you earn Rs. 25,000 per month, you may become eligible for up to Rs. 2.5 Lakhs.
Regarding this, is 2.9 percent financing good?
Dealerships will often advertise very good interest rates on new cars: 2.9%, 1.9%, sometimes even 0%. What they leave in the fine print is that these rates are only available to buyers with the best credit—that may mean a FICO score of 750 or better.
Is 20 interest rate high for a car?
For used vehicles, your interest rate can be anywhere around 4% to 20%. Typically, if you can get a rate under 7% for a used car, that’d likely be considered a good APR.
Higher interest rates are another reason to stick with a 60-month loan. The longer the term, the more interest you will pay on the loan, both in terms of the rate itself and the finance charges over time. … Contrast that with a 72-month auto loan. The interest rate would be higher, which is common for longer loans.
Auto loan rates are provided as an annual percentage rate, or APR, and are based on several factors, such as your income and debt, as well as your credit score.
|Credit score||Average APR, new car||Average APR, used car|
Compare the Best Auto Loan Rates
|PenFed Credit Union Best Overall||0.99%||36 to 84 months|
|LightStream Best Online Auto Loan||2.49%||24 to 84 months|
|Bank of America Best Bank for Auto Loans||2.14%||12 to 75 months|
|Consumers Credit Union Best Credit Union for Auto Loans||2.24%||0 to 84 months|
An excellent interest rate for a used car could be as low as 4% up to 8%. Most used car buyers would find a rate between 6.49% to 12.99% to be a good used car interest rate that allows them to flexibly find a used vehicle that suits their exact needs.
Used car interest rates range from 4.08 percent to 20.67 percent for most borrowers, according to the most recent statistics from Experian. Rates for used cars tend to be higher than those offered for new car purchases.
Most banks and NBFCs provide used car loans.
|Lender||Interest Rate||Repayment Tenure|
|HDFC Bank||13.75% – 16.00% (Rack Interest)||7 years|
|Punjab National Bank||Starts from 7.90%||5 years|
|Axis Bank||14.40% – 16.40%||5 years|
|Mahindra Finance||Contact the bank||5 years|