Description

An Auto Loan is taken by borrowers to purchase a new or used private or commercial vehicle. Auto loans are secured loans where the vehicle itself is used as a collateral. … Lenders fix interest rates depending on the type of vehicle and loan amount. Interest rates are usually fixed for auto loans.

A car loan is nothing but the funds that one borrows from a lender for the sole purpose of purchasing a car of his or her choice. A car loan is repaid with interest through Equated Monthly Installments (EMIs) over a specified period of time called the loan tenure. …

• Personal Loans: Most banks offer personal loans to their customers and the money can be used for any expense like paying a bill or purchasing a new television. …
• Credit Card Loans: …
• Home Loans: …
• Car Loans: …
• Two-Wheeler Loans: …
• Small Business Loans: …
• Payday Loans: …
• Cash Advances:

Auto loans are simple-interest loans, where the lender expects to be repaid by the borrower in monthly installments for the amount they lent (the principal), plus interest (the cost of borrowing from the lender, shown as a percentage of the principal balance). For example, let’s say you want to buy a $20,000 car.