How are Car Loan Interest Rates Calculated? For example, Say you’ve applied for a new car loan of INR 10 lakh, and the bank proposed a RoI of 10.50% for a repayment tenure of 10 years.
The average auto loan interest rate for new cars in the second quarter of 2024 was 6.84 percent, while used cars had an average rate of 12.01 percent. Your credit score plays a significant role in ...