Interest Rates for Car Loans

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Car Loans
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What is a Car loan?

• A car loan is also called as automobile or auto
  loan. It is a secured loan type, where the car
  itself is the surety that is placed with the
  lender. In case of non-payment of the loan
  amount, the lender has the right to seize the
  car.
• With a car loan, the individual can purchase a
  car or can-do repairs to the already existing
  car.

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Types of interest rates for car loans

• Car loans are offered in two different types of
  interest rates. This will affect how much
  interest you pay to the lender.

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1. Fixed interest rate

• Car loans with fixed interest rate loans means,
  the interest rate will be the same throughout the
  loan period. The best thing about this interest
  rate is that the interest payment will be
  constant throughout making it easier for the
  borrower to plan his budget.

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2. Variable interest rate

• A variable rate of interest is where the rate
  keeps moving up and down. The interest rate keeps
  changing due to external factors but compared to
  fixed rates, variable rates are a better option
  to choose from.

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Benefits In Taking A Car Loan

• Easy to buy a car
• The borrower can buy his dream car easily with
  the car loan provided by the banks. Many lenders
  offer almost 100 finance on the ex-showroom
  price.

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2. Can choose fixed or variable interest rate

• The borrower has the chance of choosing either
  fixed or variable interest rate. The lender will
  charge the rate based on the interest rate chosen
  by the individual.

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3. Can buy a used car

• A second-hand car can also be bought with car
  loans and the borrower can do the repairs with
  the rest of the money.

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