car loan or personal loan which is best ?

The used car loan rate of interest is higher compared to new car loan rate of interest.!!!!

But the personal loan is still more expensive by used car loan rate of interest.!!!!

I have no idea what a lakhs is.

That said, Im sure my advice is still good.

Personal loans require BETTER credit than car loans and they charge a significantly higher interest rate to make up for the extra risk.

And, for many people, while you might be able to borrow a certain amount toward a car, on a personal loan, they might only lend you 10-20% of that amount.

Credit unions are the best place for loans. If they don't have them, a bank. The dealer charges the most but still less than a personal loan even assuming you could qualify for one.

Personal loans are called "signature loans" because all that backs them up is your signature.

In the US, I suspect a lot of people could get a $10,000 car loan but couldnt get a $2000 personal loan.

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Vehicle loan for used cars is expensive affair, the interest rates are too high when compared to new car loans. If you can get a personal loan of 7 lakhs at a low interest rate that's a good bet. But try a nationalized bank, avoid mnc banks as they suckers.

No you do not get personal loans from auto dealers, its offered by banks directly for individuals.

Car Loan is always better than personal loans as interest rates are higher for personal loans and there are certain hidden costs sometime. It is better to get the EMIs from the personal loan agencies and also from your car loan banker, compare it and only then decide.

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RE :Car loan or personal loan which is best ?

Hi , I have planned to buy a used Ford Endeavour car. My budget is 6 to 7 lakhs.

I need the suggestions about for which loan plan i should go . car loans limited period is 3 years and for personal loans its 5 years.

Is it possible to get a personal loan of 7 lakhs and buy the used car from the dealer and than i can pay my personal loan .

Please give your ideas and suggestions.

Thanks

Follow 8 answers

The US Bankers or financial institutions have charging Interest 4 to 5% but Indian Bankers are charging Interest around 12%. So maximum of the installment is adjusted to Interest. So I'm Suggesting you to join in a 12 Lacks Chit fund Group. It will reduces your Interest burden as below.

If you taken bid at maximum loss of 40% then Your loss is Rs 4,80,000-00 But You get Bonus around 25% of Rs 3,00,000-00 So Your Net Interest loss is 25% on Prized Money of Rs 7,20,000-00 for 5 years Rs 1,80,000-00 So your Interest is only 5% per Year.

If you are not understand my calculation go to any one chit company they will explain about interest loss.

Excuse my Gramar and spellings.

Taking loan are not good

Personal Loans.Up to $1000