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 collateral. It is offered by lenders for new cars, used cars, two-wheelers (generally called a Two-wheeler Loan) and commercial vehicles (generally called a Commercial Vehicle Loan). Banks usually offer auto loan up to 90% of the cost for new vehicles and 85% for second-hand vehicles. The vehicle is hypothecated to the lender, as collateral. The repayment is based on your monthly income and your ability to repay and the tenure is typically between 12-84 months. It is not always necessary to go with the bank your vehicle dealer suggests, you can always go to another lender if they offer better loan terms. Therefore, always do thorough research by comparing lenders and their rates before finalizing a lender.
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