How much car loan can I get?How much car loan can you get?
Apnaloan.com Research Bureau
21 Dec 2007
Banks provide car loans based on the income of the individual. They normally provide loan amounts that are up to 2.5- 3 times the annual salary for salaried professionals or 6 times the annual income for self-employed professionals. Apart from income, other factors that decide the maximum eligible amount are the car model, the borrower's repayment track record, other existing loans, and so on.
Banks finance 90-100% of the ex-showroom price of a new car.
The maximum amount financed for used cars vary from 80-90% of the car's value.
If your income is not sufficient to get the loan amount that you want, you could club your spouse's or relative's income along with yours to get a higher loan amount.