Car Loan Interest Rate Calculator
Driving that brand new car (or the used car you got at a great price) back home from the dealer lot, it might occur to you that your dealer didn't exactly tell you what interest rate you have availed your car loan at... Okay, all those who paid cash down on your car, exit at this point, willya? Coming back to you, dear car loan-taker, welcome to our car loan interest rate calculator! Our calculator is all about taking that extra step to make things clearer to you. In that regard, on the first screen of the calculator, you are invited to enter the loan amount you paid for your car, the EMI you have to pay, and the tenure of your car loan. The calculator takes in these numbers, crunches them and comes out with an ostensible rate of interest - that is, the interest rate that the lender is making public to you. You see, the ostensible interest rate is not the real interest rate you are paying on your car loan. Aha! On the next screen of the calculator, now enter the number of advance EMIs you need to pay to avail your car loan (all lenders insist on this bit). And voila! You get the actual or effective rate of interest that you will be paying for your car loan. So, how will this calculator help you? As a prospective car buyer, you can use this calculator to determine the lender that is indeed giving you the best interest rates. Use this calculator to get that best deal.
Note: All calculators and comparators are made based on certain assumptions which may not be true in your case. You should consult your personal financial advisor before taking any decision. Apnaloan disclaims any responsibility for any decision taken based on these calculators and comparators.