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Pre-owned cars have become an attractive value proposition in the evolving used car market in India. Consumers are slowly recognising this, leading to a steady rise in used car loans. Just as exciting it is to be behind the wheel, balancing finances is tough. Nowadays, all major financial institutions offer used car loans, but how do you bag the best option—the one offering the lowest interest rate—without getting overwhelmed?
First, let us get the basics out of the way. Here are some factors that determine your interest rates for a car loan:
Now that you know the fundamentals behind the interest rate of used car loans, here are our strategies to help you get the best deal:
The act of paying out money for any kind of transaction is known as disbursement. From a lending perspective this usual implies the transfer of the loan amount to the borrower. It may cover paying to operate a business, dividend payments, cash outflow etc. So if disbursements are more than revenues, then cash flow of an entity is negative, and may indicate possible insolvency.
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