Auto Loan Rates Better at Public Banks

Many people in places like Mumbai choose to go with a private bank instead of a public one because the service is better and they don’t have to wait on the long lines that you find at the public bank. However, what they are missing is that they are also paying more for the convenience of not waiting.

If you go to a private bank, their auto loan rates are determined by the type of car you drive, how old the car is, the model of car you want to drive, etc. and the interest rates are higher for a used car than they are for a new car loan.

If you go to a public sector bank, their interest rates are usually the same no matter whether it is a new car loan or a used car loan. They also don’t care about the type or model of car that you want to buy, the banks are much more even about it.

When you go for a car loan at a private bank they tell you your interest rate after they ask you all about the type of car you are driving. When you go to the public sector, they want to know how much you need to borrow. The amount is the most important thing to them, as well as where you work, how much you make, and whether or not you have an account with the bank.

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