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You may be thinking about buying your dream car or you just need a transport vehicle for your business, you may turn to banks to finance any automobile you need. This is true for old and new vehicles. If you are not sure if you can afford to buy the automobile of your choice all in cash, auto loans are the way to go.
Borrowing auto loans have become easier with time. The interest rates charged on auto loans are also typically less when compared to personal or other kinds of unsecured loans. This is because of the security as the financed vehicle will serve as collateral so the lenders are secured.
Auto loans can be availed by companies as well as individuals given they meet the conditions defined by the banks. We will discuss the details related to auto loan repayments in this article. Let's start by looking at the auto loan repayment process and factors that affect it the most.
Though the auto loan EMI calculation is similar to the personal loan EMI calculations, there are some factors that define the auto loan EMI:
If you are choosing to finance your car with an auto loan, you must know how much you will have to pay on a monthly basis, but how? Calculating the auto loan EMI could resolve this issue for you. You may apply the following formula in order to find out the EMI.
This is the mathematical formula for obtaining the EMI amount manually. There are other options available to do so, such as using spreadsheets and online calculators. Let's see how you can take advantage of the auto loan EMI calculator designed by iCalculator.
In order to calculate your auto loan EMI, you need to enter the following details into the calculator:
The calculator is capable of performing the calculations just with the click of your mouse. To get accurate results, all you have to do is enter the correct data into the calculator.
You may use the calculator for calculating auto loan EMI for both old and new vehicles, additionally; you may compare the offers from different banks by keeping the results recorded for making comparisons.
Various banks may offer different interest rates and different LTV you can use the results to see the amount of the EMI and down payment and choose the deal that suits you the best.
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