New and used cars, refinance
Car loans, compared beyond the dealer's tie-up
Most car buyers take the loan offered at the showroom. That offer is convenient, but it is not always the cheapest — dealer tie-ups can carry higher processing fees or bundled insurance.
RateWise compares new car, used car and car refinance offers across banks and NBFCs so you can walk into the showroom with a sanction already in hand.
- Indicative rate from
- 8.75%
- Typical amount
- ₹1 L – ₹2 Cr
- Tenure
- Up to 8 years
Rates are indicative and depend on your profile, lender policy and benchmark rates. Final terms are set by the lender.
Who this loan is for
- Salaried and self-employed buyers of new cars
- Buyers of used cars from dealers or individuals
- Owners looking to refinance an existing car for funds
Eligibility
- Age 21–65, salaried or self-employed
- Net monthly income typically from ₹20,000
- CIBIL score of 700+ preferred
Documents commonly required
- PAN, Aadhaar and address proof
- Income proof — salary slips or ITR
- 6 months bank statement
- Proforma invoice from the dealer (new car) or RC and valuation (used car)
What affects your interest rate
- New vs used car — used car loans are priced higher
- Loan-to-value and tenure
- Credit score and income
How RateWise compares lenders
We compare rate, processing fee, documentation charges and foreclosure terms.
We check whether insurance can be bought separately at a lower cost.
How the application works
01
Share your profile
A short call or WhatsApp chat about income, existing EMIs and what you need. No documents at this stage.
02
Shortlist lenders
We match your profile to the lenders whose policy fits and apply only where approval is realistic.
03
Compare offers
Sanctions are compared on rate, processing fee, insurance, prepayment terms and tenure — not rate alone.
04
Documentation and disbursal
We help complete the lender's documentation and follow up until the money is disbursed.
Common mistakes to avoid
- Accepting the dealer's loan without comparing
- Choosing a very long tenure on a depreciating asset
Estimate your EMI
₹30,00,000
8.50%
20 years
Monthly EMI
₹26,035
- Principal
- ₹30,00,000
- Total interest
- ₹32,48,327
- Total payable
- ₹62,48,327
Use this calculator to estimate your EMI. Actual EMI depends on the final sanctioned amount, interest rate and tenure offered by the lender.
Want to know what rate you may qualify for?
Check My RateCar Loan FAQs
How much of the car's price can be financed?
Many lenders finance up to 80–90% of the on-road or ex-showroom price for new cars, depending on your profile. Used car funding is usually lower.
Can I get a loan for a used car?
Yes. Used car loans are available from banks and NBFCs based on the car's age and valuation, at a higher rate than new car loans.