What is the meaning of car loan?
A Vehicle Loan is a loan that allows you to purchase two and four wheelers for personal use. Typically, the lender loans the money (making a direct payment to the dealer on the buyer’s behalf). While the buyer must repay the loan in Equated Monthly Instalments (EMIs) over a specific tenure at a specific interest rate.
What is a car loan amount?
Loan amounts. The total amount you wish to finance for your auto loan (for example, the price of the car plus taxes and fees and minus any down payment or trade-in value).