Car is not just a means of transport or a tool for commute, but it has different meanings and uses depending on its owner. There are a variety of reasons to purchase a car including but not limited to commuting, as a commercial vehicle, long rides, cruising, racing, and as a status symbol. Yes, many buy cars as a status symbol. However, purchasing a car is not the easiest thing in the world. In fact, despite having the funds to purchase a car outright in cash, most prefer to avail a car loan.

Car loan helps in purchasing a luxury item without having to invest a lot of money at once. Instead, all you need to do to is pay EMIs on the loan based on the car loan interest rate. The EMIs of the car loan depends on a number of factors apart from just the interest rate and vice versa. Your credit history, annual income, and nature of employment also play an important role. But, which place would be best for you to avail a car loan, dealership or bank? Let us find out:

Car Loan: Dealership Vs. Bank

The decision to avail loan from a dealer or bank depends on a variety of factor. Apart from the car loan interest rate, you should account for factors such as the amount and tenure of the loan in addition to the processing fee. Some dealers do offer a higher car loan interest rate compared to banks but they also have a lower processing fee and higher loan amount. That being said, before finalizing either you should evaluate the EMI that you will be required to pay each month. You should use the car loan calculator to ensure that you decide on the best interest rate and EMI. However, if you still want to apply to banks, check out the best banks for a car loan.

Instant Loans with PaySense

While you may be considering availing a car loan from a dealer or a bank, you should also consider the option of PaySense. Availing a car loan with PaySense offers numerous benefits such as the instant approval and minimal documentation process. While you may get a slightly higher car loan interest rate compared to a dealer or a bank, you will also get without any hassle. Additionally, you will be able to calculate the perfect EMI for you by using the car loan calculator. Thus, saving you a lot of trouble when you have to manage your repayment schedule!