An idea about car financing

1. CAR FINANCING
• Car financing rate=16%
• Down payment= 20%
• Finance tenure of up to 5 years.
• You can finance from Rs. 150,000 to Rs. 1.5m depending upon
your income.
Term (years) Installment factor
3 0.03469
4 0.02797
5 0.02400
Example 1 Example 2
Price of Car 500000 500000
Financing Duration 5 years 3 years
TOTAL NO OF TIME PERIODES 60 36
Down Payment(%) 20% 20%
Down Payment(Rs) 100000 100000
Finance Amount 400000 400000
Factor* 0.02400 0.03469
Monthly Finance Installment 9600 13876
Total amount given 576000 499536
Total interest 176000 99536