At Karmax, we feel pride on ourselves on transparency throughout the car buying process, including the financing process. To this end, we have gathered information to help you understand how creditors make decisions to give you a car financing offer. These decisions are based on three main factors:
Vehicle Selection: Cost, Age and Mileage.
Application Information: Employment Residence and income information.
Down Payment: Total of cash and trade equity.
To get the best car financing offer, you should select a vehicle that fits your budget and provide as much down payment as possible. These two factors alone may increase your likelihood of approval, could improve your offer, and it will reduce your monthly payment.
Factors affecting your monthly payment
- Amount Financed
- Term or Length of Contract
- EMI (every Month Interest ) Rate
The following illustrates the impact of each
Amount Financed: 1,00,000 Rs.
Term: 60 Months (5 Yrs.)
|Amount Of Finance||Terms in Month / years||EMI||Monthly Payment||Comments|
|1,00,000||90 / 3yrs||15.00%||15000||Base Example|
|1,00,000||90 / 3 yrs||14.00%||14000||Base Example|
Industry Leader in Car Financing
The Karmax car financing process is unique and hassle-free, like our buying experience. Our goal is to help customers obtain car financing and complete their vehicle purchase quickly and efficiently.
To give our customers the best options possible, we work with multiple financial institutions. Each is an industry leader, and offers a variety of attractive terms tailored to Karmax customers.