Will Car Loan Interest Rates Go Down In 2024. However, rate cuts from the fed will take. Public and private sector banks provide loans for new and used cars at a specific interest rate on equated monthly installment (emi), either after a downpayment or total financing,.

The rate of interest on car loans depends on the salary, credit score, car model, loan tenure and down payment. How to assess financial health, compare interest rates, choose the right loan tenure, & understand the impact of your credit score.