With a rise in the number of bank loan defaulters, banks nowdays are very strict in awarding loan requests. The rate of interest offered by various banks is the most important checkpoint. Since rate of interest can mean a large difference in the final cost of the car, make sure that you compare the rate of interest of various banks and not just choose any prepackaged loan deal
Banks usually seek a down payment of 15 to 20 per cent of the overall loan amount. Down payment works just like margin money in other loans. The higher down payment one pays effectively reduces the quantum of EMI one has to pay every month. By paying a smaller down payment, one can save a little money upfront but the EMI would increase.
A large number of banks offer clients the option of free insurance as an incentive of taking car loan. As a borrower you can also request the bank to offer you a bundled insurance plan or check with another bank for offering the same.
CAR LOANS FROM LEBANESE BANKS :