Car loan india

Car loans and financing for consumer durables such as cars, televisions and refrigerators could come on easier terms.

Car loans interest rates are influenced greatly by the credit history of the customer. If your personal credit history is good, as you have been making payments on time, you will be able to secure a compatible price, as then the financier considers you less risky. If you have not been making payments on time and have a bad credit history, you may find that you can only secure car loans at interest rates higher than the prime monthly charge.

Hyundai Motor India (HMIL), the country's second largest car manufacturer, registered a robust 15.42 per cent growth in sales during November. The company sold 19,052 units as compared with 16,506 units in the corresponding month last year.

The forthcoming Auto Expo in New Delhi will see some high decibel display not just at the Tata Motors pavilion, with its Rs 1 lakh car, but also from market leader Maruti Udyog as well. Maruti said a brand new concept car, A-Star, a new compact car, will be displayed at the ninth edition of Auto Expo in January 2008.

The showcasing at the Auto Expo, A-Star will join the elite club of concept cars displayed for the first time in India. Tata Motor's Indica was first displayed at the Auto Expo in January 1998 and hit the market a year later, witnessing a recording booking of over 100,000 units in the first couple of weeks of its launch. Make your dreams live of riding a car on Indian roads. just compare car loan rates and find your best deal to make a loan in India.

"With a 5-year capital investment of $ 2.2 billion in a new car plant, a diesel engine manufacturing unit, a new engine series and new models, Maruti Suzuki is emerging as a global manufacturing hub for Suzuki operations worldwide. The next level of commitment will be evident in R & D, with a vision to make Maruti Suzuki the R & D hub for automobiles in Asia. Concept A-Star is a decisive step forward in that direction," a statement from Maruti Udyog said.

Tata Motors is gearing up to roll out India's first hydrogen-fuelled vehicle in a partnership with the Indian Space Research Organisation (ISRO).

For the last few years, the number of car buyers had been increasing, and along with that, the interest rate too kept rising. The rise in interest rate has now come to a stage, where it has started impacting sales of new cars. Many potential car buyers are now either deferring their car purchase or funding their purchase from their own pocket.

After struggling for years to gain a foothold in India, General Motors Corp. is tasting some success lately. In the past six months, the U.S. automaker sold nearly 2 1/2 times the number of cars it sold in India in the same period last year, even as overall demand for new cars was hit by a sharp rise in interest rates.

Car makers are offering huge discounts and incentives, while banks are offering lower interest rate packages to lure customers back to the showrooms for the next two months, the peak of the festive season.

Extreme increase in Interest rates have slowed down the India's auto industry while an appreciating rupee is hurting exports,predicted by managing director of Tata Motors Ltd on Thursday.

The clear preference of customers for diesel cars is forcing car companies to increase their diesel engine capacities to tap the full market potential. While Maruti-Suzuki India (MSI) is increasing its annual diesel engine capacity to three lakh units from the current one lakh, General Motors is finalising plans to establish a new engine facility at Talegaon in Maharashtra. Others, too, are following the suit.

MSI, with the success of its lone diesel model, Swift hatchback, is investing Rs 2,500 crore in its diesel engine facility to crank out three lakh engines by 2009, a year earlier than planned. There is massive demand for it's 1.3 litre multijet diesel-powered Swift and the company is finding hard to cope with the demand.

"We will have three lakh 1.3 litre multijet diesel engines once the expansion is over in next two years. Some of these will be exported to other manufacturing facilities of Suzuki Motor Corporation while the majority will cater to the domestic market." a senior MSI executive said.

Hyundai Motor India Ltd, the second largest passenger car maker in the country, says sales growth may be stunted in the forthcoming festival season due to high lending rates and the industry's inability to offer more discounts.

As consumers pull back, recent sales have been propped up by average rebates totaling Rs40,000, or about 10% the price of a compact car. This includes a combination of cash discounts, free insurance for limited periods, accessories, discounting on car loans and cash for old cars.

"The festival season may not see as much growth as we normally see," said Arvind Saxena, vice-president of sales and marketing at Hyundai's local unit. "Interest rates are really hurting and going forward now, a growth of 14% over last year seems difficult."

Indian automaker Tata Motors is on track to begin selling an ultra-cheap small car next year, a top executive said Wednesday.

Managing director Ravi Kant, however, acknowledged that higher costs may make it difficult to stick to the targeted price of US$2,400, or 100,000 rupees. Steel and rubber prices have risen sharply in the past three years since company chairman Ratan Tata first announced a 100,000-rupee car.

Kant did not say whether the company would revise the price. "Wait for the launch," he told reporters.

"We will launch the car sometime next year," Kant said, addressing speculation that the project could be delayed by new costs and political unrest last year at its new plant in eastern India.

Auto makers from around the world are keenly watching progress in the Tata project, which analysts say could set new price benchmarks and force other manufacturers to follow suit.

India's car sales gained in August at the fastest pace in six months as loan rates declined and companies offered incentives, bolstering demand for Maruti Udyog Ltd.'s SX4 sedan and General Motors Corp.'s Chevrolet Spark.

Local car sales rose 18 percent from a year earlier to 98,893, the Society of Indian Automobile Manufacturers said in a release in New Delhi. That's faster than July's 11.2 percent.

Economic growth and stock market gains have boosted wealth, enabling more people to buy a car in a country where only seven in 1,000 people own one. Automakers offered discounts to counter slower sales growth because five-year high interest rates cut demand. Three out of four buyers use loans to buy a car in India.

``Car sales are rising as people have more money, enabling them to indulge in easy spending,'' Amit Kasat, an analyst at Motilal Oswal Securities Ltd., a Mumbai-based brokerage, said in a phone interview. ``The decline in interest rates is definitely one reason that's driving the sales.''

Kasat has a ``buy'' rating on Maruti's stock.

The world's second-fastest-growing major economy is creating jobs, while wages are increasing. Salaries in India my grow an average 14.5 percent this year, the most among Asian countries for a second year in a row, Hewitt Associates Inc. said in March.

Honda Siel Cars India (HSCI)to regain the top slot in the mid-size car segment, has finally launched an all-new variant of its flagship model City in order to give a tough competition to its strong contenders, Maruti SX4 and Mahindra Renault Logan.

All new city has came with a lots of safety features and exclusive price ranges within Rs 6.80 lakh and Rs 8.65 lakh (ex-showroom) Delhi.

The new car has been priced lower than the City ZX VTEC, which comes at an ex-showroom price of Rs 8 lakh in Delhi. On the other side, SX4 range is available at Rs 6.3 to 7.2 lakh while Logan's price band is Rs 4.7 to 6.5 lakh.

Now, to beat the challenge posed by the two contenders, the company has introduce features like anti-lock brake system (ABS), dual SRS air bags, fine leather upholstery and new steering wheel. It is the 10 th anniversary issue from Honda car India and the company has sold a total of 1,96,000 Honda City cars in India since its launch in 1998.

Honda car India has plans to bring in hybrid cars for India auto industry in near future. "Hybrids hold the future and we are working on Honda Civic and Honda Accord for the same. They have gone in for homologation at ARAI," said M Takedagawa, CEO, Honda Siel Cars India.

The Tata group is mulling taking over iconic British brands Land Rover and Jaguar, presently owned by the Ford Motor Company, according to media reports. Both brands hold royal warrants from Queen Elizabeth II and Prince Charles.

Tata might face competition from tractor and utility vehicle major Mahindra & Mahindra. The deal is estimated at being around $1.5 billion. According to industry analysts, Tata might finance the bid in conjunction with Fiat, which owns high-end brands Ferrari and Alfa Romeo. Tata Motors may also be looking to team up with private equity players for the deal.

Reliance Industries Ltd is in talk with major automakers to sell automobiles through its retail outlets, reported Economic Times newspaper on July 11, 2007. According to the report, quoting Bajaj Officials, Reliance recently sent a proposal to Bajaj Auto and Hero Honda to sell their range of motorcycles. The retailing plan is most likely to execute in the large format hypermarkets that Reliance is planning to open on highways.

Soon Maruti Udyog will be Maruti Suzuki India Ltd. In the new name, Maruti will continue to have a predominant position. Suzuki, in the corporate name, imparts an international dimension. Besides being the parent company, Suzuki Motor Corporation is a leading player in the global automobile market.

This international dimension in the auto major's name will help the company as it expands its role in global markets. Maruti is set to launch a model for export to Europe in the next couple of years, while building on its recent success in Afro-Asian markets. The company is also developing capabilities to become Suzuki's Research & Development hub for Asia, outside Japan.

The two big names of the Indian auto industry Tata Motors and Mahindra & Mahindra were most interested in the British brands Jaguar and Land Rover. Ford has short listed the bidders' names in which these two major auto companies Tata Motors and Mahindra & Mahindra have made it.

According to automobile industry sources, officials and Goldman Sachs from Ford Motor all through Monday have been contacting the bidders which have made it to the shortlist. Mr Gardiner, however, refused to comment on whether Ford has worked out a shortlist and if there will be a floor price for the bidders.

Soon the Indians will see the international brand cars running on the Indian roads. Many international car firms are making a beeline for the Indian shore with almost a dozen car rental brands expected to enter the market soon. According to industry sources, American car rental major Avis-owned brand Budget is likely to enter the country.

Similarly, US car rental companies Thrifty and Dollar are expected to set up their networks in the country. And it's not just the big three that are looking at India, car rental companies like Enterprise and Vanguard's brands Almo and National are also said to be firming up their Indian plans.

German luxury carmaker BMW gets a good foothold for its products in India. Today company announced the launching of its premium luxury sedan 5 series with prices starting at Rs. 37 lakh and going up to Rs. 45 lakh (ex-showroom). During the launch of sedan 5 series the company said its products are getting good response in India, in view of this it is revising sales target for the country upwards and in response to this it will launch its sports coupe car M Series by next year.

BMW India President Peter Krnoschnabl gave a statement, "Till June-end we have sold a combined of 424 units of our 3 and 7 series sedans. Considering the good response, we are revising our target of 1,000 units set earlier for this year to 1,200 units." He further added, the company's sales for July is expected to cross the 100 units mark. "Already we have got good orders for the 5 Series and with the SUV X5 expected to be launched by the year-end, we expect to keep up good growth in India."

Maruti Udyog Ltd (MUL) is offering cars on lower interest rates to its component suppliers and their employees to fuel demand in the backdrop of slowing sales hit by high interest rates. As per the Maruti's new plan, the company will finance car purchase by employees of its vendors for low interest rate of his 230 vendors will able to finance the car purchase on the interest rates of 8 per cent.