When you take out a car loan, one of the most important factors to consider is the loan term — the number of months or years you agree to repay the loan. The loan term directly affects your car loan interest rate, total interest paid, and monthly payments. Whether you’re buying a new or used car, understanding how loan term influences your car loan interest rate can help you save money and make smarter financial decisions.

Here are three key ways your loan term affects your car loan interest rate:

1. Longer Loan Terms Usually Mean Higher Interest Rates

Many people choose longer loan

Travelling has become a part of every individual daily life - be it commuting to work, travelling with your family or even going for a quick weekend getaway. Owning your car will help you meet your needs of comfort travel and convenience, no matter how varied it may be. A car loan can help you get a step closer to owning your dream car.
An instant car loan from HDB Financial Services offers financial assistance for those seeking to purchase a new or used car. We also offer used car refinance for those seeking to refinance existing low interest car loans. Our loan offerings include top ups on