High loan rates slide down car sales

Indian vehicle sales skidded in September by nearly 10 percent, hit by a credit squeeze, while car exports fell by over eight percent due to a rising rupee, according to industry data Wednesday.

Total domestic vehicle sales dropped by 9.58 per cent year-on-year to 889,693 units, the Society of Indian Automobile Manufacturers (SIAM) said.

Higher loan costs stemming from a slew of interest hikes that have pushed rates to five-year highs have deterred buyers and forced manufacturers to offer discounts to lure customers into showrooms. All it's needed is to compare car loan rates to compete various banks and their exclusive offers to get a best matched loan.

Some 95 percent of commercial vehicles, 75 per cent of passenger cars and over 60 percent of two wheelers sold are financed through credit.