Car Loans in 2026 Commercial Car vs Used Car vs New Car Loans

Getting a car loan is a great way to pay for your new car because you can get low-interest rates that fit your budget. In 2025, if you’re trying to decide between new cars, used cars, and commercial vehicles, you should know about the different types of car loans that are out there.

You can buy a new car right away if you get a loan for one. This type of loan usually has lower interest rates and a longer time to pay it back, which makes it easier for you to pay your bills on time. Bank of Baroda and other banks will lend you up to 90% of the price of a new car on the road. This way, you can choose the newest models without having to pay for them all at once. Some banks may even give current customers lower interest rates or discounts to make sure you get the best rates.

On the other hand, people who want to buy a used car can get a loan to do so. You might be able to get a better deal on a used car than on a new one, but you can still find one that works for you. You can choose between a hatchback and an SUV when you buy a used car. You’ll save money right away. Bank of Baroda and other banks make it easy to get a loan for a used car because they don’t need a lot of paperwork and their loan terms are flexible.

The rise of electric cars in 2025 also changed the kinds of car loans that are available. Banks now give out loans for electric and hybrid cars that are different from other kinds of loans. Most of the time, these loans have lower interest rates. This option could save you a lot of money compared to traditional vehicle financing if you’re worried about the environment or thinking about switching.

You should also think about getting a business car loan. If you need to buy delivery vans or other vehicles for your business, this type of loan is perfect for you. Commercial loans usually have different terms than personal loans, and they might let you borrow more money for the same amount of time. Banks understand that running a business is hard, so they let you change how you pay back your loan to fit your cash flow. Just like they do for personal loans, banks like Bank of Baroda offer special loans for business vehicles. These loans can help your business in many ways.

There are a lot of things you should think about when you look for a car loan in 2025. For example, what kind of car you want to buy, how much money you have, and what you need to do to get a loan, like your CIBIL score. You usually need a credit score above a certain level to get good rates on both new and used car loans. But how you judge commercial loans may depend on how well your business is doing money-wise.

You can make better choices about your money and budget when you know what kinds of car loans are available. You can use these loans to buy a new car, a used car, or a business vehicle. While you look for the right car, take a look at the different loan options from banks like Bank of Baroda to find the one that works best for you.