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About:

A car loan is a secured asset product (asset for the bank or financial institute) where the lender issues a certain sum of money to the car dealer on behalf of the customer. The amount of money that the lender gives to the dealer is called loan to value (LTV) and is usually capped to about 80% of the total value of the car. The rest of the 20% needs to be borne by the customer.

For lending this amount, the bank charges an interest rate to the tune of around 10% which is charged to the customer as a component of the equated monthly installment (EMI). The customer has to pay the EMI amount every month, from the month after the loan is disbursed. The loan is given by the lender against the car, so, if a customer defaults the loan, the lender is liable to take back the asset. An asset which is under a loan is known to be hypothetical

to a lender