Car financing is done either on fixed or floating rate which is linked with KIBOR plus a fixed margin. In floating, it all depends on the type of KIBOR used by a particular bank. Usually it is 1 month, 3 months KIBOR, 6 months or 1 year. The rate reset frequency varies from one bank to another - it can be 3 months, 6 months or a year. Normally, there's a cap and a floor i.e. the maximum and minimum rate respectively that will be charged by the Bank. Rather than relying on a tentative repayment schedule that doesn't matter much when financing is KIBOR based, one should always carefully review all these interest rate terms on which the financing is being offered and then make a decision.
