Used Car Loan
A used car loan helps you finance the purchase of a pre-owned car with attractive interest rates and flexible repayment options.
Everything you need to know about Used Car Loan, presented exactly as provided.
Owning a car was once a luxurious commodity to have. But in today's economically developing world, a car is a necessity and convenience to travel from one corner of the ever-expanding city to the other. Though everybody may not have enough cash to purchase the car with a lump-sum payment, numerous lenders can help you realise your dream of buying the car through a car loan. Applying for a car loan is now hassle-free, easy, and paperless. Just make a few clicks, and you can submit the car loan application form online. Almost every bank today offers car loans at attractive interest rates. Based on one's affordability, it is now quite easy to take a car loan and then pay EMIs without really biting into a person's finances
Features and Benefits of Car Loan
- Get financing for purchasing new and used cars.
- The financing can go up to 85%-90% of the on-road price of the car. Some banks offer up to 100% financing on the vehicle's on-road price to certain conditions.
- The loan tenure can range from one year up to seven years.
- The loan amount can be up to three times the annual income of the applicant.
- Some lenders offer instant financing facilities for cars.
- You may get additional discounts and offers if you choose to purchase a car from the dealer or manufacturer the bank has a tie-up with.
- The car purchased through financing will be held as collateral until the loan is repaid.
- The repayment structure most commonly followed for a car loan is equated monthly instalments (EMI).
Frequently Asked Questions
Get answers to common questions about Used Car Loan
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