Used car loan financing – A good decision?


Can I get loan for second hand car?

If you thought that you can get 100 percent car loan on road price, then it’s time you start reconsidering. When it’s a used car/second hand car/pre owned car, then getting the full value amount as loan is not possible. There are many private car finance company that provide up to 90%* of the market value of the car. Yes, this means you hardly have to arrange for 10%* of the car’s value as payment and the rest will be arranged by the Ban/NBFC.

How long will bank finance used car?

The maximum tenure of a used car loan lies between 5-7 years with only some lenders providing 7 years. The average tenure is always 5 years. In order to understand what kind of tenure will help your budget, you need to calculate the possible scenarios. Using a used car loan calculator allows you to understand how much EMI you will be paying every month. There are many lenders like Shriram Company, SBI, Axis Bank, Bajaj finance, Bank of India, Kotak Mahindra, Reliance and many more that provide the service of second hand/ used car loan EMI calculator to help you understand interest rate, monthly EMI and the ideal tenure for you.

What is a good used car loan interest rate?
The ideal interest rate for used car loan is quite competitive. This ranges from 10.99% onward. Here are some loan providers that give used car loans;

Bank
Interest
Maximum loan amount
HDFC
13.00%
80% of market value
SBI
12.60%
85% of on-road price
ICICI
10.50%
80% of market value
Kotak
17.00%
90% of market value
PNB
11.20%
70% of market value

There are many more lenders in the market who provide used car loans at competitive interest rates. Please look and understand the whole deal before you sign your loan application. This will help you make the right decision.
Location: India

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