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AutomobilesWant to buy a second hand car? Easily get loan for used...

Want to buy a second hand car? Easily get loan for used cars here

Used car loan: With the help of used car loan, you can buy a good second hand car. Used car loans are offered at attractive interest rates.

Used car loan: With the help of used car loan, you can buy a good second hand car. Used car loans are offered at attractive interest rates. It can be repaid within 7 years. Most banks and NBFCs offer used car loans. This loan has to pay a little more interest than an auto loan for a new car.

Who can borrow?

If you are a salaried person then your age should be between 21 to 65 years. Should be between 25 to 65 years if self employed. Your monthly income is Rs. 15,000, you can apply for a used car loan. Must have worked in the current company for at least one year.

How much interest can you get the loan?

Currently, you may have to pay between 9.25 percent and 16 percent interest on a used car loan. The interest rate is determined based on your credit score. It should be noted that some banks or NBFCs do not provide loans for cars older than three years.

Some banks lend up to 100%

Some banks also offer car loans equal to the total cost of the used car. Also, they provide better loan repayment options. Applying for a used car loan is easy. You can apply for this online or by visiting a bank branch.

Keep this in mind

Remember that with a used car loan, the cost of insurance is not included in the loan amount. Buy a used car only after thorough inspection.

These documents must be provided

A used car loan requires documents like application form, passport size photograph, car valuation report, identity proof, income proof. All these documents should be ready before applying.

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Updated on August 11, 2022 6:06 pm