If you need a loan to get your hands on the car of your choice, you’ve come to the right place. We’re here to tell you everything about used car loans!
Buying a used car doesn’t bear the stigma it once did. The purchasing of used cars has gained substantial popularity over the past few years. At a certain point in your life, you must have wished for a shiny car. However, to be honest, we don’t always have the money to purchase a brand new one.
If you think that you’ll have to dip into your long-term savings to purchase a four-wheeler, you’re very much mistaken. You can avail a Used Car Loan in order to own a car that not only suits your budget but also fulfills your needs! What’s best is that reliable car dealers ensure that these second-hand cars are certified and well-maintained.
But before we begin, let’s talk about why it’s wise for you to opt for a second-hand car instead of a brand new one. The primary reason is often as simple as saving money. Purchasing a pre-owned car instead of going in for a new one of the same model is sure to help you save a ton of cash.
Additional Reading: Things You Must Know Before Buying a Used Car
Secondly, certified pre-owned cars are tested to meet the established standards set by a manufacturer and also guarantee against defects, quite along the lines of a new-car warranty. In addition, certified pre-owned cars provide the amenities and warranties that come with a new car.
We’ve listed five of the top Used Car Loans for you to pick from. Now you can get high-value pre-owned cars in a jiffy!
1. HDFC Bank Car Loan
– Eligibility: You’ll be eligible to apply for this loan if you’re a salaried or self-employed individual of 21-60 years of age with a regular income.
– Interest Rate: A fixed interest of 12.75% – 15.50% is applied, depending on your eligibility.
– Loan Amount: You can avail a loan amount of minimum Rs. 75,000.
– Loan Tenure: Enjoy a flexible loan repayment tenure of 1-7 years.
– Perks: No guarantor is required and facilities such as part-payment, E-approval, and Top-up loans are available.
– Attractive features: The loan is disbursed in just 2 short working days. The fixed interest rate applicable ensures security against market upheavals.
Additional Reading: Features of used car loans!
2. Oriental Bank Car Loan
– Eligibility: Any salaried or self-employed individual with a regular income and 21-58 years old is eligible to apply for this loan.
– Interest Rate: A floating interest rate of 11.40% is applicable.
– Loan Amount: You can avail a loan in the range of Rs. 35,000 – Rs. 25 lakhs.
– Loan Tenure: The loan tenure is that of 5 years.
– Perks: On getting this loan, you’ll enjoy benefits such as zero pre-closure fee. In addition, you can enjoy E-approval.
Additional Reading: Your Quick Guide To Used Car Loans!
3. Dena Bank Car Loan
– Eligibility: A salaried or self-employed individual of 18-70 years of age is eligible to apply for the loan.
– Interest Rate: A floating interest rate of 11.50% is applicable.
– Loan Amount: You can receive a loan of minimum of Rs. 1 lakh.
– Loan Tenure: The loan tenure is in the range of 1-3 years.
– Perks: You can enjoy benefits such as part-payment option, E-approval, and zero pre-closure fees. In addition, no guarantor is required to avail this loan.
Additional Reading: What To Do After Buying A Used Car
4. Capital First Bank Loan
– Eligibility: A 21-65 year old salaried or self-employed individual with regular income can apply for this loan.
– Interest Rate: A float interest rate of 13.50% – 14.50% is applicable.
– Loan Amount: You can avail a loan amount of Rs. 1.5 lakhs – Rs. 25 lakhs.
– Loan Tenure: The loan tenure is 1-7 years.
– Perks: Upon approval of the loan you can enjoy benefits such as Top-up loan, door-step service. Also, there is no need for a guarantor.
Additional Reading: How To Apply For A Used Car Loan
5. Mahaveer Finance India Limited Car Loan
– Eligibility: Salaried or self-employed professionals who are 21-60 years can apply for this loan.
– Interest Rate: A fixed interest of 12% – 13% is applicable on the loan.
– Loan Amount: The loan amount is in the range of Rs. 50,000 – Rs. 10 lakhs.
– Loan Tenure: The loan can be taken for a period of 1-4 years.
– Perks: Other benefits include pre-closure option and door-step service.
Additional Reading: Transfer Of Ownership Of A Used Car
Pro Tip: Go a step ahead and track your Loan EMIs through the Loan EMI Calculator! This will help you sort out your EMI payments without disturbing your monthly savings and Investments.
As a used car costs less than a new one, the premium on Used Car Loans is expected to be lower as well. Another key benefit of purchasing a second-hand car through a loan is that you can still claim tax exemption.
Additional Reading: Checklist For Buying A Used Car
Want to own a car but don’t wish to spend too much on it? A Used Car Loan is perfect for you! Also, if you’re on the lookout for other types of loans such as a Home Loan or an Education Loan, we’ve got a host of options for you to check out.