12-15% interest typically (higher than new car). Banks: SBI 12-13%, HDFC 13-14%, ICICI 12-14%. Used car lenders: Cars24, Spinny offer 13-16% with quick approval.
Eligible used cars for loan?+
Cars under 8-10 years age. Final loan tenure cant exceed when car turns 12 years old. Vehicle must pass mechanical inspection. Some lenders restrict to certain brands/models.
Used car loan amount?+
Banks finance 70-80% of vehicle cost (vs 80-90% for new). Maximum amount based on car valuation, your income, credit score. Tenure: 1-5 years (shorter than new car loan).
Documents for used car loan?+
Standard documents (ID/address/income) + vehicle docs: original RC, valuation certificate, NOC from previous owner, transfer documents, insurance, PUC, vehicle history report.
Best used car loan providers?+
For older cars: Cars24, Spinny, Mahindra Finance specialize. For 1-3 year old: SBI, HDFC, ICICI offer competitive rates. Check rates from 3-4 lenders before choosing.
EMI for used car loan?+
Rs 5 lakh @ 14% for 3 years: ~Rs 17,100 EMI. Rs 7 lakh @ 13% for 4 years: ~Rs 18,800 EMI. Use online calculators for exact figure based on your loan amount.
Used car vs new car loan?+
Used car loan: higher interest (3-4% more), shorter tenure, lower amount. Better total cost: used car total expense (vehicle + interest) usually 30-50% less than new car of same model.