# Used Car Loan Calculator

## Used Car Loan Amount:

### What Is a Used Car Loan EMI?

EMI stands for Equated Monthly Installment. This is the best way to pay off any type of loan offered by banks and NBFCs. The borrower is supposed to pay off the loan in equal monthly installments in the given tenure. EMI is decided on the basis of principal amount of loan, interest rate and tenure. Used car Loan EMI refers to the amount which will be used to pay off a used car loan. Banks and NBFCs offer a used car loan on the basis of one?s credit score. Also the used car which is being bought is supposed to be kept as collateral as it's a secured type of loan. This is a short to mid term loan as the loan amount is not much higher compared to any other loans.

### What Is Used Car Loan Amount?

The used car loan amount refers to the amount which is being given as a loan. This is the principal amount of loan. The borrower gets this amount as per his or her credit score and requirement. The principal amount refers to the amount the borrower has applied for used car loan according to his or her needs. It is an important component while determining one's used car loan EMI amount. The higher is the used car loan amount, the higher the EMI of used car loan.

### What Is Used Car Loan Interest Rate?

An interest rate is applied by bank or NBFC on the loan amount. The rate is decided as per the bank policies. The interest rate in home loan is slightly lower than other types of loans which definitely affect the home loan EMI amount. The borrower pays the EMI which is an equal combination of home loan amount and home loan interest rate. Banks and NBFCs offer two types of interest rates: fixed and floating. The EMI amount changes as to which type of interest rate a borrower chooses.

### What Is The Tenure Of Used Car Loan?

Tenure of a used car loan specifically defines the time in which a borrower is supposed to pay off the used car loan. Many banks and NBFCs offer flexible tenures according to the borrower's needs. Longer tenure means shorter amounted EMIs and shorter tenure means highly amounted EMIs.

### What Is A Used Car Loan Calculator?

A used car loan calculator helps you to understand the amount of EMI you?ll be paying for your used car loan. You have to fill in the used car loan amount, used car loan interest rate and used car loan tenure on the scales given below. Our highly efficient finance calculator then evaluates these 3 statistics and gives you three figures: the EMI amount, total interest payable and total loan amount payable which consist of principal and interest.

## Used Car Loan Interest Rate of Top Banks

Banks & NBFCs Interest Rate
HDFC Bank 12.50*% onward
ICICI Bank 12.50*% onward
Axis Bank 15.00*% onward
Kotak Mahindra Prime 15.00*% onward
Capital First 15.00*% onward
Hero Fin Corp 15.00*% onward
Bajaj Finserv 15.00*% onward
Au Small Finance Bank 16.00*% onward

The above mentioned used car loan interest rates are solely for the purchase of pre owned / second hand / used car vehicles.

These loan EMI schemes differ from Bank to Bank in terms of used car loan interest rates and other factors like loan amount, loan tenure, EMI etc.

Loan EMI schemes include fixed, floating, zero used car loan interest etc and many more.

Hence research your options on Used car loan interest rates by logging on to Ruloans web portal and make the best choice.

## How can you get the lowest used car interest rate?

There are many ways you can get the lowest used car interest rate. Some of those ways are;

• 1: Perfect loan repayment history ? It is highly possible that you can get the lowest used car loan interest rate when your loan/credit card bill repayment track record has been clean for a minimum of 12 months. Banks consider such profiles as the most credit reliable.
• 2: Credit score and history ? If you want the lowest used car loan interest rates, all you need to do is have a good credit score. With a high credit score which is preferably above 800, Banks consider you as a good customer who knows how to handle their debts well.
• 3: Good Relationship with the Bank ? One more advantage you have is when you already have an account with a certain bank. Since you have been a loyal customer, Banks can ease the terms and conditions on your loan and provide you with lower used car loan interest rates. They will also provide you with pre approved used car loans at lowest interest rates where the loan amount can be disbursed in your account in a few minutes once you give your approval.

## Benefits of Using Ruloans' Home Loan EMI Calculator:

### Easy Accessibility:

You can use the Ruloans' used car loan EMI calculator from anywhere. You can get the values through laptop, tablet and even via phone. Be it a day or night, holiday or weekday, you can easily access the Ruloans used car loan EMI calculator.

### Effortless Process:

You just have to put in the used car loan amount, interest rate and desired tenure to know your EMI value. You can choose these values by using our range sliders which makes the process fun and easy at the same time! And the best part is, to know the results, you don't have to press 'enter' or any other keys neither do you have to wait to get the results. Our calculator decodes the values and gives you the results in real time.

### Saves Time:

As Ruloans' used car loan EMI calculator gives you the results in real time, it saves a lot of your precious time. If you choose to determine the EMI by using the mathematical or excel processes, it takes a lot of time and energy. But here you save an ample amount of time.

### Meticulous Results:

The Ruloans' used car loan EMI calculator gives you the exact and accurate results. Our computerized calculator helps you to get the exact results to the values you added.

### Helps You To Plan Better:

If you know what your EMI will be, it becomes easier for you to plan your finances from the beginning. You can choose the longer or shorter tenure if you feel the EMI amount is high. This way you can plan your finances accurately for future before taking the loan.