Pre Owned Car Loan – Top 4 Questions to Understand

Today, it is very easy to get any type of a loan in India. With the aim of making the entire country connected digitally, Banks and NBFCs are trying to reach as many customers as possible. Keeping this approach alive, Ruloans believes it is our duty to keep each customer informed about each kind of a loan and how they can avail them with attractive offers.

One of the most beneficial loans for a customer is the used car loan. Today we will be answering 4 most basic questions which a customer needs to understand.

What is a pre owned car loan?

A pre owned car loan or used car loan is in simple words a loan given so you can purchase a second hand car. Used car loans also can be called as pre owned car loans and second hand car loans.

Can I get pre owned car loan?

Yes you can. A pre owned car loan/used car loan is in general like a car mortgage loan. Once you repay all your monthly EMI’s on time, the car owner title will be transferred to you completely. Until then it is kept as collateral with the Bank.

Why should I take a used car loan instead of a new car loan?

Taking a used car loan is more beneficial as you can get a second hand car at a cheaper purchase cost. This means you will save a lot of money and also need to take a lower loan amount.

Can I get a car loan if I just started a new job?

Any salaried individual can apply for a used car loan. However if you have just started a new job, you need not worry. You need to show 3-6 months of salary slip statements as required from the Banks. This requirement will vary from Bank to Bank. Also, a minimum salary of 20,000 is required if you are applying for a used car loan.

How do I get a loan from the bank for a car?

All you need to do is to go online and apply for a loan against car. If you need the best used car loan financing, visit and be assured of amazing service. Using our second hand car loan calculator, you can estimate your loan eligibility and monthly EMI. The benefit of our loan on car calculator is to give an idea to the customer about how they will have to manage their budget along with servicing the loan.

The car loan processing time will vary from customer to customer. If you are eligible enough, the loan processing can get done within a week. So Ruloans suggests that you keep your entire documents ready, pay your dues on time and never default on loan EMI repayment in order to get the best deals available.

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