Car Loan Type
What is a Used Car Loan?
Used Car Loans are given to individuals who are interested in buying a used car for their personal/professional needs. Various banks provide Used Car Loans, up to a certain percentage of the price of car or even on zero down-payment, based on their offers.
Characteristic of Used Car Loan
- Applicable for both Used Cars
- Interest rates can be fixed or variable
- A tax deduction maybe applicable if car is to be used for business/professional purposes
- Flexible time period for repayment of loan is also made available
How we can help?
- As one of the leading loan & finance based comparison portals in the country, RuLoans provides you with an unbiased platform to analyze and decide upon the available deals in the market.
- A one-stop-shop for comparing the various rates offered by different banks/NBFCs, Ruloans allows you to make a calculated and knowledgeable decision by evaluating the deals based on loan amount, interest rate, repayment period, eligibility criteria etc.
- we do provide doorstep document pickup at customers place, which can give value added services to used Car Buyers in Mumbai & many other locations in India
- Get a professional support for Used Car loans at best competitive rates.
Eligibility Criteria of Used Car Loan
- Any Indian citizen in good standing who is salaried, self-employed or business person with regular source of income can apply for a home loan
- The applicant should be above the age of 18 years if self-employed and 21 years if salaried, upto 65 years.
- Professional stability and savings history play a major role in approval of the loan. Minimum repayment capacity should be met.
- Must be in the current job for a period of minimum one year if salaried and minimum 2 years if self-employed/professional.
- For Business men and Self-employed individuals, the value of loan you are eligible for is majorly determined by the profit earned by you.
- Valid identity proof: Any one of passport /voters ID card/ driving license/ PAN card
- Valid address proof: Any one of passport / voters ID card/ driving license/ telephone bill/electricity bill/ gas connection bills/ ration card/ LIC policy.
- Income proof: ITR / form 16 / pay slip / salary credit bank statement.
- Asset Proof: Latest land/building/house tax receipt
- Recent passport size photo.
- 2 Photographs
What is the minimum amount of loan I can get for buying a used car?
It depends on your requirement, eligibility, repayment capacity and your present income.
What is the tenure for which I can avail a Used Car Loan?
The tenure is flexible based upon your vendor, but is usually of the range of 12-60 months.
What factors decide the amount I can get as Used Car Loan?
It would depend on year of manufacture and running condition of the vehicle.
How can I pay for the loan I have taken?
The loan can be paid through post-dated cheques or auto-debit facility on your savings account where the EMI is automatically debited.
What make or type of vehicle can I ask a loan for?
Loans are offered for most passenger cars, multi-utility vehicles, sports utility vehicles available in India.
Do I have to provide any collateral or security over my loan?
No. Your car is itself used as a collateral. No other security is needed.
What are the possibilities of my Used Car Loan being rejected?
Your Loan Application might get rejected if you have a bad credit score, history of defaulted repayments or if you do not meet the minimal repayment capacity.
Does my car loan cover insurance expenses?
Usually no. Loans are given on the market price of the car. Insurance expenses have to be met extra. Some banks though, based on the relationship with the customer or on special offers, might help cover the insurance expenses.
Can I make pre-payment towards my Used Car Loan with the bank?
Yes you can. Additional charges maybe applicable based on the bank you have sought the loan from.
What steps are to be taken after I pay the last EMI?
The bank is supposed to issue Form 35 & No Objection Certificate (NOC) to RTO.
Used Car Loan Rated as "Great!"
by 2 Users
It was great dealing with RuLoans. I wanted to buy a second hand car. My loan was funded very fast and I could buy the same car which I liked. Thank you Kotak & Ruloans
Review by Niketan
Got my car refinanced from Tata Capital,Got good service & free document pickup from ruloans.The Customer Service of Tata is also good.
Review by Kumar