Used Car Loan Interest Rates Comparison, Lowest EMI Jul 2021, Best RatesBankCar Loan Interest RatesLowest EMI per lakh for Max TenureFederal Bank13.80% Fixed₹ 2,316 for 5 yearsBank of India7.45% Floating₹ 3,108 for 3 yearsBank of Maharashtra10.05% Floating₹ 2,127 for 5 yearsIndian Bank12.25% Floating₹ 2,237 for 5 years10 autres lignes
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Which bank is best for second hand car loan?
Most banks and NBFCs provide used car loans….Top Lenders Offering Pre-Owned Car Loans.LenderInterest RateRepayment TenureHDFC Bank13.75% – 16.00% (Rack Interest)7 yearsPunjab National BankStarts from 8.30%5 yearsAxis Bank14.25% – 16.25%5 yearsKotak Mahindra BankContact the bank5 years4 autres lignes•18 jui. 2021
How can I get a second hand car loan?
1. Step 1: Choose your car. Visit a reputable dealer with a good track record of selling pre-owned cars.
2. Step 2: Apply for the loan. Go online or contact the bank offline to apply for the loan.
3. Step 3: Finalize the loan.
4. Step 4: Submit documents.
5. Step 5: Drive away!
What is the best way to buy a second hand car?
1. Get the car and its papers inspected thoroughly.
2. Transfer the Registration Certificate (RC) of the second hand car in your name.
3. Get the second-hand car insurance in your name.
4. Transfer of No Claim Bonus (NCB)
5. Clean and fix your car before the first drive.
Is it good to buy second hand cars?
Getting your used car insured will cost you a lot less as compared to a new car. … Even if you decide to sell it in the future, it won’t dent your wallet much by losing less amount of money than a new car would do. Especially for the first timers, a used purchase is more practical and affordable at the same time.10 mai 2016
What is the maximum term for a used car loan?
The Bottom Line There’s no right or wrong length to finance a used car. The loan term that’s right for you can be as short as 24 months or as long as 84 months – it all comes down to your current financial situation and future plans for the vehicle.9 oct. 2018
What is the minimum salary for car loan?
Salaried ApplicantsMinimum Age21 years at the time of loan applicationMaximum Age60 years when the loan tenure endsJob StabilityShould have worked continuously for 2 years and at least 1 year with the current employerMinimum Annual IncomeRs.3 lakh1 autre ligne
How old of a used car can you finance?
10 years
Are interest rates higher for used cars?
New or Used? In general, loan rates on a new vehicle are better than those on a used car. Usually, only new cars qualify for zero percent financing, though some automakers occasionally push certified pre-owned cars with zero percent offers. In general, the older the car is, the higher the interest rate is.
How do I get a loan from the bank for a car?
1. Check your credit report.
2. Apply for auto loans from multiple lenders.
3. Get preapproved for an auto loan.
4. Use your loan offer to set your budget.
5. Find your car.
6. Review the dealer’s loan offer.
7. Choose and finalize your loan.
8. Make payments on time.
What age is best to buy used car?
So for used car shoppers, purchasing a car that’s two to three years old and driving it for three years results in some of the lowest costs for recent model cars.
What is the best mileage for a second hand car?
What Is Good Mileage for a Used Car? Mileage will vary between vehicles, but a decent rule of thumb to follow is that people drive an average of about 12,000 miles a year. Therefore, 120,000 miles would be a good mileage for a used car that’s about 10 years old.
How do you know if a second hand car is good?
1. Engine Check. When taking the used car for a test drive, you’ll want to make sure that the engine runs smoothly (and quietly) when driving and when idling.
2. Tyre Check.
3. Lights Check.
4. Radiator Coolant and Fluid Check.
5. Exhaust Check.
6. Equipment Check.
7. Seat Belt Check.
8. Body Check.
What second hand cars should I not buy?
1. 10: Renault Clio (2005 – 2012)
2. 9: BMW 5 Series (2003 – 2010)
3. 8: Land Rover Discovery (2004 – 2017)
4. 7: Volkswagen Passat diesel (2005 – 2015)
5. 6: Ford Focus (2004 – 2010)
6. 5: Vauxhall Insignia (2008 – 2017)
7. 4: Vauxhall Astra (2004 – 2009)
Can I buy a 10 year old car?
Some cars(don’t have exact idea) are forbidden by law to drive post a period of 10 years or if they belong to an illegal bs norm. if it’s a diesel better avoid buying it and if it’s petrol then you can consider it after a thorough inspection.