Question & Answer

0 Shares
Ask a Question
Search for an Answer
Question

CAN I POSSIBLE TO TAKE A LOAN FOR SECOND HAND CAR

Published On : 2016-07-31 23:46:26.0 ANAND
Category : Financing
Answers for this Question

Finance on the used car is no more a nightmare. Many financial institutions provide finance on used cars also. However, used car loans are tougher to obtain. The interest rates offered on used car loans are generally higher than rates offered on new car loans.

In the case of used cars, the age of the car plays a crucial role in deciding whether it is loan worthy or not. The car model too plays an important role. If the car model has been phased out, it is unlikely that it will be financed. Most financiers consider the age of the car, along with the tenure for which the borrower wishes to take a loan, before sanctioning a loan.

Once you have identified a car you wish to purchase and approach a bank, the bank sends in a valuation expert to calculate the value of the car. This would be determined based on the condition of the car, number of kilometres run and the model of the car. Based on the valuation of the car, a bank or finance company would lend to you.

Moreover, sanctioning of the loan also depends on the individuals's profile and his/her CIBIL score.

We suggest you to get in touch with the financial institutions which provide loans on the used car

CarDekho Helpdesk on 2016-08-01 10:46:42.0
Post Your Answer
3000 Characters Left

Related Asked Questions

Advertisement

close

location

Please tell us your city

It will help us serve you better content and best deals

eg. Mumbai, Gurgaon, Delhi
My Comparison