CAN I POSSIBLE TO TAKE A LOAN FOR SECOND HAND CAR
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
It is great that you wish to buy a new car and we are happy to be a part of your new car purchase. Choosing between the fuel type is always an important decision. If you drive for more than 1500 kms in a month, you should go for a diesel car and if you drive less then you should choose a petrol one. Click here to go through our story which would help you decide which fuel type you should go for. Talking about the cars that you have short listed, all of them are class leading. Swift is going to be face lifted this year, the ongoing version doesn't have that much to offer you. Baleno is great car and so is i20, there are quite a few differences when it comes to power and features. i20 comes with rear AC vents and Baleno has ABS and airbags as standard. Baleno also feels light on the steering but i20 does not. Both cars offer almost same amount of leg room and space. We would suggest you to go for Baleno if you are looking forward to buy a low maintenance car. If you are looking forward to buy a car which has better comfort features, go for i20.
Yes, certainly you can get a car on EMI. You need to take a car loan in order to purchase a car. The eligibility depends on your bank profile. You can get finance from various bank and even from the brands. The amount is disbursed in the dealers account and you have to pay the EMIs as per the calculation. In order to get further clarity over this you can click here or call us on our toll free number 1800-200-3000 (Mon to Fri, 10AM to 7PM) and our team will help you in the best possible way.
Hey Vinay, as of now we will not be able to share this as we are not aware of the norms that a banks follows while they decide the eligibility of loan. However, you can contact us on our toll free number 1800-200-3000(Mon to Fri, 10AM to 7PM) and our team will arrange a call back for your from our finance team. They will surely help you with this concern. Click here to check out our finance section.
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