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will i get a bank loan for used cars ??

Published On : 2016-09-14 23:08:47.0 Nikhil Patil
Category : Financing
Answers for this Question

Why not? Financing on used cars is no more a night mare. You can easily get a loan on used car. All you need to do is to finalize the car you want to buy and check with the finance providers to know about the loan eligibility. Generally on used cars, you can get a loan of 60-70% amount (not more than that). Still , it also depends upon the cars condition.

So, we would recommend you to get in touch with any of the nearest bank for the same.

CarDekho Team on 2016-09-15 10:54:03.0
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    Thank you for trusting in our services & writing to us.

    CarDekho is one-stop destination for all your automobile related questions!

    Coming to the query, financing the used car is no more a nightmare.

    You can get finance for any model of a new car. However, 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 financers 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 then 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 kilometers run and the model of the car etc. Based on the valuation of the car, a bank or finance company would lend to you.

    If you are considering taking a car loan, feel free to ask for quotes from multiple banks from the dealership itself. A lot of banks and lending authorities have tie-ups with dealers to offer you easy loan. Or, you can check with your own trusted bank and authorities in case they have a better loan plan to offer. To find out more on the lowest possible EMI's on your loan, visit CarDekho car Finance or click on the below link.

    Click here - Get Best Car Loan Offers

    You may also reach our auto-experts by calling on our toll free number i.e. 1800-200-3000 from Mon-Fri (10 AM - 7 PM) or write to us at support@cardekho.com. Our team will be more than happy to help you.

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    Furthermore, if you are planning to buy a new car on finance, then generally, 20 to 25 percent down payment is required on the ex-showroom price of a car. However, exact confirmation regarding EMI, down payment, interest, loan period and its procedure will be discussed by the bank only, as it depends upon an individual eligibility.

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