I am looking to buy a Maruti Swift 2009 model. Can I hope to get a used car loan?
The age and the model of the car play a major role in approval or rejection for a pre used car loan. Usually, cars older than 5 years are unlikely to get a pre used car loan approval. Since you are just on the brink you can request your bank to consider your used card loan application provided you fulfill all other eligibility criteria. The down payment for used car loans is usually fixed at 15% of the assessed value of the car. So be prepared to shell out the down payment money before applying for a pre used car loan.
The loans offered for pre-owned cars differ slightly from those offered for new cars. The basic difference between new Car Loans and Used Car Loans is that the age of the car and its model play a key role in determining the financial intricacies of the loan.
And, unlike new car financing where certain lenders offer up to 100% of the car value, a used car financer usually provides only 70% to 90% of the car value.
You can easily apply for a Used Car Loan online through BankBazaar’s Used Car Loan portal, which offers customers a fantastic range of loan options that are tailor-made to meet all your requirements.
You can zero in on a Used Car Loan of your choice by browsing through and comparing different loan parameters for pre-owned cars such as interest rates, documentation required, eligibility conditions, fees and charges and more.
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