how much amount I do have maintain to buy second handed cars
hello muje na maruti suzuki ertiga zdi lena he to me down payment 3,00,000 bharuga to fir muje baki sab ke month ke liye kitna money dena hoga monthly monthly
The loan offered for the purchase of second hand cars usually ranges between 60% and 75% of the on road price of the vehicle. Once the buyer has shortlisted the car, the bank or NBFC sends its valuation expert to evaluate the present on road value of the vehicle. The loan amount will be sanctioned based on this valuation.
For example if you are buying a Maruti Swift 2011 model valued at Rs 5 Lakhs, you may get about Rs 3.75 Lakhs, or 75% of the car value as estimated by the bank expert as loan amount. If the same car is a 2009 model, the loan amount could well be reduced to 60% or a maximum of Rs 2.5 to 2.75 Lakhs. Once the bank’s valuation expert determines the price of the car, the bank takes a final call on the amount of 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. So, you might have to make a higher down-payment.
Interest rates offered on Used Car Loans are usually around 3-4% higher than those of new Car Loans. The loan offered for the purchase of a second-hand car also ranges from 60% to 80% of the value of the vehicle. If the car model doesn’t exist anymore or has been phased out by the manufacturing company, then your chances of landing a loan substantially reduce. This is why you might have to pay more.
In general, the age of the vehicle, as well as the loan tenure, should not exceed seven years. Check these blog posts for more information - https://blog.bankbazaar.com/how-to-apply-for-a-used-car-loan/ and https://blog.bankbazaar.com/top-10-used-car-loans-take-your-pick/.
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