What is the maximum loan I can get for a used car loan?
If you are buying a used car, you should be prepared to shell out more money from your pocket upfront. You will at best get a LTV between 60 to 75% of the on road price. Once you shortlist your car, the bank or NBFC will send its valuation expert to evaluate the vehicle. The final loan amount will be 60 to 75% of the final value arrived by the car valuation experts. The age and the model of the car play a major role in approval or rejection for a pre used car loan as cars older than 5 years are unlikely to get a pre used car loan approval.
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.
Click this link to check out our top 10 used cars loans.
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.