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  2. Second Hand Cars
  3. Thursday, June 14 2012
Used Car Loan Interest Rates in India - Is it higher than New Car. Also, what are the Procedure, Documentation to Get Used Car Finance at Best Rates Online
Admin Accepted Answer
Hello Sameer,

Yes, Used Car Loan Interest Rates are higher than New Car in India and difference is substantial too.
Where Interest Rates ranges from 11%-13% on New Cars - in Used Cars - it ranged from 15%-19%

Also, Banks fund Used Cars - which are presently Owner Serial 1. Apart from this - Used Car Finance Maturity Date can not be more than 8 years from date of first registration of car. For eg if a vehicle purchased by the first owner is Apr 2006 and you looking to buy this car then Bank will fund you loan for 6mo+12+3mo = 21 months (June12-Dec12, Jan13-Dec13 n Jan14-Mar 14) been vehicle completing its 8 years in Apr 2014 from its first registration date.

In terms of documentation - apart from regular documents - you need to submit a photocopy of RC and Insurance

Below links can be useful to you
Car Loan Eligibility Calculator
Car Loan EMI Calculator

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