Used Car Loan

A used car loan is a variable of car loan. Its a type of secured loan where the loan borrower has to keep his/her car as collateral to bank/NBFC against the loan. By taking this loan one can buy an expensive car easily. The price of a second hand car is always low compared to its price when it was bought as a new car. By taking a used car loan one can buy an expensive luxurious car in lower rates. The price of the car is decided as per its current cost on road and its condition. With a strong credit score and proper documentation one can easily get a used car loan from a leading bank/NBFC in Mumbai. They provide 60% to 70% finances as per the current on road value of the car. The maximum tenure for a used car loan is 5 years (60 months) and the interest rate starts from 15.50%*.