Used Car Loan

Used Car Loan

Any individual can apply online or offline for a used car loan to purchase a used car. Most of the banks and non-banking financial companies (NBFC) offers loan to buy pre-owned/used cars. The terms and conditions and charges vary from one lender to another. Some lenders may offer up to 100% financing but mostly offers up to 80% or it may less than this.

There are several banks which provides the loans to buy purchase used car on certain interest rate.

State Bank of India Car Loan

The interest rates on SBI Bank Car Loan are one of the lowest in the market and are calculated on daily reducing balance.

SBI offers used car loans under 4 categories namely, SBI New Car Loan Scheme, SBI Loyalty Car Loan Scheme, SBI Assured Car Loan Scheme, and SBI Car Loan Lite Scheme.

Financing of up to 90% of the car’s on-road price can be availed which will include registration, cost of accessories, insurance, extended warranty, annual maintenance contract etc.

Bank of Baroda Car Loan

Anyone can apply to purchase passenger cars/ used/new car  for private use.

Offers the benefit of lower interest rates to individuals with a high credit score.

The interest rates on Bank of Baroda car loan are computed on daily reducing balance

The bank does not charge any penalty on pre-closure of car loans.