When automobile industry is dogging sales upheavals, the used car market is booming with tremendous growth. The pre-owned car market gained traction late, but now major players like Maruti Suzuki India and Mahindra are working on establishing their used car business in India. With the increasing demand for the used cars, a large number of lenders, both in government banks and private financing firms, are financing pre-owned cars.
Obtaining used cars loans in India is tougher than the new car loans. Banks, usually, offer 70-80% cost of the used cars, while it’s up to 90% for the new car. Even the interest rates are higher and loan terms are shorter for the used car loan. However, there are ways to get the used car loan at best interest rate and extended term.
