Banks and NBFCs all over India provide loans through which you can purchase a second hand car. A second hand car is also known as a used car or a pre owned car in India. In simple terms, the reason why it is called as a used car is because there has been an owner for the car which is now listed for sale. When you buy such a car, it is thus called as second hand car.
How long does it take to process a pre-owned car loan?
Basically, you would need to fulfill the bank’s eligibility criteria. This would involve providing the necessary documents related to your KYC like address and identity, income proof, banking proof and also documents related to the car you are purchasing.
I am self-employed can I get a pre-owned car loan?
Yes. A used car loan can be availed by salaried and self employed individuals. There is a set of criteria which you will need to fulfill and also documents which are listed by various banks. Provide them with the proof and you can get a used car loan.
Which bank is best for used car loan?
There are over 25+ major banks that provide car loans in India. Most of them have the same requirements but you can differentiate them all by watching their offers. Some banks will offer you with lower interest rates and some will offer better terms and conditions. You might get better deals with banks where you have an account with.
Will a good credit score help me get low interest rates on car loans?
Yes. A good credit score always helps. This is because banks measure this score with you being credit reliable. With a higher credit score, they can trust you in repaying the loan without any problem. Hence they would offer you lower interest rates.
In the end, you can apply for used car loans from the bank of your choice. Do read the loan application clearly before you could sign it. Also, if you need to get the best deals on used car loans, visit Ruloans.com and apply for a used car loan.