Used Car Loan And New Car Loans Which Is Better
Sign in

Used Car Loan and New Car Loans which is Better

Online Marketing
When someone decided to going for second hand car. On other hand you don’t have enough money to buy a car. Then always take wise decision. If you are going for Car loan, then you have to pay higher interest on second hand car. Only 60 -70 percent loan amount sanctioned by banks.

Banks on interest rates and loan amount on used cars -

Generally, it is 5-7% higher than a loan taken for a new car. For instance, SBI charges 11.25 -11.75 percent for new cars, but for used cars, the rate of interest is 17.25-17.75 percent. It means you have to pay higher interest on second hand cars.
For a New Car, Banks sanctioned almost 80-90 percent of the car on road price. Some banks sanctioned 100 percent (Conditions apply). But for second hand cars banks only sanctioned 60-70 percent of loan amount.

Tenure for used cars and new cars –

Car loan banks provide tenure of only 3 to 5 years for used cars. For New cars tenure period is available upto 7 years. In Second hand cars case, Its totally depends on lenders banking policy, like condition of cars, cars model etc.

Compare your car loan emi our Car loan emi calculator.

Source: Deal4loans.com

start_blog_img