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Best Second Hand Car Loan Interest Rate
At Apnacar, get best deals on New Car Loan percentage rates and hassle-free processing.aLooking for the best bank for used car loan interest rate in Bangalore? We understand that securing a car loan for used cars with the lowest interest rate is essential when you’re considering purchasing a pre owned vehicle. Our goal is to provide you with the best pre owned car loan interest rates to make your dream of owning a second hand car a reality. We have partnered with some of the leading banks in the industry, including HDFC, ICICI, SBI and others, we ensure that you get access to the best loan options with minimal documentation requirements.
Best Interest Rates
- 11% p.a. Onwards
- Late Payment Charges as Low as 3%
- Guaranteed Low Interest Rates
- Negotiate to Fit Your Budget
Processing Fees
- Processing Fees as low as 1%
- No Hidden Charges
- Complete Transparency
- Zero or Low Pre-Closure Charges
Special Assistance
- Personalized Attention to Understand Your Options
- Acceptance for All Credit Profiles
- Rebuild Your Credit
- Best Interest Rates for Bad Credit Profiles
Customers Speak
"Apnacar team helped me with a loan for used car purchase of i20 and even they did Transfer and RTO work very smoothly, I was very satisfied with their process and convincing skills."
"Satisfied with their commitment and knowledge on car loans. Will surely approach them for refinance on my car. Contacted Apnacar and several others while checking online for car loans refinance and personal loans, Apnacar guys were quite convincing."
"They helped me with low interest rate and fast refinance on my car knowledgeable staff at apnacar.👍"
Features and Benefits of Pre Owned Car Loan
- Enjoy the flexibility of a long repayment period, making it easier to manage your finances.
- Some of our partner banks and NBFCs offer financing that covers 100% value of the car.
- Applying for a used car loan with us is straightforward, with minimal paperwork and a hassle-free process.
- We understand your time is valuable, and that’s why we keep the documentation process as simple as possible.
- Choose from flexible repayment terms offered by select banks and NBFCs.
Eligibility Criteria for Used Car Loans
To be eligible for our used car loans, you typically need to meet the following criteria:
- Age Limit 21 – 65
- Sufficient and stable income source.
- Steady employment or self-employed.
Documents Required for Second Hand Car Loans
To apply for a used car loan, you will need the documents mentioned below:
- Proof of Identity: Any government-issued ID like Aadhar card, passport, or driver’s license.
- Proof of Address: Utility bills, rental agreement, or any other document verifying your current address.
- Income Proof: Salary slips, income tax returns, or bank statements for your financial capability.
- Employment Proof: Employment letter or business registration documents, if self-employed.
- Vehicle Documents: Documents related to the car you intend to purchase, including the RC book and insurance papers.
Used Car Loan FAQs
The second hand car loan interest rate varies from 10-18% based on the factors such as:
- CIBIL Score: Lenders assess your creditworthiness through your CIBIL score. A higher credit score indicates better credit management and may lead to a lower interest rate being offered.
- Car Model and Age: The type and age of the car you are buying can influence the interest rate. Lenders might offer more favourable rates for newer and well-maintained cars.
- Loan Tenure: The duration of the loan also plays a role in determining the interest rate. Shorter loan tenures might have slightly lower rates compared to longer ones.
- Lender's Policies: It's advisable to shop around and compare offers from different lenders to find the best rate available to you.
- Down Payment and Loan Amount: The down payment you are able to provide and the loan amount you're requesting can impact the interest rate. A larger down payment might lead to a more favourable rate.
Some Banks and NBFCs can fund upto 100% of the valuated car price helping you get a used car on zero down payment depending on the factors:
- Good Credit Score: A higher credit score enhances your chances of securing a lower down payment and a higher loan amount, as it reflects your creditworthiness and ability to repay the loan.
- Negotiation: Negotiate with the seller to potentially lower the car's price, which could lead to a lower down payment requirement.
- Co-Signer: Having a co-signer with a strong credit history can help secure a higher loan amount and lower down payment, as it provides additional assurance to the lender.
- Term Length: Opting for a longer loan term can decrease the monthly payment amount, but it might also affect the interest rate and overall cost of the loan.
- Many Non-Banking Financial Companies (NBFCs) specialize in providing lowest used car loan interest rates for bad credit history.
- Lenders might consider your current income and employment stability as indicators of your ability to repay the loan. Providing proof of steady income could improve your eligibility.
- Offering a larger down payment can reduce the lender's risk and show your commitment to the loan. A substantial down payment might make lenders more inclined to approve your application.
- Consider opting for a used car that is more affordable. Requesting a smaller loan amount might make lenders more comfortable extending credit despite your credit history.
