To Buy Used Car or Instant Car Loan approvals,  +91 9900037613
Why Second Hand Car Loan with Apnacar?
Are you looking for the best bank for used car loan interest rate in Bangalore? At Apnacar, get best deals on used car loan percentage rates and hassle-free processing. 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. Additionally, our 2nd hand car finance options are designed to cater to all your needs, offering competitive rates and flexible terms to suit your budget.
Used Car Loan 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 on Used Car Loans
- Processing Fees as low as 1%
- No Hidden Charges
- Complete Transparency
- Zero or Low Pre-Closure Charges
Used Car Loans 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
We are happy with the premium we paid for our group health insurance. The team Was able to get us multiple quotes. From different insurance companies
Best team to get car loans from very supportive and transperant happy with them
I obtained a second hand car from Apnacar and I'm extremely pleased with how the process went
I got loan on my swift for 150% on valuation, And i stay in Mangalore, apnacar team in Bangalore processed it Quickly.
I obtained my used car loan through Apnacar. The interest rate was low and the loan process was swift
Smooth transaction! Apnacar helped me to buy used car in Bangalore. i am very happy with the quality of the car Happy with my purchase, definitely recommend
Incredible service! Bought my Used car loan processed in less than 48 hours. They were responsive, knowledgeable, and made the finance process smooth. Highly recommended for anyone in search of Used car finance
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.
Understanding Used Car Loan Interest Rates
The age of the car, the length of the loan, and the borrower’s credit score are some of the variables that go into calculating interest rates for pre-owned car loans. Because older cars carry more risk and depreciation, interest rates on loans for them are typically higher. The loan size and down payment are other factors that lenders take into account; higher down payments may result in lower interest rates. Furthermore, because a high credit score demonstrates a lesser risk to the lender, it can assist in obtaining a lower rate. Finding the best rates for your used car loan can be made easier if you are aware of these variables.
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-employment.
- No history of loan payments or defaults impacting your CIBIL scoreÂ
Documents Required for Second Hand Car Loans
By offering second hand car finance options that are designed to be user-friendly and flexible, we strive to make the process of acquiring a pre-owned car as smooth as possible. To apply for a used car loan, you will need the following documents:
- 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.
A used car loan is a financing option that allows you to purchase a used vehicle by borrowing money from a lender and paying it back in installments over a period of time.
Eligibility criteria typically include age (typically 21-65), income (minimum set by lender), employment status (employee or self-employed), and credit score requirements.
Commonly required documents include proof of ID (Aadhar card, PAN card), proof of address (utility bill, rental agreement), proof of income (payslips, bank statements) and proof of employment.
The maximum loan amount varies by lender, but generally depends on factors such as the value of the car, your income and your credit profile. Typically, lenders will offer up to 80-90% of the car’s market value.
Second hand car loan interest rates can vary depending on the lender, your credit score and other factors. It's best to compare interest rates from multiple lenders to find the best deal.
The repayment periods are usually between 1 and 5 years. Some lenders may offer flexible terms based on the loan amount and the borrower's financial profile.
Most lenders allow prepayment or loan foreclosure, but fees or penalties may apply. It's important to check your lender's terms and conditions.
The EMI (Equated Monthly Rate) is calculated based on the loan amount, interest rate and repayment period. You can use an EMI calculator available on many lender websites to estimate your monthly payments.
Yes, processing fees, documentation fees and other fees may apply. It is important to read the loan agreement carefully and ask the lender about possible hidden costs.
Missing an EMI payment can result in late payment charges, higher interest charges and a negative impact on your credit score. Repeated missed payments can lead to loan default and possible legal action from the lender.
Used Car Loan Services Across All Major Districts of Karnataka – Instant Approval
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