Now buying a four wheeler is easy, this bank is giving cheap loan on second hand car


new Delhi. Do you have budget constraints to buy a used car? If yes then there is nothing to worry about. You can easily get a pre-owned or used car loan from both public and private banks. Often people think that they can get loan only for buying a new car, but this is not true. Almost all banks offer loans to buy a used car if you meet the eligibility criteria.

Salaried and self-employed can apply for a pre-owned car loan, but the eligibility criteria may differ. Your income along with car valuation and your credit score are taken into consideration by banks before accepting your loan application.

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Pre-owned car loan will be available immediately if you meet the eligibility criteria to apply for the loan. Most banks offer loans up to 95% of the total cost of the car. However, some banks may even pay 100% of the value of your vehicle, if your credit score, income and car condition match the bank’s eligibility criteria. However, some banks may refuse to grant loans for cars older than three years. Therefore, before applying, you should get this information from the bank.

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Two things are important when you apply for a used car loan. One is the eligibility criteria of the applicant and the other is the documents of the car you are planning to buy. If both these things are right then you can get the loan immediately. You can either apply online or visit the nearest bank. It is good to be familiar with all the terms and conditions and to check the total interest you will pay for a particular term loan. You can compare the interest rates of different financial institutions to ensure the best deal. If your credit is 750 or more, you can try to negotiate with the bank to give you the best interest rate.

Tags: auto news, Autofocus, car loan


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