Used Car Loans
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Used Car Loan
Anybody planning to buy a second-hand car or want to leverage a pre-owned car, can consider availing a used / pre-owned car loan. This is a loan which is offered by taking your car as collateral.
Used car loans is a very useful product which offers an opportunity to a motor vehicle owner to avail a loan up to 200% of the value of the vehicle subject to eligibility.
Though different financers will have their own funding norms, but most of the banks extend these loans in the range of 10-50 lacs for a period of 2- 5 years.
The processing of these loans is relatively very simple and swift with minimal documentation.
Who can avail this loan?
Any individual, salaried or self-employed who has a car or is planning to purchase a pre-owned car.
Any applicant owning a car, can avail this facility.
02. WHAT ARE THE MANDATORY DOCUMENTS REQUIRED IN APPLYING FOR A USED CAR LOAN?
03. WHAT ARE THE TENOR OPTIONS FOR USED CAR LOAN?
04. DO I NEED A GUARANTOR FOR USED CAR LOAN?
05. HOW LONG DOES IT TAKE TO PROCESS THE USED CAR LOAN?
06. DOES THIS REQUIRE CAR VERIFICATION OR VALUATION?
07. WHICH CARS CAN BE FINANCED FOR USED CAR LOAN?
08. HOW CAN THE USED CAR LOAN BE REPAID?
09. CAN I PREPAY MY USED CAR LOAN?
10. HOW DOES CREDIT REPORT IMPACT USED CAR LOAN APPROVAL PROCESS?