Get the Tata Capital App to apply for Loans & manage your account. Download Now

Blogs SUPPORT
Loans For You
Loans for Business
Investment
Insurance
Apply

Quick Links for loans

Quick Links for Insurance

Investment

Offers Quick Pay
Back

Equipment Finance

Avail Digital Equipment Loans
up to Rs. 1 Crore

  • Attractive ROIs
  • Customizable Loan tenure
Know More
Back

Equipment Leasing

Avail Leasing solutions
for all asset classes

  • Up to 100% financing
  • No additional collateral required
Know More
Back

New Commercial Vehicle Financing

  • First time user
  • Retail and strategic Clients
Know More
Back

Used Commercial Vehicle finance

  • Repurchase
  • Refinance
  • Top up
  • Balance Transfer
Know More
Menu  
 
Apply Now

Tata Capital > Blog > Top Benefits of Used Car Loan

Loan for Vehicle

Top Benefits of Used Car Loan

Top Benefits of Used Car Loan

Getting behind the wheels of your own car is a great feeling. But finding the right car that fits your budget and aspirations is not a cakewalk. Apart from buying a house, your car might be the most expensive purchase you make. It therefore makes sense to consider a used car rather than a new one.

Know More About Used Car Loan

This is especially true keeping in mind the associated charges, consequent expenditure, and depreciation value. A used car will save you from burning a hole in the pocket as well as from compromising on the quality.

Today, the used-car market in India is flourishing, thanks to their affordability and easy availability of used car finance. Survey reports say that for every 100 new cars sold, 220 old cars arrive in the market for sale annually and the number is around four million units. Plus, the arrival of organized companies in the market has augmented people’s preference in used cars as they ensure that the used cars are certified and well-maintained.

Why Used Car Loan?

Do you want to buy a pre-owned car without making it a troublesome and costly affair? A Used car loan can exactly help you with that. Even with budget constraints, you can now easily raise yourself to the status of car-owners for it is a very pocket-friendly option compared to its new car alternative. The depreciation rates, as well as the insurance costs of a used car, are lower than in a new car.

How to Get a Used Car Loan in India?

Availing a second-hand car loan is simple and convenient. First and foremost, check for the eligibility criteria. According to most NBFCs like Tata Capital, you need to be in the age group of 21-65 years with a minimum monthly salary of INR 20,000 and one-year job experience. Along with the application form, you need to submit documents for verification of your credentials. Once settled, the loan will be consigned to your car dealer and you will get your car thereafter.

Benefits of Used Car Loan from Tata Capital

With Tata Capital, your desired vehicle is just a few effortless steps away. What makes it an ideal choice for people seeking for a used car loan? Let’s see below.

  • High Loan Amount
    To buy a second-hand car, you may avail a loan as high as INR 50 lakhs.
  • Unmatched Interest Rates
    Though interest rates for used cars are higher owing to the risks associated for both the buyer and the lender, those offered by Tata Capital are unparalleled. While most lenders opt for around 65-80% of the estimated value of the purchased car as their down payment, Tata Capital lends Used Car Loan interest rates up to 95% of the value.
  • Flexible Terms
    It offers flexibility as it lets you decide on your loan amount, loan tenure and EMI period. You can also opt for a payment method as per your convenience: it can be post-dated cheques, online payment or ECS (Electronic Clearance Service), an auto-debit facility where the EMI is routinely subtracted from your bank account.
  • Minimum Paperwork
    For a used car loan, almost the entire process can be conducted on the online platform. The only paperwork that needs to be submitted at a branch is the application form for the loan. Even the document required is very basic and minimal, making the entire loan application process hassle-free.

Besides, you get speedy approvals once the application and document have been verified.

New cars might smell great; however, from the initial value to the long-term spending to loan availability, buying a used car is the best economical option you can avail. With the availability of more trustworthy financial options, you can now obtain cars at cheaper rates. All you need to make sure is that you are buying your vehicle from a reputed dealer along with a warranty.

Apply Now

Your Smooth Ride Awaits: Take a Quick and Easy Vehicle Loans!

Apply now
Popular Searches
safest car in india car down payment pdi full form tax benefit on car loan pdi checklist best cng mileage car sedan cars under 10 lakhs what is adas top rated electric cars best sedan cars in india
Disclaimer

Most Viewed Blogs

Trending Blogs

Calculator

Personal Loan EMI Calculator

Personal Loan EMI Calculator
Home Loan EMI Calculator

Home Loan EMI Calculator
Business Loan EMI Calculator

Business Loan EMI Calculator
Used Car Loan EMI Calculator

Used Car Loan EMI Calculator
Two Wheeler Loan EMI Calculator

Two Wheeler Loan EMI Calculator
Loan Against Securities Calculator

Loan Against Securities Calculator
Loan Against Property Calculator

Loan Against Property Calculator
More Tools
Our Subsidiaries
Our Other Websites

Useful Links and Resources

Most Important Terms & Conditions - Home Loans

Download in your preferred language

Download

Policies, Codes & Other Documents

Most Important Terms & Conditions - Home Loans

Download in your preferred language

Download

Tata Capital Solutions & Services

Uh oh, something went wrong

Please try again later.