What are some tips for getting approved for a used car loan?

Some of the things you can do to ensure you get approved for a used car loan are: Make sure you have a good credit score. Have a down payment ready. Get pre-approved for a loan before you start shopping for a car. Shop around and compare rates from different lenders.

Is it possible to apply for a used car loan online?

Yes, it is possible to apply for a used car loan online. Most lenders have online application processes that are quick and easy to complete.

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Used car loan

Buy your dream car with affordable used car loans

Q: What is a used car loan, and how does it work?

A used car loan is a type of personal loan that is used to purchase a used car. The lender will provide you with a loan amount that is based on the value of the car, your credit score, and your income. You will then repay the loan with interest over a set period of time.

Q: What is the maximum loan amount for a used car loan?

The maximum loan amount for a used car loan will vary depending on the lender. However, most lenders will allow you to borrow up to 100% of the value of the car.

Q: What is the average interest rate on a second-hand car?

The average interest rate on a used car loan is currently around 12%. However, your interest rate will vary depending on your credit score and the lender you choose.

Q: What is the repayment term for a used car loan?

The repayment term for a used car loan is typically between 12 and 72 months. However, some lenders may offer longer terms for older cars.

Q: Can I get a used car loan with a low credit score?

Yes, it is possible to get a used car loan with a low credit score. However, you may have to pay a higher interest rate and borrow a smaller amount of money.

4,000 Cr+ disbursed in loans

any car • any seller •anywhere

Exclusive benefits
with our used car loan

Up to zero down payment

Drive your new car with ease—enjoy up to 100% on-road funding and even up to 120% of the car’s value, making it lighter on your pocket from day 1

Easy steps for used car loan

SWIFT, SIMPLE & SECURE

Share basic details

Enter few personal & address details for us to check eligiblity

Add car details

Customize offer

KYC & E-sign

Amount disbursal

New way to buy used cars
with our used car loan features

Features

Banks

NBFCs

Attractive loan terms

Know your car inside out

Inspection report

Service history

Drive with assurance

Warranty

Service contract

Roadside assistance

Assured buyback

End-to-end digital journey

How to apply for used car loan

Over 80,000+ happy reviews

Thank you, Ved Prakash, for your excellent support. You made the loan process completely stress-free. I truly appreciate the outstanding service I received from LOANS24.

Warren Fernandes

Mumbai

Thank you, Raksha, for making my loan process completely stress-free. The overall experience was fantastic. If you're considering a used car loan, I highly recommend LOANS24!

Ritesh Gholap

Ahmedabad

Shilpa from the finance department was very helpful. LOANS24 provides excellent service. Highly satisfied!

Rupansh Kapoor

Bangalore

Thank you, Ved Prakash, for your excellent support. You made the loan process completely stress-free. I truly appreciate the outstanding service I received from LOANS24.

Warren Fernandes

Mumbai

Thank you, Raksha, for making my loan process completely stress-free. The overall experience was fantastic. If you're considering a used car loan, I highly recommend LOANS24!

Ritesh Gholap

Ahmedabad

Used car loan EMI Calculator

Loan amount

₹50,000₹50,00,000

Tenure

12 months72 months

Interest rate

10%25%

Your monthly EMI will be

₹31,718

Principal amount

₹15,00,000

Interest @15% p.a.

+ ₹7,83,661

Total amount

₹22,83,661

Eligibility criteria and documents required for a used car loan

Eligibility criteria

Age
18-63 years of age
Employment status
Serving everyone - salaried, self-employed, and pensioners
Minimum income
Minimum income of ₹15,000 per month
Credit score
Credit score of 650 or above

Documents required

Identity proof:
- PAN card (mandatory)
- Aadhar card / Driver’s license / Voter ID / Passport
Address proof:
- Aadhar card / Passport / Voter ID / Driver’s license / Utility bills / Notarised rent agreement
Income proof (optional):
- 6 months’ bank statement
- 3 months’ salary slips or equivalent business proof
Vehicle documents:
- Vehicle registration number/registration certificate (RC)

Used car loan interest rate and charges

Buying a car is a big monetary decision. We offer low-interest rates and minimal charges to ease your purchase. You can look at our different types of fees and charges.