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- Used car loan interest rates
Used car loan interest ratesUnderstand the finer details
When it comes to financing a used car, understanding the interest rates and associated fees is crucial for making informed financial decisions. At CARS24, we offer competitive interest rates and transparent fee structures to help you get behind the wheel of your dream car.
We’ve broken down the pre- and post-sales charges you can expect when applying/availing of a used car loan.
Pre-sales charges
These are expenses and fees that are incurred before the actual sale or purchase of a vehicle. These charges typically include costs associated with the assessment, documentation, and processing of the transaction. Some common pre-sales charges in the context of buying a car or obtaining a car loan include:
2) After 6 months- 5% of the outstanding loan amount + GST
Post-sales charges
These refer to the expenses and fees incurred after the sale or purchase of a vehicle has been completed. These charges may involve various aspects such as ongoing maintenance, taxes, and other costs that arise during or after the vehicle ownership period. Common post-sales charges typically include:
In case of the event of cancellation, interest charges will be borne by the customer. Processing fees, stamp duty, documentation, valuation, and RTO charges are non-refundable charges and would not be waived/refunded in case of loan cancellation. Loan cancellation is allowed within 15 days from the date of loan disbursal.
Collection and legal charges
Note: Charges above are exclusive of GST wherever applicable (unless specified otherwise). The above schedule of charges is subject to revision as per the company's discretion.
Miscellaneous charges & fees
There are certain miscellaneous charges and fees that may apply during a used car loan process. Some of these charges have been listed below.
Some lenders might charge a fee to obtain your credit report, which is used to assess your creditworthiness
Making changes to the loan terms, such as the tenure or interest rate, may incur administrative charges
In case your Equated Monthly Instalment (EMI) payment bounces due to insufficient funds, you may incur a fee
The preparation and notarization of the loan agreement can involve fees
If you miss an EMI payment, there may be a penalty charge applied for each day the payment is overdue
EMI payments beyond the grace period may result in late payment fees
If you decide to repay your loan before the agreed-upon tenure, you might face foreclosure charges. These charges are typically a percentage of the outstanding loan amount
It's crucial to thoroughly review the terms and conditions provided by your lender to understand any additional charges that may apply. CARS24 is committed to transparency and will provide you with a clear breakdown of all charges associated with your used car loan.
Features and benefits of CARS24's used car loans
When you choose CARS24 for your used car financing needs, you can expect a range of features and benefits, including:
CARS24 offers competitive interest rates to make your used car loan more affordable
We believe in transparency, and our loan terms are easy to understand, ensuring there are no hidden surprises
We provide flexible loan options tailored to your financial situation, with varying tenures and repayment structures
At CARS24, we are committed to providing you with a comprehensive understanding of all associated charges and fees, so you know exactly what you're getting into
Our online application process is straightforward and hassle-free, allowing you to apply for a loan from the comfort of your home
We offer a high Loan-to-Value (LTV) ratio, which means you can finance a significant portion of your used car's cost
We understand the urgency of car purchases. That's why we strive for swift loan approval, so you can acquire your dream car without delay
Factors affecting used car loan interest rates
Several factors can influence the interest rates for a used car loan:
Your credit score plays a significant role. A higher credit score often results in a lower interest rate
The overall economic climate and market conditions can impact interest rates
The amount you borrow can affect the interest rate. Larger loans may have different rates
Different lenders have different policies and may offer varying interest rates
The length of your loan term can impact your interest rate. Shorter terms often come with lower rates
A higher Loan-to-Value (LTV) ratio may result in a higher interest rate
The make and model of the used car you intend to purchase can influence your interest rate
Frequently asked questions
Frequently Asked Questions
Can I negotiate the interest rate?
Are there any additional fees associated with the interest rate?
How can I estimate my monthly payments based on the interest rate?
What is the average interest rate for a used car loan?
What is the impact of the age of the car on the interest rate?
Is it mandatory to provide a guarantor when I avail a used car loan?
Can we reduce the car loan interest rate?
- Improve your credit score: Maintaining a good credit score can help you qualify for lower interest rates.
- Leverage a Co-borrower: Adding a co-borrower with a strong credit history can improve your chances of securing a lower interest rate.
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