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Used car loan eligibilityEverything you need to know
If you're eyeing that dream car or contemplating upgrading your current ride, a used car loan can be your key to making it happen.
However, before you embark on this exciting journey, it's essential to understand the eligibility criteria, necessary documentation, and other vital aspects of securing a used car loan.
Eligibility criteria for used car loan
AgeTo apply for a used car loan, you typically need to be at least 21 years old. Generally, there is an upper age limit of 65 years, at the time of loan maturity
Employment statusWe prefer applicants who have been employed for a minimum period of six months to a year, and provide funding to salaried professionals,self-employed individuals, and pensioners
Minimum incomeYour income plays a pivotal role in determining your eligibility. We have a minimum income requirement of ₹15,000 that you must meet to qualify
Credit scoreYour credit score reflects your creditworthiness. There is usually a minimum credit score requirement for used car loans, but a score of 650 or higher is recommended
Avg. quarterly balanceThe minimum average quarterly balance needed in your bank account is ₹1,000 to become eligible for a used car loan
Documents required for used car loan
You'll need to provide documents to prove your income, such as salary slips, or income tax returns
Last 6 months bank statement for your primary account where you receive your income
You’ll have to give a copy of your PAN card during the loan approval process
Documents like your passport, utility bills, or rental agreement serve as valid address proof
This includes your Aadhaar card, passport, voter ID, or any other government-issued identity document (PAN can also be considered as an ID proof)
Know more aboutloan amount, tenure and interest rates
The amount you can borrow for your used car and the tenure of the loan are crucial factors. We offer loans ranging from 70% to 100% (0 Down payment) of the car's value, with repayment tenures typically extending from 1 to 6 years. The loan amount and tenure may vary based on your eligibility.
Why choose CARS24 loans?
Finance it your way!
Customise EMIs with as low as zero down payment and up to 6 year loan tenure starting at 12% ROI
Loan offer in minutes
Check your eligibility and get a loan offer within 2 minutes with minimal documentation
Pan India financing
Coverage across all major indian cities with 15,000+ serviceable PIN codes`
Loans for any car
Get a loan for pre-owned cars up to 14 years of age
Frequently asked questions
Frequently Asked Questions
What are the most common eligibility criteria for a used car loan?
- Minimum age of 21 years.
- Maximum age at loan maturity (usually around 65-70 years).
- Steady employment or a regular source of income.
- A minimum credit score, typically ranging from 650 to 750.
What if I don't meet the minimum credit score requirement?
- Apply with a co-borrower who has a better credit score.
- Work on improving your credit score by clearing outstanding debts and paying bills on time.
What if I don't have a steady income?
- Include additional sources of income or a co-borrower to strengthen your application.
What if I don't have a credit score?
- Start building a credit history by getting a secured credit card or a credit-builder loan.
What is the minimum credit score required for a used car loan?
What are the factors that CARS24 considers when assessing eligibility for a used car loan?
If you have further questions, please do not hesitate to reach out to us on care.loans@cars24.com