Car & Use Car Loan is a loan facility extended to people who are interested in buying used cars or pre-owned cars. Used cars offer value for money, slow rate of depreciation, lower insurance and registration charges.Some dreams are considered to be so sacred that they never come true.

Owning a car which will enhance your reputation was one such dream until recent times due to the high price of any vehicle in India. But with easy EMI options and attractive interest rates, banks and NBFCs started offering car loans. These loans are specifically designed to buy a car or any other vehicle for that matter.

By opting to take a car loan, now you can touch the golden dream of owning a car. Many banks and NBFCs also offer Used Car Loans. If you are interested in buying a previously used car or a second hand car, banks will help you in that aspect too.

A used car loan is a type of secured loan. When a borrower wants to buy a second hand or used car, banks and NBFCs give away this type of loan. This type of secured loan is getting popular day by day. Banks and NBFCs are happily willing to give this loan.

By opting for a used car loan, one can buy a car expensive than their budget in less amount. The loan is very flexible and comes with easy EMI policy. When you get a used car loan, you have to keep the car you are borrowing as collateral to the lender until you pay off the loan in full. But meanwhile you can still use your car. Banks give loan on the basis of car's current condition, borrower's financial history, CIBIL score, ability to repay the loan and other debt obligations.

Easy Availability of Loan:

The process of getting a used car loan is much easier and hassle free compared to a new car loan. This is a new type of loan and banks are always willing to avail it to customers. Banks offer customized used car loans with easy EMI plans for customers. Also compared to new car loan, the banks are able to lend lesser amounts to customers. Banks charge very minimal fees for pre-payment of used car loan so the customers can easily pay off the loan faster than required.