For most of us, owning a car is a tremendous dream come true. While buying a new car is typically out of reach for most people, used cars can help you achieve your automotive goals.
While most of us are aware that we can get finance easily while purchasing a used car. But an interesting part which most of us don’t know is we can also Re-Finance our existing vehicle or in simple terms, we can get money by hypothecating the car that we already own.
The rate of interest for applying for a used car loan in India is approximately as low as 12%-16%. Based on the borrower’s credit rating, he can take up a car loan for 90% to 100% of the car’s market price while he is buying a used car. Nowadays many public sector banks in India also provide used car loans at an affordable rate of interest. However, while applying for a used car loan, it is critical to check availability and make the necessary safeguards.
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