With the cooling down of Corona, the second hand car market has shone. People are now making some distance from public transport to avoid infection. The trend of private mobility has increased among the common people. Therefore, the market of second hand car (Pre owned car) has also increased. The shortage of raw materials and semiconductors has affected the production of new cars. Therefore, almost all the car manufacturing companies have increased their prices. Hence the demand for second hand (used) cars has increased. If you want to take a loan to buy second hand, then you can easily get loan on it from banks.
Do research before taking loan
One thing must be kept in mind while deciding to take a loan for a second hand car. That is, loan rates for a used car are higher than the interest rates for a new car loan. Therefore, it is necessary to know the EMI of the loan in different banks. Loan against used car, depends on how old the car is. Most banks do not give loans for the purchase of cars that are eight to ten years old. Some banks give loans on cars that are three to four years old, while some may give loans on cars that are five years old. Banks usually approve loans only 75 to 85 percent of the full cost of the car. The rest of the amount has to be paid by the customer as down payment.
Car loan processing fee
Car loans also attract processing fees. Every bank has different terms and conditions for giving loan, so the customer has to apply keeping this in mind as well. Here is a list of EMIs of 3 years on a loan of 7 years for you. You can compare them and apply for the loan. Loan rates are taken from BankBazaar.com.
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