Used Car Loan

A car or any vehicle sometimes becomes a necessity when it comes to transportation or travel. Whether it is your daily commute to work, or a need to have some form of ready to go transfort for you and your family, many look at car buying the same way they do at home buying, as a necessity.

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Used Car LoanEasily Available by Us

A car or any vehicle sometimes becomes a necessity when it comes to transportation or travel. Whether it is your daily commute to work, or a need to have some form of ready to go transfort for you and your family, many look at car buying the same way they do at home buying, as a necessity. No one can deny that the best way to purchase a vehicle of your own is via a regular car loan.

However, not everyone has the financial capacity to buy a brand new car, even with a loan. For this kind of semi-urban or rural demographic, buying a used car is a much more viable option. A used car in a good condition is significantly more affordable than a new one. And for this purpose, banks and financial companies offer used car loans, wherein one can purchase a used car by applying for a used car loan.

Even though a used car loan is quite similar to a new car loan, there are some key differences between them.

Things to consider in a used car loan.

Rate of interest

The interest rate of a used car loan is slightly higher than that of a new car loan. If the rate of interest for a new car loan is around 11% to 14%, then the rate could be higher at around 14% to 16% for a used car loan.

Percentage of vehicle cost sanctioned

Lenders tend to provide a lower percentage of the cost price for used cars than for new cars. If you apply for a used car loan, you’ll usually get around 60% to 75% of the loan amount sanctioned.

Of course, the sanctioned loan amount alo depends on a lot of other factors like the condition of the used car, the make, model, how much distance it has run etc.

Banks usually only give used car loans for vehicles that are not older than 7 years. Sometimes, if the car is older than 3-4 years, the bank may do a physical inspection of the car before sanctioning a loan.

Model of car

The model of the car is also a major factor when it comes to a used car loan. In case a particular model was discontinued from productions, banks are less willing to provide loans for such vehicles.

Your CIBIL score and credit history.

Like for any other loan, your credit history, CIBIL score, previous loans and repayment history has a huge impact on whether you can get a used car loan or not. Other factors like your income, other liabilities, number of dependents etc are also considered by lenders when deciding on your loan application.

The used car industry in India is flourishing, and it has to do a lot with the affordability of a used car as opposed to a brand new one. You can get a higher variant used car in excellent condition at an almost similar price as a lower variant car that is new.

At Cat-Eye Consultancy, we can help you find the best used car loans so that you too can finally have keys to your dream car.

A used car loan with us means you can enjoy some excellent benefits:

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Kindly furnish the following details if you have any queries regarding any of our services. One of our representatives will contact you shortly with more information related to your query.

Management

CCSPL is backed by professional management and possesses a technological capability through well-qualified and highly experienced personnel. Details of Key person s is mentioned hereunder:

  • Rishi Mohan Rastogi

    A Chartered Accountant passed in the year 2015 and a total work experience of around 10 years. Rishi specializes in Taxation (both direct and Indirect), Management consultancy Services and Financial Consultancy.

  • Suneet Rastogi

    A Chartered Accountant with more than 14 years of total work experience. The total experience of around 14 years has been majorly into banking. He has been dealing into secured SME advances business in all these years with ICICI, RBS and Indusind. In his last assignment he was designated as ZH- BBG, Mumbai for Indusind.

  • Ankur Rastogi

    A Chartered Accountant with more than 14 years of total work experience. The total experience of around 14 years has been majorly into banking, handling Working Capital and Project Loan requirements in SME segment. He has worked in different geographies across India in all these years with ICICI, RBS and Indusind bank. In his last assignment he was designated as ZH- BBG, for Indusind bank.