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Finance a certified pre-owned car from an organised dealer, with funding up to 85% of the valued price.
Buying a used car from an organised dealer is the easiest route to finance, because the paperwork is already in order and the lender has usually dealt with that dealer before.
Typically 70% to 85% of the lender's valuation, not of the price on the windscreen. The valuation is set by an independent inspection of the car's condition, its model year and its kilometres run. If the dealer's asking price is well above the valuation, you cover the difference yourself.
Most lenders fund cars up to eight to ten years old at purchase, and require the loan to close before the car turns twelve. So a six-year-old car will not get a seven-year loan, no matter how strong your profile is. Plan the tenure around the car's age, not around the EMI you want.
A used car depreciates faster in absolute terms, is harder to value accurately, and is harder to sell if it has to be repossessed. Indicative rates are 8.15% p.a. for a used car and 7.45% p.a. for a new car. Final rates depend on the lender and your profile.
That the RC is clear of any existing hypothecation. Ask for the No Objection Certificate from the previous financier if the car was ever financed. Also verify the insurance history and any accident claims, because a car with a major claim is worth materially less.
We get the valuation done early so you know the real funding number before you pay a token amount, and we check the RC and hypothecation status before the file goes in.
Of the lender's valuation, so a realistic valuation matters more than the sticker price.
Organised dealers keep the RC, insurance and service history in order, which is why these files move faster.
The inspection protects you as much as the lender. It is an honest second opinion on what the car is worth.
Manufacturer-certified pre-owned cars often attract better rates, because they come with a warranty and a verified history.
| Car age | Usually up to 8 to 10 years at purchase, and under 12 years when the loan closes |
|---|---|
| Funding | 70% to 85% of the valuation, not of the asking price |
| Age of applicant | 21 to 60 years |
| Monthly income | From ₹20,000 net |
| Credit score | 700 and above. Below that, funding is possible but at a much higher rate. |
These are typical criteria. Individual lenders vary, and we will tell you which ones are flexible on your particular case.
You do not need any of these to enquire. We only ask for documents once we know which lender we are approaching.
Pre-filled with this product's own rate band and limits.
Pre-filled with the indicative rate band for Used Car Loan from a Dealer. Move the sliders to match your own case.
Ten lakh fifty thousand
3 yr 6 mo
Your monthly EMI
₹28,819
for 3 yr 6 mo
These numbers are indicative. Your actual offer depends on the lender. Most loans in India are floating rate, so the EMI can change when the RBI moves rates.
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