Used car finance refers to the financing options available for individuals looking to purchase a pre-owned or second-hand vehicle. Many people opt for financing when buying a used car, as it allows them to spread the cost of the purchase over time rather than paying the full amount upfront.
Many used car dealerships offer financing options through partnerships with financial institutions. This allows buyers to secure a loan directly at the dealership.
Lenders will require certain documentation, such as proof of income, employment verification, and possibly information about the car you're purchasing.
The Equated Monthly Installments (EMIs) that you will pay will depend on a few key factors.
Banks generally provide funding of 40% to 90% of the value of the car. HDFC offers a maximum of Rs. 50 lakhs. Other banks may give you a loan for up to 48 times your monthly income.