Used Car Loan

Buying a car is a big deal. Your process would generally start by fixing a budget, and researching the best cars available for you. Sometimes it may not be possible to buy a new car. Some may opt for a car of their dreams in the form of a used car. 

Once you get a gist of what you are looking for, your next process is finding a dealer who has the car within your set budget. When the time to make the down payment finally arrives, you realise that you are short on funds. 

Giving up on your dream of availing a car is not an option. What you can do is take a used car loan

A loan for a vehicle is a collateral-free loan. Unlike secured motor loans, you will not be asked to hypothecate the car against the used car finance. Being a personal loan, you will not be asked to submit any documents when you are borrowing old car finance

Such a loan is disbursed quickly. You can apply through an online personal loan app, like Finnable. You will need to check your personal loan eligibility to get a vehicle loan for used cars. Once you meet all the eligibility as set by your lender, you will need to upload the documents. 

The turnaround time for the funds  to be credited for such a loan is just a few hours. This means that if you apply for a used car loan today and all the documents are in place, your loan will be sanctioned within 24 hours.

FAQs

Rs. 10 lakhs is the maximum amount you can get as used car finance from Finnable.

When your personal loan is approved, you will be filling out an e-mandate. This e-mandate is an electronic registration that states that the lender has the authorisation to debit the EMI amount directly from your bank account till the end of the loan tenure.

To get a loan to buy a used vehicle, you will need to submit your PAN card, Aadhar card, Salary slip for 1 month, and bank statement for that particular  month.

Your repayment tenure for a car loan is between 6 months to 60 months.

The interest rates for such loans start at 16% and are up to 26% with us at Finnable.

If you are looking to avail yourself of old car finances, you can do so through Finnable’s personal loan app. It’s a simple 3-step process. Once you download the personal loan app from the Play Store:

  • Create your profile by adding your personal and professional details.
  • Set your terms, choose the type of loan, the amount you need as a pre-owned car loan, and the loan tenure.
  • Upload the 3 documents mentioned above. If everything is in place, your loan will be sanctioned within 24 hours.

This is personal loan and, hence, you do not need to provide any security against the loan amount.

Yes, the possibility of getting a  such a loan with a low CIBIL score is available. It is similar to applying for a personal loan with a low CIBIL score.

If you are looking for personal loan, you can apply for one through Finnable for the following reasons

  • Finnable disburses loan amount within 6 hours of document verification. 
  • You can also choose a loan amount of up to Rs. 10 lakhs at affordable personal loan interest rates
  • The documentation required is minimal.
  • 100% digital process.

Upgrade your life!

Apply for a loan at Finnable and live limitlessly