Facts about Second Hand Car Loan
Bangalore: Driving car in a smooth, clear and well light highway road is always a pleasure. Do you own a car or you are planning to buy one? But if you still are not very sure about your driving skills then don’t buy a new car.
Instead buying a second hand or a used car is a more preferable option. You can also take an auto loan for your second hand car.
However, obtaining loans for a “used car” is a bit tough. “The age of a car and its model play a key role in the financing decision for a used car. Loans for used cars on an average cost 3 percent more than that for a new car. You may at best get about 75 percent of the value of the car as loan,” says Rajan Pental, Executive Vice President at HDFC Bank, as quoted by ET.
Prashant Mahesh from ET Bureau has brought down some facts which you must know about loan for a second hand car.
