Facts about Second Hand Car Loan
Age of the Car Is Crucial
Age and model is the most decisive factors considered by banks for evaluating whether this loan is worthy or not.
In fact the model of this second hand car has a most important role. If that car model production has been discontinued by the automobile company, then chances of getting it finance also decreases.
And also there are many bankers who will take into account of both, the age and the tenure for which you will borrow loan, before sanctioning the loan amount.
“The age of the car and the tenure of the loan combined together would generally not exceed seven years,” says Rajan Pental. So if a car is only 1 year old, you can get a loan for 6 years.
“One would not finance vehicles which are more than 4-5 years old,” says Navneet Kumar Gupta, National Sales Head, Magma Fincorp, as told to ET.
