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Used Car Loan .pdf

Original filename: Used Car Loan.pdf
Title: Used Car Loan
Author: prasad.v

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Used Car Loan

What is Used Car Loan??
• A short-term loan in which the borrower's car
title is used as collateral. The borrower must be
the lien holder (i.e. own the car outright). Loans
are usually for less than 30 days. If the loan is not
repaid, the lender can take ownership of the car
and sell it to recoup the loan amount.
These loans are also known as "auto title loans"
or just "title loans".

Benefits of Used car loan..
• Lowest down payment
• No income documents required
• Stability in EMI repayment, not affected by fluctuating
market rates
• Buying a used car won't hurt your pocket that much. It will
definitely be very cheap compared to a brand new model.
So, in the same amount as that of a new car one can get
higher range models, or maybe a luxury edge.
• The depreciation in used car is considerably less than that
of a new car. So, it retains most of its original value when
you want to resell it.
• The insurance costs for a used vehicle are less.

Eligible Documents

Application formKYC
Identity ProofAddress
Age Proof
Bank Statements
Latest Salary Slip / Form 16 Income Tax returns of 2 previous
financial years along with complete financial/audit report.

• How much loan will I be eligible for?
Ans. A lot of financial institutions offer up to 90 per cent of the car value as auto loan.
However, the final value might vary with lender. They check factors such as vehicle
cost, type and value in second hand market while deciding the amount of loan to
offer. Some banks might even lend 100 per cent of the car value.
• What are the documents required and what is the processing time?
Ans. Like any other product, you would require to submit your identity, address and
income proofs along with the loan application. After submission of the documents,
it takes about 3-7 days for processing the loan and getting it sanctioned.
• Can interest rates be negotiated?
Ans. Yes, interest rates for car loans are not fixed. They can be negotiated. If you are
loyal customer to a bank and have made regular payments for previous loan(s),
they might consider and revise the existing interest rate for you.

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