Easily Finance Your Dream Car with Our Used Car Loan Option

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Approval in Principle

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Features and Benefits of our Used Car Loan

⦿  Seize the Opportunity: Own a quality used car without waiting to save up the full amount (up to 100% of Market valuation).

⦿  Budget-Friendly: Our service makes financing your used car affordable, offering manageable monthly installments or OD Facilities to repay it over time.

⦿  Flexible Options: Choose from various used car models that meet your preferences.

⦿  Immediate Ownership: Now is the time to drive away in your dream used car without waiting years and years to save up.

⦿  Emergency expenses:  A personal loan can help cover unexpected expenses like medical emergencies or car repairs to avoid financial hardship.

⦿  Build Credit: Recurring payments can help build your credit.

Used Car Loan Eligibility Criteria

Used Car Loan Eligibility Criteria form Top Banks :

⦿  Age range: 21-65 years.

⦿  Income: Minimum monthly or yearly earnings.

⦿  Employment: Stable job with experience (1-2 years).

⦿  Credit Score: An ideal score typically ranges from 680 or above.

⦿  Down Payment: A certain percentage of the car’s cost.

⦿  Documentation: ID, address, income proofs, car papers.

⦿  Loan Amount: Based on income and repayment ability.

⦿  Debt-to-Income Ratio: Analysis of current debts.

⦿  Vehicle age: Within 15 years at the end of tenure.

 

For Salaried Individuals

⦿  Age: Generally 21-65 years.

⦿  Income: Minimum monthly or yearly earnings.

⦿  Employment: Stable job with experience (1-2 years).

⦿  Credit Score: Good score, often 680 or higher.

⦿  Down Payment: A certain percentage of the car’s cost.

⦿  Documentation: ID, address, income proofs, car papers.

⦿  Loan Amount: Based on income and repayment ability.

⦿  Debt-to-Income Ratio: Consideration of existing debts.

⦿  Vehicle age: Within 15 years at the end of tenure.

 

For Self-Employed Individuals

⦿  Individuals who are at least 21 years old at the time of loan application and no older than 60 at the end of the loan tenure.

⦿  Individuals who have worked for at least two years, with at least one year with the current employer.

⦿  Individuals with a minimum earning of Rs. 2,50,000 per year, including the income of the spouse/co-applicant.

 

Factors affecting Used Car Loan Eligibility:

Credit Score

⦿  Income Level

⦿  Employment Stability

⦿  Debt-to-Income Ratio

⦿  Age of Car

⦿  Loan Amount Requested

⦿  Down Payment Amount

⦿  Loan Tenure

⦿  Credit History

⦿  Existing Financial Obligations

Documents required to apply for Used Car Loan

⦿  KYC documents (Valid Photo ID Proofs)

⦿  PAN Card

⦿  Last 2 years’ ITR as proof of income

⦿  Salary Slip (latest 3 months)

⦿  Salary account statement (latest 6 months)

⦿  Signature Verification Proof

⦿  Registration Certificate of the Car

⦿  Car Insurance

Calculate Your EMI

Equated Monthly Installment:

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Total Interest Payable:

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Total of Payments (Principal + Interest):

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Used Car Loan Reviews

I recently got a used car loan through CredMart, and I’m extremely happy with the experience. The interest rates were affordable, and the loan process was quick and hassle-free. I was able to buy my dream car without any financial strain. Highly recommend CredMart for used car financing!

Affordable and Hassle-Free Process

Rohit Kumar

CredMart offered me a great deal on a used car loan. The loan amount covered most of the car’s price, and the interest rate was reasonable. The only issue was the documentation process, which took a bit longer than expected. Overall, I’m satisfied with their service.

Good Service, Slightly Lengthy Documentation

Anjali Sharma

CredMart made my dream of owning a car come true. Their used car loan had flexible EMIs and minimal down payment. The customer support team was very helpful and guided me throughout the process. Highly recommend them to first-time car buyers!

Best Decision for My First Car

Ramesh Gupta

The loan approval process was straightforward, and I received the funds quickly to purchase my used car. However, CredMart’s online portal could be more user-friendly for tracking the loan status. Despite that, their overall service was commendable.

Smooth Loan Process, but Could Improve Online Portal

Sakshi Jain

I applied for a used car loan with CredMart, and within a few days, I got the loan sanctioned. The process was smooth, and the staff was very professional. Thanks to CredMart, I now own a great car at an affordable EMI.

Quick and Reliable Service

Amit Khanna

FAQs

A Used Car Loan is a financial product that helps you purchase a pre-owned vehicle by providing funds to cover the cost, with repayment in easy installments.

Both salaried and self-employed individuals with a stable income and a good credit score can apply for a Used Car Loan.

⦿  Competitive interest rates

⦿  Flexible repayment tenure

⦿  Minimal documentation

⦿  Quick loan approval process

The following documents are typically required:

⦿  Identity proof (Aadhar, PAN, Passport)

⦿  Address proof

⦿  Income proof (salary slips, bank statements, or ITR)

⦿  Used car details (registration certificate, insurance)

The loan amount depends on the value of the car, typically covering up to 80%-90% of the car’s assessed value.

The repayment tenure generally ranges from 12 to 60 months, depending on the lender and your financial profile.

Some lenders offer 100% financing, meaning no down payment is required. However, this depends on your credit profile and the car’s value.

Interest rates depend on factors such as your credit score, loan amount, car’s age, and repayment tenure.

Additional charges may include processing fees, prepayment penalties, and late payment fees, which vary by lender.

You can apply online by filling out our application form, or contact our support team for assistance. We’ll connect you with the best lenders offering competitive rates.