The current used car loan interest rate starts from as low as 13%* and varies according to the customer profile (T&C apply). The rates are dependent on the different schemes that are active at the time and other variables like model, age and condition of car, your credit history and the type of car you want to buy.
Category: Used Car Loan Interest Rate
What’s the lowest interest rate on a used car loan?
The lowest used car loan rates is 13%* (T&C apply). You can contact our customer care representative to help you know the lowest interest rate that will be charged for the second hand car you are planning to buy.
How can i lower my interest rate on my used car loan?
There are some easy ways to lower the interest rate for your used car. The best way is to have a good credit history which will give you a higher CIBIL score. A higher score means a lower interest rate. You need to have a good CIBIL score to avail the loan and get a low loan interest rate on your second hand car.
Are interest rates higher on used cars loan
When compared to interest rate on brand new models and cars, yes, the used car loan interest rate is slightly higher. The main reason for this difference is the car vintage which signals more services. However, if you are buying a two-year old car as compared to a seven-year old car, the interest rate will be lower.
