The current used car loan interest rate starts from as low as 8.99*% 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.
The lowest used car loan rates is 8.99*% (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.
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.
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.
When choosing between loan interest rate for a second hand car, you need to keep your future income and predicted interest rates in mind. Both have their advantages and disadvantages. You can contact our customer care representative at 1800 102 1616 or walk into your nearest branch to get clarity on which one would suit you more.