Why Should I Choose A Used Car Loan?

There are many good reasons why you should take used cars loan. The best one being that you pay an affordable monthly installment to bring home the car of your dreams if you opt for used car loan financing.

  • You get up to 95% of the value of the car in some schemes. A smaller down payment can allow you to reserve your available cash for emergencies.
  • The tenure is flexible and you can repay the car loan for second hand cars in 12-60 months.
  • Interest rates are extremely competitive.
  • The eligibility criteria are simple and most people can avail loans for used cars.
  • The loan is hassle free and guarantees a quick approval and disbursement.
  • The application process is easy, you can even apply online.
  • The documentation is simple.
  • You can take loans ranging from Rs 50,000 to Rs 10 lakhs.
  • You can pre-pay the loan at a nominal charge.

how do you get a loan for a used car?

Getting a used car loan is easy.

Here is the step-by-step process to apply online:

  • Click Apply Now
  • Fill in your details
  • You will get an OTP on your phone
  • Fill in the OTP
  • Choose your location
  • Choose the car model you want
  • Give us your basic details such as date of birth and gender.
  • Click submit
  • Our customer care representative will be in touch as soon as its possible

Alternatively, contact our customer care representative directly for a loan for a used car by:

  • Calling 1800 102 1616
  • Walking into the nearest Muthoot Fincorp Branch
  • Contacting Muthoot Capital representative stationed at your dealer.

How Can I Pay Off My Used Car Loan Faster?

Yes, it is possible to pre-pay your loan for used car. If you have got a bonus or a windfall payment you can close the loan at any time. You pay nominal pre-payment charges to pre-pay the amount taken as finance for your second hand car.

What’s The Longest Term For A Used Car Loan?

You can choose tenures of 12 months to 60 months when you opt to take a car loan for used car from Muthoot Capital. Please do keep in mind that the age of the car should be less than 10 years by the end of the loan tenure. For example, you can buy a car which is just under 5 years old, then you will get finance for a maximum tenure of 5 years or 60 months for this second hand car.

How Much Will Muthoot Capital Loan On Used Cars?

We can offer a loan of up to 95% of the IDV or Insurance Declared Value as a used car loan. The loan amount also depends on the model, age and condition of the second hand car. Your credit history, and past association with us may also determine the amount of loan that can be sanctioned to you.

Is It Better To Buy A Used Car With Cash Or Finance?

Taking finance or paying cash for a second hand car should depend on your budget and requirement. A loan for a used car is considered a better option as it does not burden your finances, and allows you to pay off the cost of the vehicle in easy monthly installments over a certain tenure. If you have a good credit score, you can get a lower interest rate on the used cars loan, making the finance option better.