Used Car Loan
Used car loan is the money obtained by an authorized lender or private sources to buy a second-hand vehicle or used car, as it is famously known. Used car loans usually cover 75% amount of the total expense for the car. Some financial organizations also give up to 90% of the value of the car.
Interest rates for used car loans – 2016
Name of the bank – Used car loan Interest Rate
- HDFC Bank – 14.50% – 17.50%
- Bank of India – 11.20%
- State Bank of India – Up to 3 years – 17.10% & Above 3 years – 17.35%