Common questions regarding used car loan answered - Car Loan Blog - Tata Capital

Answering some Common Questions about Used Car Loan from Tata Capital

Mar 02, 2017

So you are looking to purchase a used car on finance? Then you are in for luck because these days, many financial institutions are keen to lend to car buyers (both new and old). Due to increasing number of players in the space, the eventual benefit is that to the borrower who gets used car loans on competitive rates and user-friendly terms and conditions.

In this article, we try to answer some of the common queries about availing used car loans from Tata Capital.

Which cars can be purchased using Used Car Loans?

Almost all passenger and multi-utility vehicles available in India are eligible for financing. The company also funds purchase of imported vehicles, but that is on a case-to-case basis.

Who all can avail Used Loans from?

If you belong to any of the following categories, then you are eligible for taking a loan if you meet other financial criterias:

  • Salaried individuals
  • Self-employed individuals
  • Public and Private Ltd. companies
  • Partnership Firms
  • HUFs and Trusts

What is the loan tenure?

You can get a loan from one year to five years. Also, the age of used Car at loan maturity should not cross 9 years.

What are the car loan loan rates?

Generally, the rates on used cars are more than those on new cars. But the rates are also dependent on factors like cost of funds, customer credentials, credit history, income stability, model of car, loan tenure, downpayment, etc.

How long will it take for processing of loan?

Tata Capital turns around loans applications in one of the least time periods in the industry. After complete submission of the application and documents, the loans are generally approved within 24-36 hours.

Can I get a loan on my existing car?

Yes that is possible. You can get loan on your existing car upto 120% of the existing value of your car.