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How to get a Used Car Loan?

Now get your Used Car Loan in simple steps. Follow these simple steps to get your loan:

  • Eligibility can be checked online while you are at the dealership
  • Post approval documentation along with application form to be submitted
  • Money transferred to dealer and you have your vehicle

Learn more about Business Loan Eligibility and Required Documents for further details.

How to apply for a used car loan?

 If you’re wondering how to apply for used car loan, here’s how –

  • To get a used car loan, apply online or offline as per your convenience. First, just fill in the loan application form and submit it.

  • Second, gather all basic documents required for verification and either submit them or upload them.

  • We will then verify the authenticity of your documents and determine your eligibility.

  • Once done, your used car loan will be sanctioned and the money will be disbursed. It could take anywhere from 24 to 36 hours for loan disbursal from the time of document submission. 

Application Process

Online Application – Apply for a used car loan online through our website.

Document Submission – Upload the relevant documents required for a used car loan.

Verification – We will verify your documents and check their validity.

Approval – Your used car loan will be sanctioned and the amount disbursed to your bank account.  

 Applying for a used car loan is now easier than ever! The entire application process can be carried out online through our website. All you need to do is fill up basic details, including the loan amount you wish to borrow and the desired loan tenure.  

 When you apply for a used car loan, you need to furnish the standard documents needed to establish your credentials, Identity Proof and Proof of Residence, Income Proof documents, Income Tax Returns (ITR), Trade License, and ownership of business documents relevant to your salary, profession, or business depending upon whether you’re a salaried individual or self-employed individual.

You can easily check online for the list of the used car loan documents required for verification.

 In the third step of the loan application processing – verification – we will verify your used car loan documents to check their authenticity and your credit history to determine your loan repayment capabilities. Once validated, your loan will be sanctioned; however, in case we find your documents to be invalid or discrepancies in your credit report, your used car loan application may be rejected. Meaning, your loan amount will not be sanctioned or disbursed.  

 If all your documents are found to be valid and no discrepancies are found in your credit report, you will receive used car loan online approval. Once your loan has been sanctioned, the loan principal will be disbursed shortly after. However, if your documentation is incomplete or invalid or there are discrepancies in your credit report, your used car loan application will be rejected.  

Ways to Apply

 Want to know how to apply for used car loan? We give you the flexibility to apply for a used car loan in the following ways –

  • Through our website – To quickly and easily get a used car loan, apply online through our website.
  • Phone – Give our customer support team a quick call on our toll free number.

  • Email – Send an email our way and our relationship managers will handle your queries and requests.

  • Virtual Assistant – Our virtual assistant, TIA, is ready 24x7 to guide you in your used car loan application.

  • Offline – Walk into one of our nearby branches and have a one-on-one with our lending experts.

Used Car Loan EMI Calculator

 A used car loan EMI calculator is a free and useful online tool to calculate your used car loan’s EMI value. Simply by entering three inputs – Principal Loan Amount, Rate of Interest, and Loan Tenure, you can have accurate results automatically within seconds.  

ONLINE

Apply for the Used Car Loan online, and get the right kind of vehicle loan approved for you

PHONE

Got a question? Call us on customer care number at 1860 267 6060 from 9 am to 8 pm Monday to Saturday. You can request a call back too.

VIRTUAL ASSISTANT

Don’t have time for someone to address your doubts. We give you real-time answers to all your queries with our 24/7 virtual assistant.

BRANCH

Visit our branch and talk to our lending expert.
Detailed FAQs

 Wondering how to apply for a used car loan with Tata Capital? Well, you can do so online in five simple steps –

  • Online application – The very first step is to fill in the used car loan application form online.

  • Documentation – The next step is to procure all relevant documents based on whether you’re a salaried or self-employed individual and submit them along with the application form.

  • Processing – In this step, the lender will carry out rigorous verification checks to ensure the validity of all documents and your used car loan eligibility.

 

  • Loan Sanctioning – Once convinced of your repayment capabilities and document validity, the lender will give their used car loan online approval by sending you your loan details, which will include the loan amount, rate of interest, and tenure. 

 

  • Loan Disbursement – Finally, the loan amount will be disbursed to your bank account, ready to be used to purchase the car of your choice. 

 

 

 To get used car loan, you will have to pass through several stages. If you wish to apply for a used car loan with Tata Capital, get to know the stages that lead up to loan disbursal –

  • Loan application

  • Document submission

  • Application processing and document verification

  • Loan sanctioning and

  • Loan disbursement 

 No, you cannot change the used car loan tenure once the loan has been disbursed by the lender. Similarly, neither can you change the second hand car loan amount post-disbursal. This is why it is important to make the right choice before loan processing.

All adjustments that you need to make in the tenure and amount can be made before loan application with the help of a used car loan EMI calculator. The calculator allows you to increase or decrease the tenure and loan amount so that you choose an EMI value that suits your budget.  

Generally, you will not be asked for a guarantor when you apply for a used car loan. However, the case may be different if you fail to fulfil the eligibility criteria laid out by your lender. If, for instance, your income is lower than the bar set by your lender, you may need to furnish a guarantor – one who is willing to stand surety for your used car loan approval.  

 Lenders will want to know your credit score when you apply for a used car loan. Since a credit score/ CIBIL Score is assigned based on your credit history, it will give the lender a good idea of whether or not you will be able to repay your loan on time. A score of 750 or above will give you instant pre-owned car loan online approval since you will come off as a low-risk borrower. However, those with a low credit score may be charged high Used Car loan interest rates or be denied loan approval altogether.  

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