You are here : Community » Forums » Finance/Loan & Insurance » finance for used car
Today's Posts | Search Forums | My Messages

finance for used car

#1 14-Nov, 2009 03:40 PM
Manish
Long-termer
Joined Date: 12 Nov 2009
Location: Mumbai
Posts: 216
Likes: 4

Pl advice what is the minimum interest rate offered in the market for used car. planning to buy one. planning to buy 2005 Indica DLS
0 members liked this post
 
#2 15-Nov, 2009 09:27 AM
Pankaj Prasad
Moderator
Joined Date: 29 Sep 2007
Location: Vadodara
Posts: 13628
Likes: 39

Interest for used car would be 4-5% higher than that applicable to new cars.




Honesty is not a Spare Wheel that you pull out when in trouble. It's a Steering Wheel that keeps you on the right path throughout the life's journey.
0 members liked this post
 
#3 04-Dec, 2009 09:08 AM
K V N Rao
Driven
Joined Date: 03 Dec 2009
Location: Hyderabad
Posts: 34
Likes: 0

Hi Manish, 

I am doing some research on Used car loans and as Pankaj suggested the rate is higher for used cars, may vary anywhere from 2 to 5 % on a new car loan interest rate. PSU banks offer better rates (in the range of 8 to 11%) where as pvt. banks offer from 10 to 16%. But the catch with PSU is lot of paper work, rigid rules, lengthy processing times etc but no hidden costs and what u see is what u get. I would suggest u start looking at Vijaya bank or Bank of Baroda for a start. Also note that many PSU don't process loans for cars which are older than 3 years. 

HTH

Rao
0 members liked this post