Pre Owned Car Loan Features & Benefits
A pre-owned car loan is your gateway to safety and security that a four-wheeler offers. You will be the owner of an all-weather vehicle that can be driven in rain or sunshine. Give your family the comfort they deserve with EarnWealth quick and easy used car finance. Our second hand car loan helps you get a vehicle without having to bear the entire cost.
You can get a pre-owned car loan from our lending partners by conveniently applying for your loan application online.
Enjoy repayment options of up to 84 months on your used car loan.
Loan Amount up to 125%* of the vehicle’s value.
Since the vehicle is hypothecated to our lending partner , you do not have to offer any additional collateral.
EarnWealth used car loan comes with a fixed rate of interest; which means that you don’t need to worry about any increase in your monthly instalments.
In order to find out if you meet our used car loan eligibility, you have to fulfil only a few conditions which will help us process your application.
It just takes a few minutes to apply for used car loan online with EarnWealth. A EarnWealth representative will call you once you have submitted your details on the website.
Drive away in your favourite car after the used car loan application process is completed.
Q. What amount can I expect in terms of the car loan?
Ans. The funding amount differs from one bank to the other, and depends on various conditions including the characteristics of your car and loan requirements. However, the minimum loan amount will be equal to Rs.1, 00,000 in most cases.
Q. Can I get a loan for the entire cost of my car?
Ans. In most cases, banks provide only 80% to 90% of the total cost of the vehicle in the form of a car loan. However there are a few banks that may cover the entire cost of the car or even go upto 125% of the vehicle's value. Make sure you compare the available offers carefully before finalizing your loan option.
Q. What are the conditions involved if I wish to pre-pay the entire loan amount?
Ans. Banks offer an option of prepaying the entire car loan amount and save on vital interest payments in the future. However, most banks allow pre-payment only after the completion 6 months of the loan tenure. Also, a small fee in the form of pre-payment penalty will be chargeable by the bank.
Q. I negotiate on the loan interest rate?
Ans. EarnWealth gives it's customers, 360(Degrees) solution to your loan requirements and work out the best possible offer for you.
Q. What car loan repayment tenures are commonly available?
Ans. Commonly, all banks offer repayment tenures ranging from 12 months to 84 months depending upon the loan amount and customer's repayment capabilities.
Q. Is a guarantor mandatory for a new car loan?
Ans. No, generally a guarantor is required only if you are unable to meet one or more of the eligibility criteria specified by our lending partners.
Q. Which cars are financed by the car loan institutions in India?
Ans. All small to medium sized cars, Sports Utility Vehicles (SUV) and Multi Utility Vehicles (MUV) come under the car loans finances available in India. However, there may be exceptions, enquire about the same at the time of car loan application or refer to the loan brochure.
Q. Can I borrow an additional loan over my allotted second-hand car loan?
Ans. A number of banks offer refinancing option or borrowing an additional loan over an allotted second-hand car loan. The value of the car can be redeemed into cash to meet your immediate monetary requirements. Ideally, 80%- 85% of the vehicle's value can be availed.