Planning to buy used car on loan? Here're interest rates offered by banks

Topics used car loans | loans | Auto loan

  • The interest rate charged on a used car loan is higher than on a loan taken to buy a new car.
  • The loan amount that lenders sanction is also less in this case.
  • When you take a new car loan, you could get as much as 90 per cent of the value of the car as loan, sometimes even 100 per cent.
  • The amount given in a used car loan is lower, usually 70-85 per cent of the cost of the car.
  • A used car may be cheaper than a new car, but the loan taken to buy it is not.

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel