₹
Sorry
This video does not exist.
| Period | Payment | Interest | Balance |
|---|
Check Eligibility to Apply for Instant Loans, Credit Cards | Doloans
Used Car Loan
Apply for Used Car Loan
EMI Calculator :
Car Loan Features
- Loan of up to ₹ 47 Lakh
- 3 Unique Variants
- Tenure of up to 72 months
- Minimal Documentation
Features and Benefits of our Used Car Loan
Used Car Loan Eligibility and Documents
Read on to know the criteria required to apply for our Used Car Loan.
Used Car Loan Eligibility
Used Car Loan Eligibility Criteria for Top Banks :
Used Car Loan Eligibility for Salaried Individuals/Self-Employed Individuals
Factors affecting Used Car Loan Eligibility :
- Credit Score
- Income Level
- Employment Stability
- Debt-to-Income Ratio
- Age of Car
- Loan Amount Requested
- Down Payment Amount
- Loan Tenure
- Credit History
- Existing Financial Obligations
Documentation for Used Car Loans
You will be asked to submit papers suggested by your lender to show your eligibility and competence for a used Car Loan. To begin the Loan procedure, keep the following documents on hand to obtain a Loan as soon as possible.
List of Documents Required
EMI Calculator for Used Car Loan
An EMI calculator is a useful tool that can help you estimate the monthly installments you will have to pay towards your used Car Loan within a specific period. By using the DoLoans EMI calculator, you can calculate your EMI beforehand, which can help you plan your finances better. Additionally, you can check your eligibility and compare different Loan options using DoLoans used Car Loan calculator.
Using a used Car Loan EMI (Equated Monthly Installment) calculator can help you estimate your monthly Loan repayment amount. Follow these steps to use a used Car Loan EMI calculator effectively :
- Enter Loan amount, interest rate, tenure.
- Click Calculate.
- View EMI, total interest, repayment.
- Adjust tenure if needed.
- Consider extra costs.
- Check budget compatibility.
- Confirm with the lender before finalizing.
How is used Car Loan EMI Calculated?
used Car Loan EMI (Equated Monthly Installment) is calculated using the following Compound Interest formula :
EMI = [P * r * (1 + r)^n] / [(1 + r)^n – 1]
Where:
EMI = Equated Monthly Installment
P = Loan principal amount
r = Monthly interest rate (Annual interest rate divided by 12, expressed as a decimal)
n = Loan tenure in months
Fees and Charges for Used Car Loan
The fees and charges of used car loans usually vary from lender to lender and from case to case. The aforementioned table will give you a fair idea of the fees and charges related to used car loans :
|
Particulars
|
Charges
|
|---|---|
|
Loan Processing Fees
|
0.5% to 4% of Loan Amount
|
|
Loan Cancellation
|
Usually around Rs 3,000
|
|
Stamp Duty Charges
|
As per actuals
|
|
Legal Fees
|
As per actuals
|
|
Penal Charges
|
Usually @ 2% per month; 24% p.a.
|
|
EMI / Cheque Bonus
|
Around Rs 400 per bounce
|
Other fees and charges that lenders may levy on your personal loan include documentation charges, verification charges, duplicate statement charges, NOC certificate charges and swap.
Used Car Loan Reviews
I wanted to buy a car to travel daily from office to work but was not having enough money to make the down payment due to less savings but thanks to DOLOANS they got me a car loan for 90% of the car value with the best interest rate going on in the market.
Shivansh Bhagde
I had taken a personal loan with the help of DOLOANS by which I was very impressed. Now I was planning to buy a car from sometime so as it was finalised, I very much knew whom to contact for applying my loan as they are the experts in the loan industry and be it any loan they get the work done for you.
Shreyansh Bakliwal
During my business loan I was not aware of DOLOANS and hence a normal part time agent handled all my loan procedure. He made that procedure so much complicated that I got fedup dealing with him and also he charged me a hefty amount for getting the loan disbursed, but at the time of my car loan I read about DOLOANS and approached them. The loan not only got disbursed in a 4 days but also I wasn’t charged a penny from them.
Ronit Rane
Getting a used car loan can be daunting task because of the never-ending documents required by the lender but thanks to the checklist provided by DOLOANS on their website I was able to arrange all the documents so quickly and submit it to the lender.
Disha Shinde
FAQs on Used Car Loans
What's a used car loan?
It’s money you borrow to buy a used car and then repay in installments.
How does a used car loan work?
You get the loan, buy the car, and then pay back the loan with interest over time.
What's the loan term?
It’s how long you have to repay the loan, often a few years.
Can I get a used car loan for any car?
Generally, yes, but lenders might have rules about car age and condition.
What's a down payment?
It’s a part of the car’s cost you pay upfront, and the rest is covered by the loan.
Do I need a good credit score?
A good score helps, but some lenders might work with lower scores too.
What's the difference between a new and used car loan?
Used car loans are for pre-owned cars, while new car loans are for brand-new cars.
Can I pay off the loan early?
Yes, you can usually pay it off sooner, but check if there are any extra fees.
What happens if I can't make my car loan payments?
If you miss payments, it can negatively impact your credit score, and the lender might repossess the car. Contact your lender immediately if you’re facing financial difficulties.
Should I get pre-approved for a car loan?
Yes, pre-approval provides you with an estimated loan amount and interest rate, helping you shop for a car within your budget and potentially negotiate better terms.