{"id":133365,"date":"2022-08-12T19:54:00","date_gmt":"2022-08-12T14:24:00","guid":{"rendered":"https:\/\/www.spinny.com\/blog\/?p=133365"},"modified":"2026-02-06T15:44:07","modified_gmt":"2026-02-06T10:14:07","slug":"used-car-loan-everything-you-need-to-know","status":"publish","type":"post","link":"https:\/\/www.spinny.com\/blog\/used-car-loan-everything-you-need-to-know\/","title":{"rendered":"Used Car Loans: Everything You Must Know"},"content":{"rendered":"\n<p><em>\u201cDo I take out a loan on a new car or a pre-owned one?\u201d&nbsp;<\/em><\/p>\n\n\n\n<p><em>\u201cShould I just cough up the cash and sidestep the loan route entirely?\u201d<\/em><\/p>\n\n\n\n<p><em>\u201cHow do I go about applying for a loan?\u201d<\/em><\/p>\n\n\n\n<p>In buying a car, the decisions involved extend well beyond the make and model, the looks or even the mileage or performance.<\/p>\n\n\n\n<p class=\"has-text-align-left\"><strong>Car Loans or Financing<\/strong> is a key part of the car buying story, and the questions about car loans often do not have easy answers.\u00a0So we spoke to some car financing experts who helped us address the most common doubts, questions and myths that surround <strong>used car loans<\/strong>.<\/p>\n\n\n\n<div class=\"wp-block-rank-math-toc-block\" id=\"rank-math-toc\"><h2>Table of Contents<\/h2><nav><ul><li><a href=\"#used-car-loan-vs-new-car-loan-whats-better-for-you\">Used Car Loan vs. New Car Loan: What&#8217;s better for you?<\/a><ul><li><a href=\"#new-honda-city-vs-used-honda-city-save-more-on-a-used-car-as-good-as-new\">New Honda City vs. Used Honda City: Save more on a used car, as good as new \u00a0 \u00a0 \u00a0<\/a><\/li><li><a href=\"#new-hyundai-i-20-vs-used-hyundai-verna-a-car-that-fits-your-budget-vs-a-car-you-aspire-for\">New Hyundai i20 vs. Used Hyundai Verna: \u00a0A car that fits your budget vs. a car you aspire for<\/a><\/li><\/ul><\/li><li><a href=\"#cash-vs-used-car-loan-is-it-better-to-pay-cash-or-finance-a-pre-owned-car\">Cash vs. Used Car Loan: Is it Better to Pay Cash or Finance a Pre-Owned Car?<\/a><\/li><li><a href=\"#how-to-apply-for-a-used-car-loan-in-india\">How to Apply for a Used Car Loan in India<\/a><ul><li><a href=\"#used-car-loan-eligibility\">Used Car Loan Eligibility<\/a><\/li><li><a href=\"#credit-score-and-how-it-affects-used-car-loan-eligibility\">Credit Score and How It Affects Used Car Loan Eligibility<\/a><\/li><li><a href=\"#co-applicants-and-how-they-help-increase-your-used-car-loan-eligibility\">Co-Applicants and How They Help Increase Your Used Car Loan Eligibility<\/a><\/li><li><a href=\"#other-ways-to-improve-your-used-car-loan-eligibility\">Other Ways to Improve Your Used Car Loan Eligibility<\/a><\/li><li><a href=\"#documents-required-for-a-used-car-loan\">Documents Required for a Used Car Loan<\/a><\/li><\/ul><\/li><li><a href=\"#apply-for-a-used-car-loan-knowing-youve-got-the-basics-right\">Apply For a Used Car Loan Knowing You\u2019ve Got the Basics Right<\/a><\/li><li><a href=\"#benefits-of-a-used-car-loan\">Benefits of a Used Car Loan<\/a><\/li><li><a href=\"#conclusion\">Conclusion<\/a><\/li><li><a href=\"#fa-qs-on-used-car-loans\">FAQs on Used Car Loans<\/a><\/li><\/ul><\/nav><\/div>\n\n\n<h2 class=\"wp-block-heading\" id=\"used-car-loan-vs-new-car-loan-whats-better-for-you\">Used Car Loan vs. New Car Loan: What&#8217;s better for you?<\/h2>\n\n\n<figure class=\"wp-block-image aligncenter size-full\"><img fetchpriority=\"high\" decoding=\"async\" width=\"966\" height=\"426\" src=\"https:\/\/spn-sta.spinny.com\/blog\/20220812173443\/New-vs-used-car-loan-image.jpg\" alt=\"Used car loan vs New car loan\" class=\"wp-image-502504\" srcset=\"https:\/\/spn-sta.spinny.com\/blog\/20220812173443\/New-vs-used-car-loan-image.jpg 966w, https:\/\/spn-sta.spinny.com\/blog\/20220812173443\/New-vs-used-car-loan-image-800x353.jpg 800w, https:\/\/spn-sta.spinny.com\/blog\/20220812173443\/New-vs-used-car-loan-image-150x66.jpg 150w\" sizes=\"(max-width: 966px) 100vw, 966px\" \/><\/figure>\n\n\n\n<p>Let\u2019s start with the biggest concern around pre-owned cars: their presumably high rate of interest versus a new car loan. The question you must ask is, \u201c<strong><em>Will this higher rate of interest really burn a hole in your pocket?<\/em><\/strong>\u201d&nbsp;<\/p>\n\n\n\n<p>The interest rate on <strong>used car loans<\/strong> <strong>typically starts at 13%<\/strong> and <strong>could go up to 18.5% <\/strong>depending upon your profile and the age or segment of the car. If you\u2019ve maintained a good credit score, the interest rate for you will most likely be on the lower end of this spectrum. Interest rates on <strong>new car loans<\/strong>, on the other hand, range from approximately <strong>8.5% to 15.5%<\/strong>, subject to your profile and credit score, just like any other loan.<\/p>\n\n\n\n<p>These rates, however, can vary from lender to lender. While people often choose to avail a loan directly from banks and NBFCs, OEMs and used car dealers are now aggressively leveraging their partnerships to offer customers tailored finance solutions that cater to their varying needs.&nbsp;<\/p>\n\n\n\n<p>Now, let\u2019s get straight to the math to bring out the difference between used car loans and new car loans, with two simple examples.<\/p>\n\n\n<h3 class=\"wp-block-heading\" id=\"new-honda-city-vs-used-honda-city-save-more-on-a-used-car-as-good-as-new\">New Honda City vs. Used Honda City: <em>Save more on a used car, as good as new     <\/em> <\/h3>\n\n\n<p>Let\u2019s say you have your eye on the <strong>new Honda City ZX MT<\/strong>, available in your city for<strong> Rs 16 lakh (on-road price)<\/strong>, but you have a budget constraint. The same car driven just 12,000kms in the pre-owned car market comes at <strong>Rs 12 lakh<\/strong>, and hits the sweet spot in your budget. Would you call that a steal? Or would you get cold feet when you\u2019re offered a loan on the <strong>used car at a 13% interest<\/strong>?<\/p>\n\n\n\n<p>Let\u2019s compare that to an <strong>8.5% interest on the new Honda City<\/strong>, and find out whether the difference is worth fretting about.<em> (<\/em><strong><em>Note:<\/em><\/strong><em> Not everyone gets a new car loan at a rate of interest as low as 8.5%: like any other loan, it largely depends on your credit profile and income.)&nbsp;<\/em><\/p>\n\n\n\n<p>To keep the math simple, assume you\u2019re being offered a loan of <strong>Rs 10 lakh<\/strong> for a tenure of <strong>four<\/strong> <strong>years<\/strong> in both cases:<\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter size-full\"><img decoding=\"async\" width=\"966\" height=\"1593\" src=\"https:\/\/spn-sta.spinny.com\/blog\/20220812180316\/Table-1-New-vs-Used-Honda-City.jpg\" alt=\"New Honda City vs Used Honda City loan comparison\" class=\"wp-image-502512\" srcset=\"https:\/\/spn-sta.spinny.com\/blog\/20220812180316\/Table-1-New-vs-Used-Honda-City.jpg 966w, https:\/\/spn-sta.spinny.com\/blog\/20220812180316\/Table-1-New-vs-Used-Honda-City-800x1319.jpg 800w, https:\/\/spn-sta.spinny.com\/blog\/20220812180316\/Table-1-New-vs-Used-Honda-City-931x1536.jpg 931w, https:\/\/spn-sta.spinny.com\/blog\/20220812180316\/Table-1-New-vs-Used-Honda-City-150x247.jpg 150w\" sizes=\"(max-width: 966px) 100vw, 966px\" \/><\/figure>\n\n\n\n<p>With this simple calculation, we\u2019ve uncovered that the <strong>difference in interest paid towards a principal of Rs 10 lakh for a new and <a href=\"https:\/\/www.spinny.com\/used-city-cars\/s\/\">used Honda City<\/a><\/strong>, is just&nbsp; <strong>Rs 1.04 lakh over a period of four years<\/strong>.&nbsp;<\/p>\n\n\n\n<p>And while the difference in your monthly EMI instalment is just <strong>Rs 2179<\/strong>, <strong>you stand to save a total of Rs 4.10 lakh <\/strong><em>(difference in total cost + additional interest earned on down payment saved<\/em>) on the used Honda City that is as good as new.<\/p>\n\n\n\n<p>When you look at the numbers, the seemingly higher rate of interest on used cars doesn\u2019t look like a deal breaker, especially if you love everything else about the pre-owned car, does it? Still not convinced? Let\u2019s dive into yet another example.<\/p>\n\n\n<h3 class=\"wp-block-heading\" id=\"new-hyundai-i-20-vs-used-hyundai-verna-a-car-that-fits-your-budget-vs-a-car-you-aspire-for\">New Hyundai i20 vs. Used Hyundai Verna:<em>  A car that fits your budget vs. a car you aspire for<\/em><\/h3>\n\n\n<p>This time, let\u2019s consider a new <strong>Hyundai i20 Asta 1.2 MT<\/strong>, that\u2019s available for <strong>Rs 9.92 lakh<\/strong> <em>(on-road price) <\/em>in your city. Perhaps the premium hatchback falls within your budget and is the car you like best in that range.&nbsp;<\/p>\n\n\n\n<p>On the other hand, you spot a car you aspire to own in the pre-owned car market &#8211; a mint condition <strong>2020 Hyundai Verna SX<\/strong> that\u2019s hardly driven <strong>25,000km<\/strong> at just <strong>Rs 10.61 lakh<\/strong>. That would be a difference of merely <strong>Rs 69,000<\/strong>.<\/p>\n\n\n\n<p><strong><em>Wouldn&#8217;t you be willing to moderately boost your budget if it gets you the car of your dreams?<\/em><\/strong><\/p>\n\n\n\n<p>In that case, let\u2019s look at the difference when it comes to taking a loan, given the higher rate of interest on used car loans.<\/p>\n\n\n\n<p>We\u2019ll assume your car loan gets approved for <strong>80%<\/strong> of the cost of both the new i20 and the<a href=\"https:\/\/www.spinny.com\/used-verna-cars\/s\/?ref=blog&amp;article=UsedCarLoan\"> pre-owned Verna<\/a>, this time for a tenure of <strong>three years<\/strong>, at an <strong>interest rate of 8.5% <\/strong>and<strong> 13% for a new and used car, <\/strong>respectively:<\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter size-full\"><img decoding=\"async\" width=\"966\" height=\"875\" src=\"https:\/\/spn-sta.spinny.com\/blog\/20220812182016\/Table-2-1.jpg\" alt=\"New Hyundai i20 vs Used Hyundai Verna loan comparison\" class=\"wp-image-502518\" srcset=\"https:\/\/spn-sta.spinny.com\/blog\/20220812182016\/Table-2-1.jpg 966w, https:\/\/spn-sta.spinny.com\/blog\/20220812182016\/Table-2-1-800x725.jpg 800w, https:\/\/spn-sta.spinny.com\/blog\/20220812182016\/Table-2-1-396x360.jpg 396w, https:\/\/spn-sta.spinny.com\/blog\/20220812182016\/Table-2-1-150x136.jpg 150w\" sizes=\"(max-width: 966px) 100vw, 966px\" \/><\/figure>\n\n\n\n<p>What do you see here? For a <strong>mere difference of<\/strong> <strong>Rs 3,547 in monthly loan EMI<\/strong>, and for just <strong>Rs 1.41 lakh more in the total cost over three years<\/strong>, you can own a great quality used sedan instead of a new Hyundai hatchback, if that\u2019s the car you aspire to own.&nbsp;<\/p>\n\n\n\n<p>You could visit any online <a href=\"https:\/\/www.spinny.com\/used-car-loan\/\">loan calculator<\/a>, punch in the numbers for new and pre-owned cars of your choice, and see the difference for yourself.&nbsp;<\/p>\n\n\n\n<div class=\"wp-block-buttons is-horizontal is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-03627597 wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.spinny.com\/used-car-loan\/?referrer=\/used-car-loan\/#EmiInfo\" style=\"border-radius:5px\">CALCULATE YOUR LOAN EMI<\/a><\/div>\n<\/div>\n\n\n<h2 class=\"wp-block-heading\" id=\"cash-vs-used-car-loan-is-it-better-to-pay-cash-or-finance-a-pre-owned-car\">Cash vs. Used Car Loan: <em>Is it Better to Pay Cash or Finance a Pre-Owned Car?<\/em><\/h2>\n\n\n<figure class=\"wp-block-image alignright size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"1160\" height=\"712\" src=\"https:\/\/spn-sta.spinny.com\/blog\/20220812183745\/Cash-Vs-Loan_5-1160x712.jpg\" alt=\"Used car loan illustration\" class=\"wp-image-502524\" style=\"width:422px;height:259px\" srcset=\"https:\/\/spn-sta.spinny.com\/blog\/20220812183745\/Cash-Vs-Loan_5-1160x712.jpg 1160w, https:\/\/spn-sta.spinny.com\/blog\/20220812183745\/Cash-Vs-Loan_5-800x491.jpg 800w, https:\/\/spn-sta.spinny.com\/blog\/20220812183745\/Cash-Vs-Loan_5-1536x943.jpg 1536w, https:\/\/spn-sta.spinny.com\/blog\/20220812183745\/Cash-Vs-Loan_5-150x92.jpg 150w, https:\/\/spn-sta.spinny.com\/blog\/20220812183745\/Cash-Vs-Loan_5.jpg 1600w\" sizes=\"(max-width: 1160px) 100vw, 1160px\" \/><\/figure>\n\n\n\n<p>Let\u2019s move on to another common dilemma car buyers face. You\u2019re all set to close the deal on that gleaming Renault Kwid you got for a great bargain in the used car market. Driven barely 5000km, and costing you just <strong>Rs 4.24 lakh<\/strong>, you think you\u2019re ready to pay for it in cash. But hold on, you might want to take a pause there and give a thought to what I\u2019m going to share next.<\/p>\n\n\n\n<p>Paying in cash could seem like the sweeter deal, and moreover means you\u2019re free from monthly EMIs for the next two to three years. On the contrary, you\u2019ll be emptying your savings account of quite a significant sum of your hard-earned money.<\/p>\n\n\n\n<p>Suppose your bank offers you a used car loan of<strong> Rs 4 lakh<\/strong> at a <strong>13% <\/strong>rate of interest for <strong>three years<\/strong>, you\u2019d probably be inclined to think you\u2019ll end up paying a considerable sum in interest. But let\u2019s consider the money you have in hand. If you choose to finance your car, you can invest this cash in a <strong>fixed deposit (FD)<\/strong> at, say, a <strong>6.5%<\/strong> interest rate for <strong>three years. <\/strong><em>(While an FD is a conservative instrument, there are various instruments that can give you even higher returns.)<\/em><\/p>\n\n\n\n<p>Let me break it down visually for you.<\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"949\" height=\"677\" src=\"https:\/\/spn-sta.spinny.com\/blog\/20220812190907\/FD-vs-used-car-loan-1.jpg\" alt=\"Used car loan vs Fixed deposit\" class=\"wp-image-502532\" srcset=\"https:\/\/spn-sta.spinny.com\/blog\/20220812190907\/FD-vs-used-car-loan-1.jpg 949w, https:\/\/spn-sta.spinny.com\/blog\/20220812190907\/FD-vs-used-car-loan-1-800x571.jpg 800w, https:\/\/spn-sta.spinny.com\/blog\/20220812190907\/FD-vs-used-car-loan-1-150x107.jpg 150w\" sizes=\"(max-width: 949px) 100vw, 949px\" \/><\/figure>\n\n\n\n<p>You see, the math speaks loud and clear for itself. By investing <strong>Rs 4 lakh<\/strong> in a financial instrument <em>(read FD @6.5% p.a. for 4 years)<\/em> rather than spend it upfront on your car, you make a gain of <strong>Rs 1,14,587 <\/strong>in returns, by the end of the investment tenure. At the same time, you\u2019d be a proud owner of the French-made hatchback, having shelled out just <strong>Rs 1,15,088 <\/strong>in interest, at the rate of <strong>13% <\/strong>on your loan amount.<\/p>\n\n\n\n<p class=\"has-text-align-left\">The returns on the fixed deposit not only covers the interest paid towards your loan but also helps you set aside cash for a possible time of need. Thus, we see how financing your vehicle offers you the benefit of paying gradually over time, while you earn more from the cash you have in hand. Moreover, you stand to build up your credit score when you routinely and diligently make your monthly loan payments.<\/p>\n\n\n\n<p>In a recent conversation with Spinny, <strong>Rishi Kant Mishra, Business Head<\/strong> \u2013 <strong>Vehicle Loans, IDFC First Bank Limited<\/strong>, explained in very simple terms how a used car loan is beneficial to many. He said, \u201c<em>Pre-owned car loans allow the customer to spread out the cost of the vehicle over a longer period of time. With banks like ours offering loans up to 100% of the value of the car, the customer is relieved of the hassle of accumulating down-payment and can keep their savings intact. For customers availing a loan for the first time, a pre-owned car loan provides a great opportunity to build a healthy credit score by making timely EMI repayments, which significantly enhances their credibility for a future sanction on their home, business or a personal loan<\/em>.\u201d<\/p>\n\n\n<h2 class=\"wp-block-heading\" id=\"how-to-apply-for-a-used-car-loan-in-india\">How to Apply for a Used Car Loan in India<\/h2>\n\n\n<figure class=\"wp-block-image alignleft size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"1160\" height=\"754\" src=\"https:\/\/spn-sta.spinny.com\/blog\/20220812191718\/Used-car-laon_Vector-2-1160x754.jpg\" alt=\"Used car loan document illustration\" class=\"wp-image-502545\" style=\"width:422px;height:259px\" srcset=\"https:\/\/spn-sta.spinny.com\/blog\/20220812191718\/Used-car-laon_Vector-2-1160x754.jpg 1160w, https:\/\/spn-sta.spinny.com\/blog\/20220812191718\/Used-car-laon_Vector-2-800x520.jpg 800w, https:\/\/spn-sta.spinny.com\/blog\/20220812191718\/Used-car-laon_Vector-2-1536x998.jpg 1536w, https:\/\/spn-sta.spinny.com\/blog\/20220812191718\/Used-car-laon_Vector-2-2048x1330.jpg 2048w, https:\/\/spn-sta.spinny.com\/blog\/20220812191718\/Used-car-laon_Vector-2-150x97.jpg 150w\" sizes=\"(max-width: 1160px) 100vw, 1160px\" \/><\/figure>\n\n\n\n<p>We now come to the most important aspect of used car loans \u2013 how do you apply for one? You may be well informed of the advantages of taking a used car loan by now but let\u2019s look at how you can go about applying for one<em> (assuming you\u2019ve zeroed in on your budget and set your heart on a used car you wish to own)<\/em>: from checking your eligibility to completing your documentation and ensuring quick and efficient disbursals.<\/p>\n\n\n\n<p>&nbsp;<\/p>\n\n\n<h3 class=\"wp-block-heading\" id=\"used-car-loan-eligibility\">Used Car Loan Eligibility<\/h3>\n\n\n<p>With the used car market in India booming in recent times, it has become easier to get used car loans from banks and NBFCs. The first thing lending institutions would look at, however, is your eligibility.&nbsp;&nbsp;<\/p>\n\n\n\n<p>If you are a salaried or self-employed individual between the age of 21 and 65 years, with a steady income and minimum payment capacity, you\u2019re eligible for a pre-owned car loan. However, it is good hygiene to check your eligibility yourself before you formally apply for a used car loan, as it saves you from any unwanted hassle or lost time.&nbsp;&nbsp;<\/p>\n\n\n\n<p>Here&#8217;s a quick overview of the boxes you&#8217;ll need to tick to confirm your loan eligibility:<\/p>\n\n\n<div class=\"wp-block-wptb-table-block\"><div class=\"wptb-container-legacy\" data-table-id=\"502641\">\n    <table class=\"wptb-preview-table wptb-element-main-table_setting-502641\" data-wptb-adaptive-table=\"0\" data-wptb-cells-width-auto-count=\"3\" data-wptb-table-tds-sum-max-width=\"393\" style=\"border-style: solid; border-width: 1px;\" data-table-columns=\"3\" data-reconstraction=\"0\" data-wptb-extra-styles=\"LyogRW50ZXIgeW91ciBjdXN0b20gQ1NTIHJ1bGVzIGhlcmUgKi8=\" role=\"table\" data-wptb-fixed-width-size=\"0\" data-wptb-header-background-color=\"#FFFFFFFF\"><tbody><tr class=\"wptb-row\" style=\"background-color: rgb(255, 255, 255);\"><td class=\"wptb-cell\" data-wptb-css-td-auto-width=\"true\" data-x-index=\"0\" data-y-index=\"0\" style=\"padding: 15px; border-style: none; border-width: 1px;\" colspan=\"3\" rowspan=\"1\"><div class=\"wptb-text-container wptb-ph-element wptb-element-text-1\" style=\"color: rgb(86, 45, 144); font-size: 18px;\"><div class=\"\" style=\"position: relative;\"><p style=\"text-align: center;\" class=\"\"><strong>ELIGIBILITY CRITERIA: AN OVERVIEW<\/strong><\/p><\/div><\/div><\/td><\/tr><tr class=\"wptb-row\"><td class=\"wptb-cell\" data-wptb-css-td-auto-width=\"true\" data-x-index=\"0\" data-y-index=\"1\" style=\"padding: 15px; border-style: none; border-width: 1px;\"><\/td><td class=\"wptb-cell\" data-wptb-css-td-auto-width=\"true\" data-x-index=\"1\" data-y-index=\"1\" style=\"padding: 15px; border-style: none; border-width: 1px;\"><div class=\"wptb-text-container wptb-ph-element wptb-element-text-3\" style=\"color: rgb(74, 85, 104); font-size: 16px;\"><div class=\"\" style=\"position: relative;\"><p style=\"text-align: center;\"><strong>Salaried<\/strong><\/p><\/div><\/div><\/td><td class=\"wptb-cell\" data-wptb-css-td-auto-width=\"true\" data-x-index=\"2\" data-y-index=\"1\" style=\"padding: 15px; border-style: none; border-width: 1px;\"><div class=\"wptb-text-container wptb-ph-element wptb-element-text-4\" style=\"color: rgb(74, 85, 104); font-size: 16px;\"><div class=\"\" style=\"position: relative;\"><p style=\"text-align: center;\"><strong>Self Employed Individuals &amp; Non-Individual Entities<\/strong><\/p><\/div><\/div><\/td><\/tr><tr class=\"wptb-row\"><td class=\"wptb-cell\" data-wptb-css-td-auto-width=\"true\" data-x-index=\"0\" data-y-index=\"2\" style=\"padding: 15px; border-style: none; border-width: 1px;\"><div class=\"wptb-text-container wptb-ph-element wptb-element-text-6\" style=\"color: rgb(86, 45, 144); font-size: 15px;\"><div class=\"\" style=\"position: relative;\"><p><strong>AGE&nbsp;<\/strong><\/p><\/div><\/div><\/td><td class=\"wptb-cell\" data-wptb-css-td-auto-width=\"true\" data-x-index=\"1\" data-y-index=\"2\" style=\"padding: 15px; border-style: none; border-width: 1px;\"><div class=\"wptb-text-container wptb-ph-element wptb-element-text-7\" style=\"color: rgb(74, 85, 104); font-size: 15px;\"><div class=\"\" style=\"position: relative;\"><p style=\"text-align: center;\">21 to 60 years or retirement age at loan maturity<\/p><\/div><\/div><\/td><td class=\"wptb-cell\" data-wptb-css-td-auto-width=\"true\" data-x-index=\"2\" data-y-index=\"2\" style=\"padding: 15px; border-style: none; border-width: 1px;\"><div class=\"wptb-text-container wptb-ph-element wptb-element-text-8\" style=\"color: rgb(74, 85, 104); font-size: 15px;\"><div class=\"\" style=\"position: relative;\"><p style=\"text-align: center;\">25 to 65 years<\/p><\/div><\/div><\/td><\/tr><tr class=\"wptb-row\"><td class=\"wptb-cell\" data-wptb-css-td-auto-width=\"true\" data-x-index=\"0\" data-y-index=\"3\" style=\"padding: 15px; border-style: none; border-width: 1px;\"><div class=\"wptb-text-container wptb-ph-element wptb-element-text-10\" style=\"color: rgb(86, 45, 144); font-size: 15px;\"><div class=\"\" style=\"position: relative;\"><p><strong>MINIMUM INCOME&nbsp;<\/strong><\/p><\/div><\/div><\/td><td class=\"wptb-cell\" data-wptb-css-td-auto-width=\"true\" data-x-index=\"1\" data-y-index=\"3\" style=\"padding: 15px; border-style: none; border-width: 1px;\"><div class=\"wptb-text-container wptb-ph-element wptb-element-text-11\" style=\"color: rgb(74, 85, 104); font-size: 15px;\"><div class=\"\" style=\"position: relative;\"><p style=\"text-align: center;\">INR 1.80 lakh p.a.<\/p><\/div><\/div><\/td><td class=\"wptb-cell\" data-wptb-css-td-auto-width=\"true\" data-x-index=\"2\" data-y-index=\"3\" style=\"padding: 15px; border-style: none; border-width: 1px;\"><div class=\"wptb-text-container wptb-ph-element wptb-element-text-12\" style=\"color: rgb(74, 85, 104); font-size: 15px;\"><div class=\"\" style=\"position: relative;\"><p style=\"text-align: center;\">INR 2.5 lakh p.a.<\/p><\/div><\/div><\/td><\/tr><tr class=\"wptb-row\"><td class=\"wptb-cell\" data-wptb-css-td-auto-width=\"true\" data-x-index=\"0\" data-y-index=\"4\" style=\"padding: 15px; border-style: none; border-width: 1px;\"><div class=\"wptb-text-container wptb-ph-element wptb-element-text-14\" style=\"color: rgb(86, 45, 144); font-size: 15px;\"><div class=\"\" style=\"position: relative;\"><p><strong>DOCUMENTATION<\/strong><\/p><\/div><\/div><\/td><td class=\"wptb-cell\" data-wptb-css-td-auto-width=\"true\" data-x-index=\"1\" data-y-index=\"4\" style=\"padding: 15px; border-style: none; border-width: 1px;\"><div class=\"wptb-text-container wptb-ph-element wptb-element-text-15\" style=\"color: rgb(74, 85, 104); font-size: 15px;\"><div class=\"\" style=\"position: relative;\"><p style=\"text-align: center;\">Latest salary slips, Form 16, bank statement, KYC documents<\/p><\/div><\/div><\/td><td class=\"wptb-cell\" data-wptb-css-td-auto-width=\"true\" data-x-index=\"2\" data-y-index=\"4\" style=\"padding: 15px; border-style: none; border-width: 1px;\"><div class=\"wptb-text-container wptb-ph-element wptb-element-text-16\" style=\"color: rgb(74, 85, 104); font-size: 15px;\"><div class=\"\" style=\"position: relative;\"><p style=\"text-align: center;\">Latest ITRs or financial statements (if applicable), bank statement, KYC documents<\/p><\/div><\/div><\/td><\/tr><tr class=\"wptb-row\"><td class=\"wptb-cell\" data-wptb-css-td-auto-width=\"true\" data-x-index=\"0\" data-y-index=\"5\" style=\"padding: 15px; border-style: none; border-width: 1px;\"><div class=\"wptb-text-container wptb-ph-element wptb-element-text-18\" style=\"color: rgb(86, 45, 144); font-size: 15px;\"><div class=\"\" style=\"position: relative;\"><p><strong>STABILITY&nbsp;<\/strong><\/p><\/div><\/div><\/td><td class=\"wptb-cell\" data-wptb-css-td-auto-width=\"true\" data-x-index=\"1\" data-y-index=\"5\" style=\"padding: 15px; border-style: none; border-width: 1px;\" colspan=\"2\" rowspan=\"1\"><div class=\"wptb-text-container wptb-ph-element wptb-element-text-19\" style=\"color: rgb(74, 85, 104); font-size: 15px;\"><div class=\"\" style=\"position: relative;\"><p style=\"text-align: center;\">Minimum 1 year of continuous employment, or running a business<\/p><\/div><\/div><\/td><\/tr><tr class=\"wptb-row\"><td class=\"wptb-cell\" data-wptb-css-td-auto-width=\"true\" data-x-index=\"0\" data-y-index=\"6\" style=\"padding: 15px; border-style: none; border-width: 1px;\"><div class=\"wptb-text-container wptb-ph-element wptb-element-text-21\" style=\"color: rgb(86, 45, 144); font-size: 15px;\"><div class=\"\" style=\"position: relative;\"><p><strong>ELIGIBILITY&nbsp;<\/strong><\/p><\/div><\/div><\/td><td class=\"wptb-cell\" data-wptb-css-td-auto-width=\"true\" data-x-index=\"1\" data-y-index=\"6\" style=\"padding: 15px; border-style: none; border-width: 1px;\" colspan=\"2\" rowspan=\"1\"><div class=\"wptb-text-container wptb-ph-element wptb-element-text-22\" style=\"color: rgb(74, 85, 104); font-size: 15px;\"><div class=\"\" style=\"position: relative;\"><p style=\"text-align: center;\">Loan eligibility based on income &amp; existing loan obligations<\/p><\/div><\/div><\/td><\/tr><tr class=\"wptb-row\"><td class=\"wptb-cell\" data-wptb-css-td-auto-width=\"true\" data-x-index=\"0\" data-y-index=\"7\" style=\"padding: 15px; border-style: none; border-width: 1px;\"><div class=\"wptb-text-container wptb-ph-element wptb-element-text-24\" style=\"color: rgb(86, 45, 144); font-size: 15px;\"><div class=\"\" style=\"position: relative;\"><p><strong>OTHER IMPORTANT FACTORS&nbsp;<\/strong><\/p><\/div><\/div><\/td><td class=\"wptb-cell\" data-wptb-css-td-auto-width=\"true\" data-x-index=\"1\" data-y-index=\"7\" style=\"padding: 15px; border-style: none; border-width: 1px;\" colspan=\"2\" rowspan=\"1\"><div class=\"wptb-text-container wptb-ph-element wptb-element-text-25\" style=\"color: rgb(74, 85, 104); font-size: 15px;\"><div class=\"\" style=\"position: relative;\"><p style=\"text-align: center;\">Credit score, past repayment history, bank balance, Loan-to-value, car category &amp; age<\/p><\/div><\/div><\/td><\/tr><tr class=\"wptb-row\"><td class=\"wptb-cell\" style=\"padding: 15px; border-style: none; border-width: 1px;\" data-x-index=\"0\" data-y-index=\"8\" colspan=\"3\" rowspan=\"1\" data-wptb-css-td-auto-width=\"true\"><div class=\"wptb-button-container wptb-ph-element wptb-element-button-1 edit-active\"><div class=\"wptb-button-wrapper wptb-size-m\" style=\"justify-content: center;\">            <a href=\"https:\/\/www.spinny.com\/account\/apply-finance\/?ref=blog&amp;article=LoanArticle\" class=\"\">                <div class=\"wptb-button wptb-plugin-button-order-left\" style=\"position: relative; border-radius: 5px; background-color: rgb(237, 38, 79); color: rgb(255, 255, 255); transform: scale(1);\" data-wptb-element-bg-color=\"#ED264FFF\" data-wptb-element-color=\"#FFFFFF\" data-wptb-element-hover-bg-color=\"null\" data-wptb-element-hover-text-color=\"null\" data-wptb-element-hover-scale=\"1\"><p style=\"font-size: 16px;\" class=\"\"><strong>CHECK YOUR LOAN ELIGIBILITY<\/strong><\/p><div class=\"wptb-button-icon\" data-wptb-button-icon-src=\"\" data-wptb-element-hover-bg-color=\"null\" data-wptb-element-hover-text-color=\"null\" data-wptb-element-hover-scale=\"1\" style=\"width: 25px; height: 25px;\"><br><\/div><\/div>            <\/a>        <\/div><\/div><\/td><\/tr><\/tbody><\/table>\n<\/div>\n<\/div>\n\n<h3 class=\"wp-block-heading\" id=\"credit-score-and-how-it-affects-used-car-loan-eligibility\">Credit Score and How It Affects Used Car Loan Eligibility<\/h3>\n\n\n<figure class=\"wp-block-image alignleft size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"955\" height=\"727\" src=\"https:\/\/spn-sta.spinny.com\/blog\/20220812192552\/Credit-Score.jpg\" alt=\"Car loan credit score illustration\" class=\"wp-image-502555\" style=\"width:287px;height:218px\" srcset=\"https:\/\/spn-sta.spinny.com\/blog\/20220812192552\/Credit-Score.jpg 955w, https:\/\/spn-sta.spinny.com\/blog\/20220812192552\/Credit-Score-800x609.jpg 800w, https:\/\/spn-sta.spinny.com\/blog\/20220812192552\/Credit-Score-150x114.jpg 150w\" sizes=\"(max-width: 955px) 100vw, 955px\" \/><\/figure>\n\n\n\n<p>Once the general age and employment criteria checks out for you, the next thing that will be up for consideration is your credit score. Availing any kind of financing for that matter depends largely on your credit score. <strong>A credit score simply tracks your past loan exposure and&nbsp; repayment patterns to reflect your credit worthiness<\/strong>. <\/p>\n\n\n\n<p>If you\u2019re someone who pays your credit card bills on time, and has never skipped an EMI instalment, chances are you\u2019ll have a pretty good credit score, and with it, the power to negotiate the terms on your loan, the principal amount, and its rate of interest, with your finance partner.<\/p>\n\n\n\n<p>On the other hand, a low credit score could translate to a loan rejection, higher interest rates, and generally stricter terms on your loan.<\/p>\n\n\n<h3 class=\"wp-block-heading\" id=\"co-applicants-and-how-they-help-increase-your-used-car-loan-eligibility\">Co-Applicants and How They Help Increase Your Used Car Loan Eligibility<\/h3>\n\n\n<figure class=\"wp-block-image alignright size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"529\" height=\"322\" src=\"https:\/\/spn-sta.spinny.com\/blog\/20220812192956\/Used-car-laon_Vector-4-1.jpg\" alt=\"Car loan agreement illustration\" class=\"wp-image-502563\" style=\"width:287px\" srcset=\"https:\/\/spn-sta.spinny.com\/blog\/20220812192956\/Used-car-laon_Vector-4-1.jpg 529w, https:\/\/spn-sta.spinny.com\/blog\/20220812192956\/Used-car-laon_Vector-4-1-150x91.jpg 150w\" sizes=\"(max-width: 529px) 100vw, 529px\" \/><\/figure>\n\n\n\n<p>If your income is inadequate, or you\u2019re falling short on your credit score, or perhaps, if you wish to increase the limit on your loan, you could consider adding a co-applicant.&nbsp;&nbsp;People who you share a blood relation with can easily become co-applicants given they meet the eligibility criteria of age, income, and credit scores. If both borrowers have a good credit history, it could make your application more attractive, fetch you better interest rates and facilitate a speedy disbursal of your loan.<\/p>\n\n\n\n<p>It is however not a good idea to add a co-applicant if their credit score is lower than yours or if they have a high loan exposure. In such a case, the application is likely to be rejected, even if you are eligible for it as a primary applicant.<\/p>\n\n\n<h3 class=\"wp-block-heading\" id=\"other-ways-to-improve-your-used-car-loan-eligibility\">Other Ways to Improve Your Used Car Loan Eligibility<\/h3>\n\n\n<p>Here are some other ways to improve your eligibility for a used car loan:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Let your financier know if you have any other sources of income apart from your regular salary or business income. For example, income from rent, agricultural income or income from investments.<\/li>\n\n\n\n<li>Consider pre-paying small personal loans\/ other loans taken for consumer durables, or clear your outstanding balance on your credit card. These are short term debts but add up to your obligations and reduce your eligibility.<\/li>\n\n\n\n<li>In the absence of adequate income proofs, financiers also consider your average bank balance to determine your eligibility. Other than your primary account, consider submitting statements of alternate accounts where you transact.<\/li>\n\n\n\n<li>Opt for a step-up loan repayment structure where your monthly instalments increase annually in tandem with increase in your income.<\/li>\n<\/ul>\n\n\n<h3 class=\"wp-block-heading\" id=\"documents-required-for-a-used-car-loan\">Documents Required for a Used Car Loan<\/h3>\n\n\n<p>Finally, keep all necessary documents ready, to speed up the approval on your loan. These requirements will vary depending upon whether you are a salaried or self-employed individual, and can differ from institution to institution. Nonetheless, here&#8217;s a quick list you can refer to:<\/p>\n\n\n<div class=\"wp-block-wptb-table-block\"><div class=\"wptb-container-legacy\" data-table-id=\"502649\">\n    <table class=\"wptb-preview-table wptb-element-main-table_setting-502649\" data-wptb-adaptive-table=\"0\" data-wptb-cells-width-auto-count=\"3\" data-wptb-table-tds-sum-max-width=\"612\" style=\"border-style: solid; border-width: 1px; border-color: rgb(226, 226, 226);\" data-table-columns=\"4\" data-reconstraction=\"0\" data-wptb-extra-styles=\"LyogRW50ZXIgeW91ciBjdXN0b20gQ1NTIHJ1bGVzIGhlcmUgKi8=\" role=\"table\" data-wptb-fixed-width-size=\"221\" data-wptb-horizontal-scroll-status=\"1\"><tbody><tr class=\"wptb-row\"><td class=\"wptb-cell\" data-wptb-css-td-auto-width=\"true\" data-x-index=\"0\" data-y-index=\"0\" style=\"padding: 15px; border-style: none; border-width: 1px; border-color: rgb(226, 226, 226);\" colspan=\"4\" rowspan=\"1\" data-wptb-fixed-width=\"190\"><div class=\"wptb-text-container wptb-ph-element wptb-element-text-1 edit-active\" style=\"color: rgb(86, 45, 144); font-size: 17px;\"><div class=\"\" style=\"position: relative;\"><p style=\"text-align: center;\" class=\"\"><strong>DOCUMENTS REQUIRED FOR A USED CAR LOAN<\/strong><\/p><\/div><\/div><\/td><\/tr><tr class=\"wptb-row\"><td class=\"wptb-cell\" data-x-index=\"0\" data-y-index=\"1\" style=\"padding: 15px; border-style: none; border-width: 1px; border-color: rgb(226, 226, 226); width: 190px;\"><div class=\"wptb-text-container wptb-ph-element wptb-element-text-3\" style=\"color: rgb(74, 85, 104); font-size: 15px;\"><div class=\"\" style=\"position: relative;\"><p style=\"text-align: center;\"><strong>Documents<\/strong><\/p><\/div><\/div><\/td><td class=\"wptb-cell\" data-wptb-css-td-auto-width=\"true\" data-x-index=\"1\" data-y-index=\"1\" style=\"padding: 15px; border-style: none; border-width: 1px; border-color: rgb(226, 226, 226);\"><div class=\"wptb-text-container wptb-ph-element wptb-element-text-4\" style=\"color: rgb(74, 85, 104); font-size: 15px;\"><div class=\"\" style=\"position: relative;\"><p style=\"text-align: center;\"><strong>Salaried<\/strong><\/p><\/div><\/div><\/td><td class=\"wptb-cell\" data-wptb-css-td-auto-width=\"true\" data-x-index=\"2\" data-y-index=\"1\" style=\"padding: 15px; border-style: none; border-width: 1px; border-color: rgb(226, 226, 226);\"><div class=\"wptb-text-container wptb-ph-element wptb-element-text-5\" style=\"color: rgb(74, 85, 104); font-size: 15px;\"><div class=\"\" style=\"position: relative;\"><p style=\"text-align: center;\" class=\"\"><strong>Self-Employed Individuals<\/strong><\/p><\/div><\/div><\/td><td class=\"wptb-cell\" data-wptb-css-td-auto-width=\"true\" data-x-index=\"3\" data-y-index=\"1\" style=\"padding: 15px; border-style: none; border-width: 1px; border-color: rgb(226, 226, 226);\"><div class=\"wptb-text-container wptb-ph-element wptb-element-text-6\" style=\"color: rgb(74, 85, 104); font-size: 15px;\"><div class=\"\" style=\"position: relative;\"><p style=\"text-align: center;\" class=\"\"><strong>Self-Employed Non-Individuals (Partnership firms, companies, LLPs, Societies and Trusts)<\/strong><\/p><\/div><\/div><\/td><\/tr><tr class=\"wptb-row\"><td class=\"wptb-cell\" data-x-index=\"0\" data-y-index=\"2\" style=\"padding: 15px; border-style: none; border-width: 1px; border-color: rgb(226, 226, 226); width: 190px;\"><div class=\"wptb-text-container wptb-ph-element wptb-element-text-7\" style=\"color: rgb(74, 85, 104); font-size: 15px;\"><div class=\"\" style=\"position: relative;\"><p><strong>Application Form<\/strong><\/p><\/div><\/div><\/td><td class=\"wptb-cell\" data-wptb-css-td-auto-width=\"true\" data-x-index=\"1\" data-y-index=\"2\" style=\"padding: 15px; border-style: none; border-width: 1px; border-color: rgb(226, 226, 226);\"><div class=\"wptb-text-container wptb-ph-element wptb-element-text-8\" style=\"color: rgb(237, 38, 79); font-size: 16px;\"><div class=\"\" style=\"position: relative;\"><p style=\"text-align: center;\"><strong>\u2713<\/strong><\/p><\/div><\/div><\/td><td class=\"wptb-cell\" data-wptb-css-td-auto-width=\"true\" data-x-index=\"2\" data-y-index=\"2\" style=\"padding: 15px; border-style: none; border-width: 1px; border-color: rgb(226, 226, 226);\"><div class=\"wptb-text-container wptb-ph-element wptb-element-text-52\" style=\"color: rgb(237, 38, 79); font-size: 16px;\"><div class=\"\" style=\"position: relative;\"><p style=\"text-align: center;\" class=\"\"><strong>\u2713<\/strong><\/p><\/div><\/div><\/td><td class=\"wptb-cell\" data-wptb-css-td-auto-width=\"true\" data-x-index=\"3\" data-y-index=\"2\" style=\"padding: 15px; border-style: none; border-width: 1px; border-color: rgb(226, 226, 226);\"><div class=\"wptb-text-container wptb-ph-element wptb-element-text-53\" style=\"color: rgb(237, 38, 79); font-size: 16px;\"><div class=\"\" style=\"position: relative;\"><p style=\"text-align: center;\" class=\"\"><strong>\u2713<\/strong><\/p><\/div><\/div><\/td><\/tr><tr class=\"wptb-row\"><td class=\"wptb-cell\" data-x-index=\"0\" data-y-index=\"3\" style=\"padding: 15px; border-style: none; border-width: 1px; border-color: rgb(226, 226, 226);\" colspan=\"3\" rowspan=\"1\" data-wptb-fixed-width=\"190\"><div class=\"wptb-text-container wptb-ph-element wptb-element-text-11\" style=\"color: rgb(86, 45, 144); font-size: 15px;\"><div class=\"\" style=\"position: relative;\"><p><strong>KYC<\/strong><\/p><\/div><\/div><\/td><td class=\"wptb-cell\" data-wptb-css-td-auto-width=\"true\" data-x-index=\"3\" data-y-index=\"3\" style=\"padding: 15px; border-style: none; border-width: 1px; border-color: rgb(226, 226, 226);\"><div class=\"wptb-text-container wptb-ph-element wptb-element-text-12\"><div class=\"\" style=\"position: relative;\"><p>KYC for signatories &amp; individual co-applicants<\/p><\/div><\/div><\/td><\/tr><tr class=\"wptb-row\"><td class=\"wptb-cell\" data-x-index=\"0\" data-y-index=\"4\" style=\"padding: 15px; border-style: none; border-width: 1px; border-color: rgb(226, 226, 226); width: 190px;\"><div class=\"wptb-text-container wptb-ph-element wptb-element-text-13\" style=\"color: rgb(74, 85, 104); font-size: 13px;\"><div class=\"\" style=\"position: relative;\"><p class=\"\"><strong>Photographs<\/strong><\/p><p class=\"\"><strong> (Passport Size)<\/strong><\/p><\/div><\/div><\/td><td class=\"wptb-cell\" data-wptb-css-td-auto-width=\"true\" data-x-index=\"1\" data-y-index=\"4\" style=\"padding: 15px; border-style: none; border-width: 1px; border-color: rgb(226, 226, 226);\"><div class=\"wptb-text-container wptb-ph-element wptb-element-text-56\" style=\"color: rgb(237, 38, 79); font-size: 16px;\"><div class=\"\" style=\"position: relative;\"><p style=\"text-align: center;\" class=\"\"><strong>\u2713<\/strong><\/p><\/div><\/div><\/td><td class=\"wptb-cell\" data-wptb-css-td-auto-width=\"true\" data-x-index=\"2\" data-y-index=\"4\" style=\"padding: 15px; border-style: none; border-width: 1px; border-color: rgb(226, 226, 226);\"><div class=\"wptb-text-container wptb-ph-element wptb-element-text-61\" style=\"color: rgb(237, 38, 79); font-size: 16px;\"><div class=\"\" style=\"position: relative;\"><p style=\"text-align: center;\" class=\"\"><strong>\u2713<\/strong><\/p><\/div><\/div><\/td><td class=\"wptb-cell\" data-wptb-css-td-auto-width=\"true\" data-x-index=\"3\" data-y-index=\"4\" style=\"padding: 15px; border-style: none; border-width: 1px; border-color: rgb(226, 226, 226);\"><div class=\"wptb-text-container wptb-ph-element wptb-element-text-60\" style=\"color: rgb(237, 38, 79); font-size: 16px;\"><div class=\"\" style=\"position: relative;\"><p style=\"text-align: center;\" class=\"\"><strong>\u2713<\/strong><\/p><\/div><\/div><\/td><\/tr><tr class=\"wptb-row\"><td class=\"wptb-cell\" data-x-index=\"0\" data-y-index=\"5\" style=\"padding: 15px; border-style: none; border-width: 1px; border-color: rgb(226, 226, 226); width: 190px;\"><div class=\"wptb-text-container wptb-ph-element wptb-element-text-17\" style=\"color: rgb(74, 85, 104); font-size: 13px;\"><div class=\"\" style=\"position: relative;\"><p class=\"\"><strong>Identity proof<\/strong><\/p><\/div><\/div><\/td><td class=\"wptb-cell\" data-wptb-css-td-auto-width=\"true\" data-x-index=\"1\" data-y-index=\"5\" style=\"padding: 15px; border-style: none; border-width: 1px; border-color: rgb(226, 226, 226);\"><div class=\"wptb-text-container wptb-ph-element wptb-element-text-59\" style=\"color: rgb(237, 38, 79); font-size: 16px;\"><div class=\"\" style=\"position: relative;\"><p style=\"text-align: center;\" class=\"\"><strong>\u2713<\/strong><\/p><\/div><\/div><\/td><td class=\"wptb-cell\" data-wptb-css-td-auto-width=\"true\" data-x-index=\"2\" data-y-index=\"5\" style=\"padding: 15px; border-style: none; border-width: 1px; border-color: rgb(226, 226, 226);\"><div class=\"wptb-text-container wptb-ph-element wptb-element-text-58\" style=\"color: rgb(237, 38, 79); font-size: 16px;\"><div class=\"\" style=\"position: relative;\"><p style=\"text-align: center;\" class=\"\"><strong>\u2713<\/strong><\/p><\/div><\/div><\/td><td class=\"wptb-cell\" data-wptb-css-td-auto-width=\"true\" data-x-index=\"3\" data-y-index=\"5\" style=\"padding: 15px; border-style: none; border-width: 1px; border-color: rgb(226, 226, 226);\"><div class=\"wptb-text-container wptb-ph-element wptb-element-text-54\" style=\"color: rgb(237, 38, 79); font-size: 16px;\"><div class=\"\" style=\"position: relative;\"><p style=\"text-align: center;\" class=\"\"><strong>\u2713<\/strong><\/p><\/div><\/div><\/td><\/tr><tr class=\"wptb-row\"><td class=\"wptb-cell\" data-x-index=\"0\" data-y-index=\"6\" style=\"padding: 15px; border-style: none; border-width: 1px; border-color: rgb(226, 226, 226); width: 190px;\"><div class=\"wptb-text-container wptb-ph-element wptb-element-text-21\" style=\"color: rgb(74, 85, 104); font-size: 13px;\"><div class=\"\" style=\"position: relative;\"><p class=\"\"><strong>Address proof<\/strong><\/p><\/div><\/div><\/td><td class=\"wptb-cell\" data-wptb-css-td-auto-width=\"true\" data-x-index=\"1\" data-y-index=\"6\" style=\"padding: 15px; border-style: none; border-width: 1px; border-color: rgb(226, 226, 226);\"><div class=\"wptb-text-container wptb-ph-element wptb-element-text-57\" style=\"color: rgb(237, 38, 79); font-size: 16px;\"><div class=\"\" style=\"position: relative;\"><p style=\"text-align: center;\" class=\"\"><strong>\u2713<\/strong><\/p><\/div><\/div><\/td><td class=\"wptb-cell\" data-wptb-css-td-auto-width=\"true\" data-x-index=\"2\" data-y-index=\"6\" style=\"padding: 15px; border-style: none; border-width: 1px; border-color: rgb(226, 226, 226);\"><div class=\"wptb-text-container wptb-ph-element wptb-element-text-65\" style=\"color: rgb(237, 38, 79); font-size: 16px;\"><div class=\"\" style=\"position: relative;\"><p style=\"text-align: center;\" class=\"\"><strong>\u2713<\/strong><\/p><\/div><\/div><\/td><td class=\"wptb-cell\" data-wptb-css-td-auto-width=\"true\" data-x-index=\"3\" data-y-index=\"6\" style=\"padding: 15px; border-style: none; border-width: 1px; border-color: rgb(226, 226, 226);\"><div class=\"wptb-text-container wptb-ph-element wptb-element-text-64\" style=\"color: rgb(237, 38, 79); font-size: 16px;\"><div class=\"\" style=\"position: relative;\"><p style=\"text-align: center;\" class=\"\"><strong>\u2713<\/strong><\/p><\/div><\/div><\/td><\/tr><tr class=\"wptb-row\"><td class=\"wptb-cell\" data-x-index=\"0\" data-y-index=\"7\" style=\"padding: 15px; border-style: none; border-width: 1px; border-color: rgb(226, 226, 226); width: 190px;\"><div class=\"wptb-text-container wptb-ph-element wptb-element-text-25\" style=\"color: rgb(74, 85, 104); font-size: 13px;\"><div class=\"\" style=\"position: relative;\"><p class=\"\"><strong>Signature proof<\/strong><\/p><\/div><\/div><\/td><td class=\"wptb-cell\" data-wptb-css-td-auto-width=\"true\" data-x-index=\"1\" data-y-index=\"7\" style=\"padding: 15px; border-style: none; border-width: 1px; border-color: rgb(226, 226, 226);\"><div class=\"wptb-text-container wptb-ph-element wptb-element-text-63\" style=\"color: rgb(237, 38, 79); font-size: 16px;\"><div class=\"\" style=\"position: relative;\"><p style=\"text-align: center;\" class=\"\"><strong>\u2713<\/strong><\/p><\/div><\/div><\/td><td class=\"wptb-cell\" data-wptb-css-td-auto-width=\"true\" data-x-index=\"2\" data-y-index=\"7\" style=\"padding: 15px; border-style: none; border-width: 1px; border-color: rgb(226, 226, 226);\"><div class=\"wptb-text-container wptb-ph-element wptb-element-text-66\" style=\"color: rgb(237, 38, 79); font-size: 16px;\"><div class=\"\" style=\"position: relative;\"><p style=\"text-align: center;\" class=\"\"><strong>\u2713<\/strong><\/p><\/div><\/div><\/td><td class=\"wptb-cell\" data-wptb-css-td-auto-width=\"true\" data-x-index=\"3\" data-y-index=\"7\" style=\"padding: 15px; border-style: none; border-width: 1px; border-color: rgb(226, 226, 226);\"><div class=\"wptb-text-container wptb-ph-element wptb-element-text-68\" style=\"color: rgb(237, 38, 79); font-size: 16px;\"><div class=\"\" style=\"position: relative;\"><p style=\"text-align: center;\" class=\"\"><strong>\u2713<\/strong><\/p><\/div><\/div><\/td><\/tr><tr class=\"wptb-row\"><td class=\"wptb-cell\" data-x-index=\"0\" data-y-index=\"8\" style=\"padding: 15px; border-style: none; border-width: 1px; border-color: rgb(226, 226, 226);\" colspan=\"4\" rowspan=\"1\" data-wptb-fixed-width=\"190\"><div class=\"wptb-text-container wptb-ph-element wptb-element-text-30\" style=\"color: rgb(86, 45, 144); font-size: 15px;\"><div class=\"\" style=\"position: relative;\"><p class=\"\"><strong>BANK STATEMENTS&nbsp;<\/strong><\/p><p><\/p><\/div><\/div><\/td><\/tr><tr class=\"wptb-row\"><td class=\"wptb-cell\" data-x-index=\"0\" data-y-index=\"9\" style=\"padding: 15px; border-style: none; border-width: 1px; border-color: rgb(226, 226, 226); width: 190px;\"><div class=\"wptb-text-container wptb-ph-element wptb-element-text-32\" style=\"color: rgb(74, 85, 104); font-size: 13px;\"><div class=\"\" style=\"position: relative;\"><p class=\"\"><strong>Last 3 months bank statements<\/strong><\/p><\/div><\/div><\/td><td class=\"wptb-cell\" data-wptb-css-td-auto-width=\"true\" data-x-index=\"1\" data-y-index=\"9\" style=\"padding: 15px; border-style: none; border-width: 1px; border-color: rgb(226, 226, 226);\"><div class=\"wptb-text-container wptb-ph-element wptb-element-text-69\" style=\"color: rgb(237, 38, 79); font-size: 16px;\"><div class=\"\" style=\"position: relative;\"><p style=\"text-align: center;\" class=\"\"><strong>\u2713<\/strong><\/p><\/div><\/div><\/td><td class=\"wptb-cell\" data-wptb-css-td-auto-width=\"true\" data-x-index=\"2\" data-y-index=\"9\" style=\"padding: 15px; border-style: none; border-width: 1px; border-color: rgb(226, 226, 226);\"><div class=\"wptb-text-container wptb-ph-element wptb-element-text-62\" style=\"color: rgb(237, 38, 79); font-size: 16px;\"><div class=\"\" style=\"position: relative;\"><p style=\"text-align: center;\" class=\"\"><strong>\u2713<\/strong><\/p><\/div><\/div><\/td><td class=\"wptb-cell\" data-wptb-css-td-auto-width=\"true\" data-x-index=\"3\" data-y-index=\"9\" style=\"padding: 15px; border-style: none; border-width: 1px; border-color: rgb(226, 226, 226);\"><div class=\"wptb-text-container wptb-ph-element wptb-element-text-72\" style=\"color: rgb(237, 38, 79); font-size: 16px;\"><div class=\"\" style=\"position: relative;\"><p style=\"text-align: center;\" class=\"\"><strong>\u2713<\/strong><\/p><\/div><\/div><\/td><\/tr><tr class=\"wptb-row\"><td class=\"wptb-cell\" data-x-index=\"0\" data-y-index=\"10\" style=\"padding: 15px; border-style: none; border-width: 1px; border-color: rgb(226, 226, 226);\" colspan=\"4\" rowspan=\"1\" data-wptb-fixed-width=\"190\"><div class=\"wptb-text-container wptb-ph-element wptb-element-text-36\" style=\"color: rgb(86, 45, 144); font-size: 15px;\"><div class=\"\" style=\"position: relative;\"><p class=\"\"><strong>INCOME PROOF<\/strong><\/p><\/div><\/div><\/td><\/tr><tr class=\"wptb-row\"><td class=\"wptb-cell\" data-x-index=\"0\" data-y-index=\"11\" style=\"padding: 15px; border-style: none; border-width: 1px; border-color: rgb(226, 226, 226); width: 190px;\"><div class=\"wptb-text-container wptb-ph-element wptb-element-text-38\" style=\"color: rgb(74, 85, 104); font-size: 13px;\"><div class=\"\" style=\"position: relative;\"><p class=\"\"><strong>Salary slips for the last 3 months \/ Form 16<\/strong><\/p><\/div><\/div><\/td><td class=\"wptb-cell\" data-wptb-css-td-auto-width=\"true\" data-x-index=\"1\" data-y-index=\"11\" style=\"padding: 15px; border-style: none; border-width: 1px; border-color: rgb(226, 226, 226);\"><div class=\"wptb-text-container wptb-ph-element wptb-element-text-71\" style=\"color: rgb(237, 38, 79); font-size: 16px;\"><div class=\"\" style=\"position: relative;\"><p style=\"text-align: center;\" class=\"\"><strong>\u2713<\/strong><\/p><\/div><\/div><\/td><td class=\"wptb-cell\" data-wptb-css-td-auto-width=\"true\" data-x-index=\"2\" data-y-index=\"11\" style=\"padding: 15px; border-style: none; border-width: 1px; border-color: rgb(226, 226, 226);\"><\/td><td class=\"wptb-cell\" data-wptb-css-td-auto-width=\"true\" data-x-index=\"3\" data-y-index=\"11\" style=\"padding: 15px; border-style: none; border-width: 1px; border-color: rgb(226, 226, 226);\"><div class=\"wptb-text-container wptb-ph-element wptb-element-text-40\"><div class=\"\" style=\"position: relative;\"><p><\/p><\/div><\/div><\/td><\/tr><tr class=\"wptb-row\"><td class=\"wptb-cell\" data-x-index=\"0\" data-y-index=\"12\" style=\"padding: 15px; border-style: none; border-width: 1px; border-color: rgb(226, 226, 226); width: 190px;\"><div class=\"wptb-text-container wptb-ph-element wptb-element-text-41\" style=\"color: rgb(74, 85, 104); font-size: 13px;\"><div class=\"\" style=\"position: relative;\"><p class=\"\"><strong>Income tax returns of 2 previous financial years along with complete financials\/audit report<\/strong><\/p><\/div><\/div><\/td><td class=\"wptb-cell\" data-wptb-css-td-auto-width=\"true\" data-x-index=\"1\" data-y-index=\"12\" style=\"padding: 15px; border-style: none; border-width: 1px; border-color: rgb(226, 226, 226);\"><\/td><td class=\"wptb-cell\" data-wptb-css-td-auto-width=\"true\" data-x-index=\"2\" data-y-index=\"12\" style=\"padding: 15px; border-style: none; border-width: 1px; border-color: rgb(226, 226, 226);\"><\/td><td class=\"wptb-cell\" data-wptb-css-td-auto-width=\"true\" data-x-index=\"3\" data-y-index=\"12\" style=\"padding: 15px; border-style: none; border-width: 1px; border-color: rgb(226, 226, 226);\"><div class=\"wptb-text-container wptb-ph-element wptb-element-text-70\" style=\"color: rgb(237, 38, 79); font-size: 16px;\"><div class=\"\" style=\"position: relative;\"><p style=\"text-align: center;\" class=\"\"><strong>\u2713<\/strong><\/p><\/div><\/div><\/td><\/tr><tr class=\"wptb-row\"><td class=\"wptb-cell\" data-x-index=\"0\" data-y-index=\"13\" style=\"padding: 15px; border-style: none; border-width: 1px; border-color: rgb(226, 226, 226); width: 190px;\"><div class=\"wptb-text-container wptb-ph-element wptb-element-text-43\" style=\"color: rgb(74, 85, 104); font-size: 13px;\"><div class=\"\" style=\"position: relative;\"><p class=\"\"><strong>Income tax returns of 2 previous financial years<\/strong><\/p><\/div><\/div><\/td><td class=\"wptb-cell\" data-wptb-css-td-auto-width=\"true\" data-x-index=\"1\" data-y-index=\"13\" style=\"padding: 15px; border-style: none; border-width: 1px; border-color: rgb(226, 226, 226);\"><\/td><td class=\"wptb-cell\" data-wptb-css-td-auto-width=\"true\" data-x-index=\"2\" data-y-index=\"13\" style=\"padding: 15px; border-style: none; border-width: 1px; border-color: rgb(226, 226, 226);\"><div class=\"wptb-text-container wptb-ph-element wptb-element-text-73\" style=\"color: rgb(237, 38, 79); font-size: 16px;\"><div class=\"\" style=\"position: relative;\"><p style=\"text-align: center;\" class=\"\"><strong>\u2713<\/strong><\/p><\/div><\/div><\/td><td class=\"wptb-cell\" data-wptb-css-td-auto-width=\"true\" data-x-index=\"3\" data-y-index=\"13\" style=\"padding: 15px; border-style: none; border-width: 1px; border-color: rgb(226, 226, 226);\"><div class=\"wptb-text-container wptb-ph-element wptb-element-text-45\"><div class=\"\" style=\"position: relative;\"><p><\/p><\/div><\/div><\/td><\/tr><tr class=\"wptb-row\"><td class=\"wptb-cell\" data-x-index=\"0\" data-y-index=\"14\" style=\"padding: 15px; border-style: none; border-width: 1px; border-color: rgb(226, 226, 226);\" colspan=\"4\" rowspan=\"1\" data-wptb-fixed-width=\"190\"><div class=\"wptb-text-container wptb-ph-element wptb-element-text-46\" style=\"color: rgb(86, 45, 144); font-size: 15px;\"><div class=\"\" style=\"position: relative;\"><p class=\"\"><strong>OTHER DOCUMENTATION<\/strong><\/p><\/div><\/div><\/td><\/tr><tr class=\"wptb-row\"><td class=\"wptb-cell\" data-x-index=\"0\" data-y-index=\"15\" style=\"padding: 15px; border-style: none; border-width: 1px; border-color: rgb(226, 226, 226); width: 190px;\"><div class=\"wptb-text-container wptb-ph-element wptb-element-text-48\" style=\"color: rgb(74, 85, 104); font-size: 13px;\"><div class=\"\" style=\"position: relative;\"><p><strong>Partner&#8217;s Letter of Authority\/Board Resolution<\/strong><\/p><\/div><\/div><\/td><td class=\"wptb-cell\" data-wptb-css-td-auto-width=\"true\" data-x-index=\"1\" data-y-index=\"15\" style=\"padding: 15px; border-style: none; border-width: 1px; border-color: rgb(226, 226, 226);\"><\/td><td class=\"wptb-cell\" data-wptb-css-td-auto-width=\"true\" data-x-index=\"2\" data-y-index=\"15\" style=\"padding: 15px; border-style: none; border-width: 1px; border-color: rgb(226, 226, 226);\"><\/td><td class=\"wptb-cell\" data-wptb-css-td-auto-width=\"true\" data-x-index=\"3\" data-y-index=\"15\" style=\"padding: 15px; border-style: none; border-width: 1px; border-color: rgb(226, 226, 226);\"><div class=\"wptb-text-container wptb-ph-element wptb-element-text-67\" style=\"color: rgb(237, 38, 79); font-size: 16px;\"><div class=\"\" style=\"position: relative;\"><p style=\"text-align: center;\" class=\"\"><strong>\u2713<\/strong><\/p><\/div><\/div><\/td><\/tr><tr class=\"wptb-row\"><td class=\"wptb-cell\" data-x-index=\"0\" data-y-index=\"16\" style=\"padding: 15px; border-style: none; border-width: 1px; border-color: rgb(226, 226, 226); width: 190px;\"><div class=\"wptb-text-container wptb-ph-element wptb-element-text-50\" style=\"color: rgb(74, 85, 104); font-size: 13px;\"><div class=\"\" style=\"position: relative;\"><p class=\"\"><strong>Memorandum &amp; Articles of Association \/ Partnership Deed \/ Trust Deed \/ Society bylaws<\/strong><\/p><\/div><\/div><\/td><td class=\"wptb-cell\" data-wptb-css-td-auto-width=\"true\" data-x-index=\"1\" data-y-index=\"16\" style=\"padding: 15px; border-style: none; border-width: 1px; border-color: rgb(226, 226, 226);\"><\/td><td class=\"wptb-cell\" data-wptb-css-td-auto-width=\"true\" data-x-index=\"2\" data-y-index=\"16\" style=\"padding: 15px; border-style: none; border-width: 1px; border-color: rgb(226, 226, 226);\"><\/td><td class=\"wptb-cell\" data-wptb-css-td-auto-width=\"true\" data-x-index=\"3\" data-y-index=\"16\" style=\"padding: 15px; border-style: none; border-width: 1px; border-color: rgb(226, 226, 226);\"><div class=\"wptb-text-container wptb-ph-element wptb-element-text-75\" style=\"color: rgb(237, 38, 79); font-size: 16px;\"><div class=\"\" style=\"position: relative;\"><p style=\"text-align: center;\" class=\"\"><strong>\u2713<\/strong><\/p><\/div><\/div><\/td><\/tr><\/tbody><\/table>\n<\/div>\n<\/div>\n\n<h2 class=\"wp-block-heading\" id=\"apply-for-a-used-car-loan-knowing-youve-got-the-basics-right\">Apply For a Used Car Loan Knowing You\u2019ve Got the Basics Right<\/h2>\n\n\n<p>Now that you\u2019ve ticked all the boxes on your used car loan research, you can comfortably apply for one. Most authorised <a href=\"http:\/\/spinny.com\/used-cars\/s\/\" target=\"_blank\" rel=\"noopener\">used car<\/a> dealers today ensure you get the best deals when it comes to <a href=\"https:\/\/www.spinny.com\/used-car-loan\/\">financing your pre-owned car<\/a>, by maintaining a trusted network of banks and NBFCs empanelled with them. Moreover, depending upon your relationship with your dealer, they\u2019d be more than happy to put in a word for you.<\/p>\n\n\n\n<p>In a recent interview, <strong>Amit Kakkar, Chief Executive Officer, Financial Services at Spinny <\/strong>said, \u201c<em>At Spinny, we have tie-ups with all leading banks and NBFCs, and are rapidly scaling up our associations, keeping in mind the finance needs of all our customers. We recently partnered with NBFCs such as Mahindra Finance, Poonawalla Finance, Bajaj Finance and Piramal Finance whose risk appetite is different from banks. They are more open to taking a call on our customers and sanctioning loans.\u201d<\/em><\/p>\n\n\n\n<p>With digitization at the helm of all businesses and industries today, applying for a loan is merely a click away. All you need to do is duly fill in the online application form, make sure that the information and documents uploaded are accurate and wait for your finance partner to approve your loan.&nbsp;&nbsp;<\/p>\n\n\n<h2 class=\"wp-block-heading\" id=\"benefits-of-a-used-car-loan\">Benefits of a Used Car Loan<\/h2>\n\n\n<p>A car, be it a new or pre-owned one, does cost a pretty penny and shelling out a lump sum of your life\u2019s savings to own one is certainly not a wise financial choice, as we\u2019ve established earlier on. A used car loan comes in handy and can provide a multitude of benefits, some of which are:<\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"760\" height=\"426\" src=\"https:\/\/spn-sta.spinny.com\/blog\/20220812194846\/Loan-card_1.jpg\" alt=\"Benefits of a used car loan\" class=\"wp-image-502575\" srcset=\"https:\/\/spn-sta.spinny.com\/blog\/20220812194846\/Loan-card_1.jpg 760w, https:\/\/spn-sta.spinny.com\/blog\/20220812194846\/Loan-card_1-150x84.jpg 150w\" sizes=\"(max-width: 760px) 100vw, 760px\" \/><\/figure>\n\n\n<h2 class=\"wp-block-heading\" id=\"conclusion\">Conclusion <\/h2>\n\n\n<figure class=\"wp-block-image alignright size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"977\" height=\"727\" src=\"https:\/\/spn-sta.spinny.com\/blog\/20220812195059\/Used-Car-Loan-Approved-1.jpg\" alt=\"Used car loan approved illustration\" class=\"wp-image-502576\" style=\"width:342px;height:255px\" srcset=\"https:\/\/spn-sta.spinny.com\/blog\/20220812195059\/Used-Car-Loan-Approved-1.jpg 977w, https:\/\/spn-sta.spinny.com\/blog\/20220812195059\/Used-Car-Loan-Approved-1-800x595.jpg 800w, https:\/\/spn-sta.spinny.com\/blog\/20220812195059\/Used-Car-Loan-Approved-1-150x112.jpg 150w\" sizes=\"(max-width: 977px) 100vw, 977px\" \/><\/figure>\n\n\n\n<p>Owning a car today is no longer a luxury but a necessity. With more and more people gravitating towards personal mobility, the demand for cars has soared giving a fillip to the used car industry as well. People don\u2019t just opt for pre-owned cars because of the affordability it allows anymore but for various other reasons including but not limited to:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The emergence of organised used car platforms who ensure the experience and perks that come with buying a pre-owned car are nothing short of a new car experience.<\/li>\n\n\n\n<li>Reduced ownership periods.<\/li>\n\n\n\n<li>Long waiting periods on new cars.<\/li>\n\n\n\n<li>The changing perception and global acceptance of used car ownership<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n\n\n<h2 class=\"wp-block-heading\" id=\"fa-qs-on-used-car-loans\">FAQs on Used Car Loans<\/h2>\n\n\t\t<section\t\thelp class=\"sc_fs_faq sc_card  no-rules  \"\n\t\t\t\t>\n\t\t\t\t<h3>Q. What is the typical interest rate for a secondhand vehicle loan?\u034f<\/h3>\t\t\t\t<div>\n\t\t\t\t\t\t<div class=\"sc_fs_faq__content\">\n\t\t\t\t\n\n<p>T\u034fhe interes\u034ft rate for \u034fa <strong>2nd han\u034fd\u034f \u034fca\u034fr \u034floan <\/strong>usually \u034franges from 13% to 18.5%. Rates var\u034fy depending on y\u034four credit score, the car&#8217;s \u034fage\u034f, an\u034fd the l\u034fender&#8217;s te\u034frms.<\/p>\n\n\t\t\t<\/div>\n\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section\t\thelp class=\"sc_fs_faq sc_card  no-rules  \"\n\t\t\t\t>\n\t\t\t\t<h3>Q.  What\u034f are the bes\u034ft car loans for used cars in India?<\/h3>\t\t\t\t<div>\n\t\t\t\t\t\t<div class=\"sc_fs_faq__content\">\n\t\t\t\t\n\n<p>The <strong>bes\u034ft car loa\u034fns for \u034fused\u034f cars<\/strong> are offered by \u034fbanks and N\u034fBFCs\u034f th\u034fat partner with aut\u034fhori\u034fzed deale\u034frs. Options in\u034fc\u034flude Mahindra Fina\u034fnce, Bajaj Fina\u034fnce, and Poonawalla Finance, whic\u034fh \u034foffer competitive interest r\u034fates and flexible loan terms.<\/p>\n\n\t\t\t<\/div>\n\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section\t\thelp class=\"sc_fs_faq sc_card  no-rules  \"\n\t\t\t\t>\n\t\t\t\t<h3>Q. What is the lowes\u034ft \u034floan int\u034ferest rate for a \u034fpre-own\u034fed vehicle?<\/h3>\t\t\t\t<div>\n\t\t\t\t\t\t<div class=\"sc_fs_faq__content\">\n\t\t\t\t\n\n<p>L\u034fo\u034fwest lo\u034fan i\u034fnterest rates fo\u034fr pre-owned vehicles can be 8.5-9%. The <strong>old car loan interest rate<\/strong> ma\u034fy\u034f go up depen\u034fding on your credit pro\u034ffile, ve\u034fhicle age\u034f and lender \u034fpolicies.<\/p>\n\n\t\t\t<\/div>\n\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section\t\thelp class=\"sc_fs_faq sc_card  no-rules  \"\n\t\t\t\t>\n\t\t\t\t<h3>Q. What is \u034fthe second h\u034fa\u034fnd\u034f ca\u034fr loan eligibility requirem\u034fe\u034fnt?<\/h3>\t\t\t\t<div>\n\t\t\t\t\t\t<div class=\"sc_fs_faq__content\">\n\t\t\t\t\n\n<p>Eligib\u034fility for\u034f a s\u034fecond hand c\u034far loan\u034f \u034fusu\u034fally re\u034fq\u034fu\u034fires applicants to be\u034f aged 21-65 years, have a \u034fsteady i\u034fncome (I\u034fNR 1\u034f.8 lakh p\u034f.a. for salari\u034fed, \u034fINR 2.5 la\u034fkh p.a. for s\u034felf-employed), and a go\u034fod credit score.<\/p>\n\n\t\t\t<\/div>\n\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section\t\thelp class=\"sc_fs_faq sc_card  no-rules  \"\n\t\t\t\t>\n\t\t\t\t<h3>Q. How do I begin t\u034fhe car\u034f \u034floa\u034fn process for a\u034f used vehicle?<\/h3>\t\t\t\t<div>\n\t\t\t\t\t\t<div class=\"sc_fs_faq__content\">\n\t\t\t\t\n\n<p>To st\u034fart the <strong>c\u034far\u034f l\u034foan proce\u034fss\u034f<\/strong>,\u034f check your eligibili\u034fty,\u034f gather required docume\u034fnts like \u034fincome \u034fproof, KYC, and\u034f bank statement\u034fs\u034f, and apply throu\u034fgh y\u034fo\u034fur dealer&#8217;s fina\u034fnci\u034fal par\u034ftner\u034fs or direc\u034ftly via \u034fa bank or NBFC.<\/p>\n\n\t\t\t<\/div>\n\t\t<\/div>\n\t\t<\/section>\n\t\t\n<script type=\"application\/ld+json\">\n\t{\n\t\t\"@context\": \"https:\/\/schema.org\",\n\t\t\"@type\": \"FAQPage\",\n\t\t\"mainEntity\": [\n\t\t\t\t\t{\n\t\t\t\t\"@type\": \"Question\",\n\t\t\t\t\"name\": \"Q. 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Di\u034fscover\u034f \u034fthe best car loans for used cars and make a\u034fn i\u034fnformed decision.<\/p>\n","protected":false},"author":66,"featured_media":502626,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"cos_headline_score":0,"cos_seo_score":0,"cos_headline_text":"Used Car Loans: Everything You Must 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