Car Loan

Fund Your Purchase with a Used Car Loan

If you are planning to buy a used car but are less on budget, then Spinny provides their customers with a used car loan service. It helps you to fund the purchase of second hand cars. You need to pay only a fraction of the money at the time of purchasing it, while the rest is financed. The remaining amount of the used car loan can be repaid over time in Equal Monthly Installments (EMIs), with some interest included.

At Spinny, the loan amount depends on factors like age, condition, value of income, applicant’s income, and others. You need to also check the second-hand car finance eligibility, documents required and procedure before applying for the loan. The second-hand car loan interest rate at Spinny usually ranges from 13% to 18.5%, based on the buyer’s profile and type of used car.

Used Car Loan Eligibility Requirements

Buyers thinking of applying for a used car loan should first check the eligibility requirements. Those who meets the eligibility will be granted a used car loan. You can check the eligibility for a used car loan:

Documents Required for Used Car Finance at Spinny

You will be required to submit some documents required for a used car loan at Spinny. The documents required for a second hand car loan depends on the type of applicant - salaried, self-employed individual, or others. You can go through the detailed list of documents required for a pre owned car loan.

Plan Your Used Car Finance with Spinny EMI Calculator

Buyers can easily calculate the approximate amount of your second hand car loan by using the Spinny’s Car Loan EMI Calculator. You can simply use the online loan calculator by entering the principal amount, interest rate, and tenure, and let it calculate the EMI. The loan calculator will help customers know the EMI amount that you need to pay every month. 

For example,if you are required to take a loan of  ₹4,00,000 for a tenure of 5 years and 6 months, then your EMI would be around  ₹8,514 per month. Over all the tenure, you will be required to pay a total interest of ₹1,61,924. Check the detailed example below:

You can check your own Loan EMI with the Car Loan EMI Calculator.

Get Your Second Hand Car Finance in a Few Easy Steps

You can easily apply for car loan for second hand cars by following these simple steps:

• First, select a car according to your budget and requirements either online or at the nearest Spinny hub.

• Check the pre owned car loan eligibility requirements. 

• Now, visit the official used car loan page and enter your mobile number.

• Your all the personalized offers will be shown on the page.

• Choose your required down payment and preferred loan tenure.

• Upload your KYC, bank statements, income proof and all the other documents asked.

• Spinny Capital or partner banks review your loan request and approve it within 24 to 48 hours.

• Sign the agreement and the approved funds will be transferred and your purchase will be completed

Loan Tenure for Used Cars

The tenure for car loan for second hand cars usually ranges from 1 to 5 years, or goes up to a maximum of 7 years. The tenure available for second hand car on emi depends on the lender and the age of the car. The shorter the loan tenure, the higher the EMI will be and longer the tenure, the shorter the EMI. But, the shorter EMIs will have high payable interest.