The Indian used car market is expected to grow at a CAGR of over 11% and the used car finance market, at a CAGR of 8%. This goes to show that prospective car owners are willing to go the extra mile to realise their dreams and Banks and Non-Banking Financial Companies (NBFCs) are stepping up to help.
Used car loan presents prospective buyers with the following benefits:
Typically, anyone can apply for a used car loan. There are, however, some requirements that individuals who are salaried employees, are self-employed, are in a proprietorship and/or partnership firm, or private or public limited companies must meet.
Proprietorship and/or Partnership Firm
Private or Public Limited Companies
Ensure that the car you want to purchase is in good condition and the seller is providing all the papers – registration and insurance - and correct vehicle history. TVS Credit offers loans on cars that are up to 12 years old.
Before taking a loan, research the lender and their used car loan interest rates. TVS Credit provides used car loans that among up to 95% of the asset value.
Terms and conditions on used car finance vary from lender to lender. It is advised to thoroughly read repayment terms and other fine print before signing the application.
You can visit TVS Credit online or offline to fill out the application form. With the form, one must submit the above documents depending on the eligibility criteria they qualify and avail a used car loan. To apply for loan click here.