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Here’s how you can ensure your pre-owned car loan eligibility. Check the following criteria and soon bring home a second-hand car.
Once you are sure about your loan eligibility, proceed and check this list of required documents.
Factors that may affect your Used Car Loan eligibility are
You must be 21 years or older. Alternatively, you can continue the process with a guarantor.
You must have at least 6 months of experience with the current company to prove your income stability.
A credit score of more than 750 enhances the possibility of instant Used Car Loan approval.
Your current debt status plays an important role in ensuring your eligibility
To qualify for a used car loan, consider the following key conditions:
If you are 21 years and above, then you’ll be eligible to get a Used Car Loan. Alternatively, you can continue the loan process with a guarantor.
At TVS Credit, we provide Used Car Loan approvals in just 4 hours post document submission.
To improve your CIBIL score, ensure you pay your EMIs on time, avoid credit defaults, keep your credit utilisation low, regularly check your credit report for errors etc. A higher score enhances your chances of getting a Used Car Loan at competitive rates from lenders like TVS Credit.
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