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Need help in selecting loan for 2nd hand card

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Bob78900

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Hi Everyone,

I’m planning to buy a second-hand car with a budget of 3.45 lakhs. I’m looking for a car model from 2014-2016, as I only need it for learning purposes.

I need a loan of at least 2.45 lakhs for a duration of 3 years. My CIBIL score is good (760+), and salary is also good, so the loan should be easily processed. However, I’m currently confused about whether to go for a personal loan or a used car loan. Can you please guide me on which option would be better?

Additionally, if you could share information on banks offering the best interest rates, low processing fees, and minimal charges for both personal and used car loans, that would be really helpful.

If anyone knows of reliable and trustworthy car dealers in Delhi, please share their contact details as well.
 
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For used car loan the interest rate will be higher than regular car loan interest rate. If possible then buy from reputed car dealers in your city which provides all car details with many photos of interior and exterior, engine and electricals. Some dealers get cars inspected and certified by Spinny or Cars24 and provide those to buyers for their satisfaction.

Coming bank to loan. I'd recommend getting a used car loan as it will be considered 'Secured loan' and will improve your credit worthiness when you repay it completely.

And if I'm not wrong with car loan you can get some tax exemptions too.
 
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After reading title I was amazed for a couple of second whether we are now getting option to buy second hand credit card & how the hell it suppose to work 😂😂
 
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EnthuCC said:
For used car loan the interest rate will be higher than regular car loan interest rate. If possible then buy from reputed car dealers in your city which provides all car details with many photos of interior and exterior, engine and electricals. Some dealers get cars inspected and certified by Spinny or Cars24 and provide those to buyers for their satisfaction.

Coming bank to loan. I'd recommend getting a used car loan as it will be considered 'Secured loan' and will improve your credit worthiness when you repay it completely.

And if I'm not wrong with car loan you can get some tax exemptions too.
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As i am getting 2016-17 model used car loan is not possible i have checked with hdfc bank they said atleast buy 2020 model. If you have any bank that can give loan on 2016-17 model kindly tell. Otherwise please suggest personal loan option with low processing fee low interest rate etc
 
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Jkt said:
Opt for Gold loan from a PSB, that would provide lowest interest rate
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I only want option from car loan or personal loan. 99% chances that car loan will give some problem because of car age. But personal loan will not give any so kindly suggest banks with low rate of interest and processing fee etc
 
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Go for personal loan and if you can get from SBI then it would be good, their interest rate is generally low from other banks. Pre-payment options are also hassle free and can be done from net banking.

If you bank with SBI, check your YONO app, you may be having some pre-approved offers. If CIBIL history is good, you may get at good interest rate.

If SBI not possible, check with other PSBs. Interest rate from PSBs are relatively lower than private banks.

Also avoid taking loans from NBFCs. The interest rates are way too higher and pre-payment options are also cumbersome.

Further, avoid loans from any kind of lending apps or your UPI platform apps to prevent yourself from future trouble.

Hope this helps
 
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I would suggest the user to get this thing financed by a credit card itself since your credit score is good and there is good salary too..
I understand the cost of finance is high atleast around 15 % in cc owing to gst & high interest cost ( choose a cc with 12 % interest on emi conversion something like scb Or j & k etc) ... If you could get something like 1 % on repayment + clear one loan acc within a cc and added benefit of prepayment in sone cases

Note a 11% interest for 3yrs on personal loan costs 45k aprox where as @15 % cc loan it costs 62k which is like 17k higher and you can offset some 3k by cc repayment too.... Net excess is 14k only for 3yrs and the process would be easier than ant personal loan process provided you're having a cc with atleast 3 lakh cc or more or eligible for a new card

And main part here is you should be able to purchase car via cc... Which in case of offline market is nect to impossible....
But anyway seeing all these it's better to go for rental -lease of car something like zoomcar - can also work given you could rent almost for a month at a marginal cost over couple of rs/km with hassle free loan process and anyway it's for learning as you said and max liability of damage is minimal since almost they all have a clear capping ranging from 10k -50k depending on certain parameters at worse which would be the case of cost for old cost repair.... But still I would any day consider my own car it would be new car from financing it new carr ia damn easier
 
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thewittypanda said:
Go for personal loan and if you can get from SBI then it would be good, their interest rate is generally low from other banks. Pre-payment options are also hassle free and can be done from net banking.

If you bank with SBI, check your YONO app, you may be having some pre-approved offers. If CIBIL history is good, you may get at good interest rate.

If SBI not possible, check with other PSBs. Interest rate from PSBs are relatively lower than private banks.

Also avoid taking loans from NBFCs. The interest rates are way too higher and pre-payment options are also cumbersome.

Further, avoid loans from any kind of lending apps or your UPI platform apps to prevent yourself from future trouble.

Hope this helps
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No account with sbi.
Also i checked bob pnb they have interest rate higher than hdfc and axis
Hdfc has aa fixed capping of 6500+gst for processing fee
 
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Bob78900 said:
No account with sbi.
Also i checked bob pnb they have interest rate higher than hdfc and axis
Hdfc has aa fixed capping of 6500+gst for processing fee
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Ok. My bad. Generally PSBs offer low interest rates than private banks but if you're getting good offers elsewhere then it's fine. As long as all T&C are good, go ahead with it.
 
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You can get loan loan from SFB or NBFC for used cars but avoid that type of loan, vehicle loan are good for new vehicle only as interest rates will be too high even compared to personal loan so you should check personal loan with the salary account you are holding.
 
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mukesh01 said:
You can get loan loan from SFB or NBFC for used cars but avoid that type of loan, vehicle loan are good for new vehicle only as interest rates will be too high even compared to personal loan so you should check personal loan with the salary account you are holding.
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Canara Bank But it is savings account not a salary account.
 
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