Which bank is best for second hand car loan?
Which bank is best for second hand car loan?
Most banks and NBFCs provide used car loans….Top Lenders Offering Pre-Owned Car Loans.
| Lender | Interest Rate | Repayment Tenure |
|---|---|---|
| HDFC Bank | 13.75% – 16.00% (Rack Interest) | 7 years |
| Punjab National Bank | Starts from 7.90% | 5 years |
| Axis Bank | 14.40% – 16.40% | 5 years |
| Mahindra Finance | Contact the bank | 5 years |
Can I get a loan for 10 year old car?
Factors such as the type and age of the car matter when you go for a loan for used cars. Most banks may not fund a car older than 8-10 years. In this case, the tenor of the loan will not exceed the same time span. So, if you are buying a five-year-old car, your loan tenor will not be more than three to five years.
Can we finance second hand car?
Yes, you can get a car loan to purchase to a used or a pre-owned car. However, you should check with lender about the interest rate and features of a personal loan as well, is Arora’s advice.
Can you get a loan on a 7 year old car?
Typically, a bank won’t finance any vehicle older than 10 years, even if you have good credit. If you don’t have great credit, you may find it difficult to finance through a bank, even for a new car. But, banks are far from the last option when it comes to auto lending.
What is the maximum term for a used car loan?
84 months
There’s no right or wrong length to finance a used car. The loan term that’s right for you can be as short as 24 months or as long as 84 months – it all comes down to your current financial situation and future plans for the vehicle.
What banks finance older cars?
Here are some lenders that offer classic car loans.
- Collector Car Lending.
- DCU Banking.
- J. Best Banc & Co.
- LightStream (a division of SunTrust Bank)
- Star One Credit Union.
- Woodside Credit.
What is a hand loan?
Hand loan is interest free, some times it amounts to friendly loan. Financial transaction means it is related to finance i.e., obtaining a loan from financial institution, banks etc., some times nature will be different.
What is the maximum age for car finance?
Upper age limits depend on the lender, but up to 79 years is typical.
How to choose a second hand car in Malaysia?
When choosing a second hand car, stick to brands that are known to be reliable over time. Based on 2017 JD Power Malaysia Initial Quality Study, Perodua, Proton, Toyota, Honda and Isuzu are some of the brands that are least problematic.
What are the different types of car loans in Malaysia?
In Malaysia, most car loans are the fixed rate variant. Car buyers with extra disposable income may wish to consider a flexible type of variable rate car loan that allows them to reduce the interest by depositing extra money into a linked account, much like how a flexi home loan works.
How do I use the online car loan calculator in Malaysia?
To use our online calculator, simply choose the make and model of your car then drag or key in your preferred loan amount and loan period at the top of this page. Upon completion, the online car loan calculator in Malaysia would generate a list of available car loan packages fitting…
Which car brands have the least maintenance problems in Malaysia?
Based on 2017 JD Power Malaysia Initial Quality Study, Perodua, Proton, Toyota, Honda and Isuzu are some of the brands that are least problematic. This could mean that you may end up spending less on maintenance for a used Honda compared to, say, a brand-new Volkswagen.
