Car Finance

SELL USED CAR’s endless list of repeat and reference customers who have patronized SELL USED CAR over the years, has helped us hold on to the No1 position as car finance service providers for banks.

Owing to the presence of various conglomerates and private sector banks in India, funding a car has now become very trouble-free and effortless task. To benefit from its growing popularity, all banks are endorsing their products competitively in the market. Their products are customized with novel service offerings and subsidies. A comprehensive, flexible and modified financing alternative for the purchase of new cars are accessible throughout the nation.

The best car finance scheme is the one that provides the lowest rate of interest and extended loan tenure. However, the best deal should not be estimated by solely considering EMI amounts, rather how much is entirely forfeited by you in the total loan term should be taken into consideration.

Characteristics of Car Finance

• Banks reimburse upto 90% of the rate of the new car and 85% of the rate of the used car.
• Normally public sector banks provide lower interest rates compared to the non-banking funding firms
• The interest rate in Car finance is estimated on a monthly basis
• The banks provide refund term of 12 to 60 months.
• Some banks even provide 7 years of refund term
• For a salaried individual, banks offer loan up to 3 times of his yearly income.
• For a self employed person, banks offer loan up to 6 times of his yearly income.

CREDIT NORMS

The maximum finance period is for 36 months and this also depends on the model and the age of the car being financed. The age of the car including the financing period is generally maintained at a maximum of 5 years. The maximum amount of finance that is given would be 60% of the assessed value.

The Car should be in the name of the person / company availing the finance. The RC book should also have the hire purchase endorsement in our name before we make any disbursement. The Car along with the original invoice or attested true copy of the invoice should be made available. Proper comprehensive insurance cover is mandatory for a value acceptable to the company.