FAQs for Financing a Used Car

Yes, insurance is required in most places to legally drive a car on the road. It provides financial protection in case of accidents, damage, or theft.

When you finance a used car, a lender provides you with a loan to cover the purchase price. You repay the loan amount plus interest in monthly installments over an agreed‐upon term.

Financing allows you to afford a higher‐quality car than you might be able to pay for upfront. It also helps build your credit history if you make timely payments.

Lenders consider factors like your credit score, income, debt‐to‐income ratio, and employment history when determining your eligibility for a car loan.

There's no fixed minimum credit score, but a higher credit score usually results in better loan terms and interest rates.

We will help you in financing the purchase of your used car through banks and NBFCs, for the best cost‐effective finance deal.Provide your financial information and the details of the car you intend to purchase.

Interest rates vary based on factors like your credit score, loan term, and current market conditions. Shopping around and comparing offers is a good idea.

Typical loan terms for used cars range from 36 to 60 months, although longer terms may be available. Shorter terms generally result in lower overall interest costs.

Most loans allow early repayment with penalties, but it's best to check your loan terms. Paying off early can save you interest costs.

A co‐signer agrees to be responsible for the loan if the primary borrower defaults. A co‐ borrower is equally responsible for the loan and owns the vehicle.

Yes, refinancing allows you to replace your existing loan with a new one that may have better terms, such as a lower interest rate.

Contact your lender immediately if you're facing financial difficulties. They might offer options like deferral or loan modification.