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Loan for pre-owned car is more expensive
Financial Express Kochi
|August 16, 2025
Do banks charge higher rates for used cars? What are the documents that I should take from the seller?
—Surender Gupta
The interest rate for financing a used car will be slightly higher. Bring copies of the RC book, valid insurance, and insurance claim history. The financer will conduct an independent valuation of the used car before approving the loan amount.
I had taken a car loan of ₹10 lakh last year at an interest rate of 12% from an NBFC. Can I shift the loan to a private bank which is charging 8%?
—Saurabh Kalra
This will depend on the terms of the agreement. Usually after one year, a balance transfer is possible. Do have a look at the sanction letter from the NBFC and talk to them about reducing the interest rate.
Diese Geschichte stammt aus der August 16, 2025-Ausgabe von Financial Express Kochi.
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