Used Car Loan Interest Rates

 

Buying a used car with an ICICI Bank Used Car Loan is a smart choice. ICICI Bank offers Used Car Loan interest rates starting from <11>%* per annum with up to 100% financing of the car value and flexible tenures of up to 7 years. Benefit from the convenience of manageable instalments, minimal documentation and an efficient and simple application process.

 

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Disclaimer*: For representation purpose only. Final values may vary subject to bank's policy.

FAQs

How does tenure affect monthly instalments?

A longer tenure (up to 7 years) spreads the repayment of the loan amount (principal) over a longer time, reducing the monthly instalment amount. While this improves immediate affordability, it also increases the overall interest payout. It is important to assess the total interest cost incurred when one avails an extended tenure for a User Car Loan.

Why do interest rates differ for used and new cars?

New cars have predictable depreciation and standard valuations. Used vehicles vary in condition, mileage and age, requiring technical appraisals. These variable risk profiles and asset conditions make the interest rate structures of a Used Car Loan vary from those of a New Car Loan.

Is 100% financing available for Used Cars?

ICICI Bank offers a Used Car Loan of up to 100% of the car value. The amount approved for a Used Car Loan is based on a technical appraisal of the vehicle's market price.

How does an applicant’s credit score impact the loan?

An applicant’s credit history and credit score reflects past repayment behaviour and are important parameters for risk assessment. A strong credit score generally leads to a more favourable interest rate and a smoother approval process.

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