Most banks and NBFCs provide used 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 |
Regarding this, can I finance a 20 year old car?
A car that is 20 years old is generally considered to be a classic car, and you’ll need to seek special classic car financing. A classic car loan can be hard to come by and is only offered by a few select lenders. One provider of classic car financing is LightStream, a division of Truist Bank.
With most used car loans, you’ll get to choose the loan term (the period of time in which you’d like to repay the loan within). For used car loans, this typically ranges anywhere between 1 to 5 years. The choice of the loan term will usually come down to your ability to repay the loan.
Similarly, can you get a 7 year used car loan?
A car cannot be older than 15-20 years at the end of the loan term. Therefore, applying for a 7 year car loan, it is safest for you to purchase a car that is not older than 8 years. Your age might make a difference, as well.
Do banks finance 10 year old cars?
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.
How can I get the smallest car payment?
5 Ways to Get a Smaller Car Loan
- Save up a large down payment.
- Buy used, especially from an independent seller.
- Shop around for a lower rate.
- Consider extending — or shortening — the length of your loan.
- Get a basic model and forgo all the ‘extras’
How long can a used car be financed?
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 the maximum age for car finance?
Upper age limits depend on the lender, but up to 79 years is typical.
What is the minimum car loan?
Generally, most lenders adhere to a minimum amount for auto financing of $5,000 if you’re taking out a bad credit car loan. However, this doesn’t mean the car you’re buying has to be that expensive – just that the loan amount has to reach the threshold.
What is the smallest used car loan?
Most banks, according to Loan.com, will not finance any loan for less than $5,000. The minimum finance term for a small loan is typically 12 months. These aren’t hard and fast rules, though. Some banks have the minimum set at $7,000 others $8,000.