How to get a used car loan?

You’ve found the perfect pre-owned car. It’s the right size for you and your family, it comes with features you love, and the mileage is great. 

But will you be able to fund it with a loan? 

Absolutely yes! 

Just follow these simple steps to get a pre-owned car loan. 

Step 1: Choose your car 

Visit a reputable dealer with a good track record of selling pre-owned cars. Or maybe you have found a good deal online or among your friends and family.

You can check out great deals on a wide range of used cars at the HDFC Bank online marketplace for cars. 

Some banks may need you to make a down payment to get a used car loan. 

HDFC Bank offers used car loans with the lowest down payment and even up to 100% financing*. 

Keep basic information handy, such as the car model and price and income details before proceeding to step 2. 

Step 2: Apply for the loan

Go online or contact the bank offline to apply for the loan. HDFC Bank has an easy online application form that you can complete in minutes.

Step 3: Finalize the loan

Discuss with your bank the details of the loan such as the amount you are eligible for, the rate of interest, processing fee, the tenure you want, and your EMIs. If you plan to prepay or foreclose the loan in part or full, ask the bank about prepayment charges. HDFC Bank offers loans with zero foreclosure charges.

Step 4: Submit documents 

Your bank may need documents to process your application, such as income, ID and address proof. Submit copies of the required documents.

HDFC Bank has a hassle-free process that requires minimal or no documentation for pre-owned car loans. 

Step 5: Drive away! 

HDFC Bank can approve a car loan in principle in 10 minutes. If you are an existing HDFC Bank customer, the process is faster and simpler. Once the funds are paid out, take possession of your car and enjoy the ride.

Getting a pre owned car is now made easy with the car loan. Looking to apply for a car loan now? Click here!

* Terms & conditions apply. Loan disbursal at sole discretion of HDFC Bank Ltd.