Car loan may not be the best option to buy a used car; consider these ways instead
Published by Economic Times
Abhishek Kumar's role: Quoted
Abhishek Kumar, founder of SahajMoney, said lenders fund 60–85% of a used car's value against 85–100% for a new one, suggested avoiding car loans where possible, and pointed to a personal loan or home loan top-up as alternatives in some cases.
More of Abhishek's views on debt and loans
Loans for used cars usually carry higher interest, lower loan-to-value ratios and shorter tenures than new-car loans. The article explains why lenders price them this way, compares lenders' rates and charges, and sets out alternatives such as personal loans, home loan top-ups, loans against investments and gold loans.
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Car loan may not be the best option to buy a used car; consider these ways instead
