Welfortune

Features and Benefits of our Used Car Loan

Unlock the convenience of owning a quality used car without the financial burden of paying the full amount upfront. Our Used Car Loan makes it easy and affordable.

The following are the key features and benefits of our Used Car Loan:

Size Opportunity: Own a quality used car without waiting to save up the full amount — finance up to 100% of the market valuation.

Budget-Friendly: We provide the funds needed to purchase your used car, repayable via manageable monthly installments or Overdraft (OD) facilities.

Flexible Options: Choose from a wide variety of used car models to match your preferences and budget.

Immediate Ownership: Get behind the wheel of your chosen used car without years of saving or delays.

Great Value: Drive a reliable, well-maintained used car that offers excellent features and value for money.

Build Credit: Timely repayments on your used car loan can help strengthen your credit history and financial profile.

Used Car Loan Eligibility

Used Car Loan Eligibility Calculator: Click here to use our EMI Calculator

Used Car Loan Eligibility Criteria for Top Banks:

Age: Generally between 21 and 65 years.
Income: Minimum monthly or yearly earnings as per lender policy.
Employment: Stable job with at least 1–2 years of experience.
Credit Score: Good score, usually 680 or above.
Down Payment: A percentage of the car’s value may be required.
Documentation: ID proof, address proof, income documents, car papers.
Loan Amount: Based on your income and repayment ability.
Debt-to-Income Ratio: Evaluation of existing financial obligations.
Vehicle Age: The car should be within 15 years old at the end of tenure.

For Salaried Individuals:

Applicants should be at least 21 years old at the time of application and no older than 60 years at loan maturity.
Minimum 2 years of work experience, including at least 1 year with the current employer.
Minimum annual income of ₹2,50,000 (can include spouse/co-applicant's income).

For Self-Employed Individuals:

Applicants should be at least 25 years old at the time of application and no older than 65 years at loan maturity.
Minimum 3 years of continuous business existence.
Minimum annual income of ₹2,50,000.

Factors Affecting Used Car Loan Eligibility:

Credit Score
Income Level
Employment Stability
Debt-to-Income Ratio
Age of the Car
Requested Loan Amount
Down Payment Contribution
Loan Tenure
Credit History
Existing Financial Obligations

Documentation Required for Used Car Loan:

Ensure the following documents are ready to streamline your loan application process:

KYC Documents (Valid Photo ID proofs like Aadhaar, Passport, Voter ID)
PAN Card
Last 2 years’ Income Tax Returns (ITR)
Last 3 months’ Salary Slips
Last 6 months’ Salary Account Bank Statements
Signature Verification Proof (e.g., Bank verification letter or passport copy)
Registration Certificate (RC) of the Car
Car Insurance Documents

Fees and Charges

Particulars	Charges
Loan Processing Fees	1.5% to 4% of loan amount
Valuation Charges	500 onwards
Stamp Duty Charges	As Per State Government Rates
RTO Charges	As Per State Government Rates

Used Car Loan Reviews

4/5

I was looking to buy a used car for my daily commute from home to work, but I didn't have enough savings to cover the down payment. Thanks to Ruloans, I was able to secure a car loan for 90% of the car's value for the best interest rate on the market.

Anjali Shah

4/5

I had previously taken a personal loan through Ruloans, and I was thoroughly impressed with their service. So, when I decided to buy a car, I knew exactly whom to contact for my used car loan application. Ruloans is the expert in the loan industry, and no matter the type of loan, they get the job done efficiently.

Abhishek Shinde

4/5

Getting a used car loan can often feel overwhelming due to the mountain of paperwork required by the lender. But thanks to the detailed checklist provided by Ruloans on their website, I was able to gather all the necessary documents quickly and submit them without any hassle. Ruloans truly made the process smooth and stress-free for me.

Rahul Verma

4/5

The comparison table, which RULOANS have provided on their website, is best. As it is very useful for every loan seeker...

Pritesh Desai

FAQs on Used Car Loans

It's money you borrow to buy a used car and then repay in installments.

You get the loan, buy the car, and then pay back the loan with interest over time.

It's how long you have to repay the loan, often a few years.

Generally, yes, but lenders might have rules about car age and condition.

It's a part of the car's cost you pay upfront, and the rest is covered by the loan.

A good score helps, but some lenders might work with lower scores too.

Used car loans are for pre-owned cars, while new car loans are for brand-new cars.

Yes, you can usually pay it off sooner, but check if there are any extra fees.

Finance Your New Car Easily with Our Car Loan Options (Used Car Loan)

Used Car Loan Features

Features and Benefits of our Used Car Loan

Used Car Loan Eligibility

Used Car Loan Eligibility Criteria for Top Banks:

For Salaried Individuals:

For Self-Employed Individuals:

Factors Affecting Used Car Loan Eligibility:

Documentation Required for Used Car Loan:

Fees and Charges

Used Car Loan Reviews

FAQs on Used Car Loans

Finance Your New Car Easily with Our Car Loan Options (Used Car Loan)

Used Car Loan Features

Features and Benefits of our Used Car Loan

Used Car Loan Eligibility

Used Car Loan Eligibility Criteria for Top Banks:

For Salaried Individuals:

For Self-Employed Individuals:

Factors Affecting Used Car Loan Eligibility:

Documentation Required for Used Car Loan:

Fees and Charges

Used Car Loan Reviews

FAQs on Used Car Loans

What's a used car loan?

How does a used car loan work?

What's the loan term?

Can I get a used car loan for any car?

What's a down payment?

Do I need a good credit score?

What's the difference between a new and used car loan?

Can I pay off the loan early?