Loan For Used Cars: Here’s How You Can Get it Easily

July 16, 2022 • 5884 views

Utility has been the core value for Indians while purchasing products. Cars are no different. Used cars are a growing interest among the people of India. It provides maximum utility and caters to the needs of a young, developing India that aspires to buy cars at affordable prices.

Benefits of having pre-owned cars

There has been a recent surge in demand for second-hand cars. This can be because of multiple reasons. One of the major reasons is that they can be financed for less money than brand-new vehicles. You also don't have to pay a lot of taxes that have already been paid to the government. Moreover, the car's depreciation amount is likewise extremely low. 

All things considered, value for money—which Indians prioritise most is the key advantage of owning a used car. Due to the substantial price reduction, the monthly instalments you make are also considerably reduced. Similarly, the amount of paperwork and the time it takes to receive the vehicle lessen making it the ideal option for the country's youth who prefer quick and inexpensive solutions.

How to buy a second-hand car

The auto industry now has more opportunities thanks to technology. Numerous online apps make it incredibly simple to buy or sell a car. It has not only streamlined the procedure but also greatly simplified it for people to complete. Consequently, a tremendous opportunity has been created for people to acquire cars at a very low price or even sell them, all from the comfort of their homes.

How to get a loan for a second-hand car

Loan taking process was not the same as it is today, earlier you had to wait in line to apply for Used Car Loans, and there was a lot of uncertainty involved in the process. It was a lengthy, time-consuming procedure but with the advent of newer technologies, we have been able to overcome such problems. 

It is now possible to finance your car with just one down payment, though this is not the most preferred option. Long-term loans from organisations like Poonawalla Fincorp are more advantageous for purchasing cars due to their attractive interest rates.

Other benefits of a loan for a second-hand car from Poonawalla Fincorp include:

-    Loan tenure that is comfortable and flexible
-    High-value sanction for financing or buying a variety of second-hand cars
-    Competitive interest rates and fees for pre-owned car loans
-    Easy online loan application process with 5 steps
-    A minimal amount of paperwork, rapid loan processing, and quick approvals
-    Complete disclosure and no additional fees
-    Easy loan planning with a customised Pre-Owned Car Loan EMI Calculator

How you avail a Pre-Owned Car Loan with ease   

Poonawalla Fincorp is a non-banking finance company registered with the Reserve bank of India with a focus on consumer and MSME financing. Realising how tedious it might be to get a loan for a second-hand car, we offer several options that prioritise your comfort to make your purchase convenient and easy on your wallet. 

We have introduced a Chatbot feature on 3 popular platforms, WhatsApp, Facebook and the Poonawalla Fincorp website. Our customers are already used to these platforms and now, you can get a hassle-free loan in just a few minutes using the same. 
Here’s how you can apply for a Used Car Loan online in 5 Easy Steps:

1.    Online Application:
Click on "Apply online" and complete the application form's essential information.

2.    Upload Documents:
Send in your KYC and income documentation to see whether you qualify for a loan.

3.    Verification:
Application and supporting documentation are processed for speedy verification and evaluation.

4.    Quick Approval:
You receive a quick update once your loan application is accepted.

5.    Instant Disbursal: 
That’s all, your car loan is immediately disbursed, enabling you to drive the vehicle of your dreams.

Alternatively, you can also meet the Poonawalla Fincorp representatives at your local vehicle dealership or visit a Poonawalla Fincorp branch near you. We provide loans for second-hand cars to:
-    Salaried Individuals
-    Self-employed Individuals
-    Firms & Companies

We have tailored our Used Car Loan to provide you with some of the best advantages. Every feature is intended to make the purchasing process simple and seamless. 
The most crucial thing to keep in mind while purchasing pre-owned cars is to protect oneself from fraud. Some businesses are attempting to defraud you by either selling cars that are damaged or do not fit the description that was previously offered to you. 

You have to be a little alert while buying cars and do a thorough background check of the product and make sure it is of the highest quality. You also have to make sure that the company you take the loan for a used car from is trusted just like the Poonawalla Fincorp. We understand the importance of data privacy and maintain a high sanctity with a customer-centric approach to our dealings.

To make your purchase convenient and easy on your pocket, we provide several features that put your comfort first. What are you waiting for? Use our online loan forms and processing procedures to finance the car of your dreams today.


We take utmost care to provide information based on internal data and reliable sources. However, this article and associated web pages provide generic information for reference purposes only. Readers must make an informed decision by reviewing the products offered and the terms and conditions. Pre-Owned Car Loan disbursal is at the sole discretion of Poonawalla Fincorp.
*Terms and Conditions apply

poonawalla fincorp team

Poonawalla Fincorp Team

Our team of expert writers and editors are passionate about providing authentic and valuable information on finance. Our aim is to simplify financial and finance-related concepts. We strive to help our readers become more aware and empowered to make informed financial decisions.

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