What Is The Maximum Tenure Of A Used Car Loan?
The maximum tenure of a Used Car Loan can vary depending on the borrower's creditworthiness, loan amount, and the age of the car. In general, Poonawalla Fincorp offers a maximum tenure of a Used Car Loan for up to 7 years (i.e., 84 months).
It's important to note that the Used Car Loan tenure is one of the most important factors that influence your EMI. If you go for the maximum tenure of a car loan, your monthly EMI will be low. And, if you choose a shorter loan tenure, you will have to pay a larger EMI. Hence, a longer tenure will help you lower the EMI cost, but it will increase the total interest paid over the life of the loan.
Therefore, it is important to carefully consider the loan tenure and calculate the total cost of the loan before making a final decision.