Loan

New vs used car loan

Used-car loans usually need a bigger down payment, a shorter tenure and a higher rate. Compare EMI and interest on the same price.

Next: Car EMI · Prepayment

Same car, two loan types

Car price / on-road (₹) New-car down payment (%) Used-car down payment (%) New-car tenure (years) Used-car tenure (years) New-car rate (% p.a.) Used-car rate (% p.a.)

Typical pattern only: new cars often get up to 90% funding and 7 years; used cars ~80% LTV and 5 years, at a higher rate. Confirm with your lender.