Car Loan for used cars

February 28, 2019

IBank_Used-Car-Sale-PurchaseRefinance-Top-up

How to get a Car Loan processed for a second-hand car

ICICI Bank Used Car Loan is provided against purchase of a second-hand car or loan is provided against any car which is more than 30 days old (basis invoice). A customer can Apply Online by providing asset details and complete the application.

Here are the steps to apply online:

  • Check eligibility by providing eligibility criteria and asset details
  • View ‘Offer for you’ and ‘Accept Offer’
  • Complete application
  • Upload document.

Ten things to look while buying used car

  • Look carefully at the car’s exterior and interior
  • Go for test drive
  • Perform leak test
  • Have a mechanic inspect it
  • Read reviews on the make and model
  • Figure out a fair purchase price
  • Decode and review vehicle history report
  • Consider looking at certified pre-owned vehicles
  • Take your time to help avoid buyer’s remorse

Used Car Loan for pre-approved customers:

Used car-sale purchase is extended to Pre-Approved Car Loan customers with eligibility up to 80% of the offer amount. The offer amount will vary subject to valuation of the user car. Maximum tenure is up to 48 months. The customer can log in to Internet Banking and check pre-approved offers and get approval letter. Walk in to the nearest branch for further completion of the request.

How to refinance your car:

The refinance option can be availed of provided your existing car is not hypothecated to any: Financial institution or has hypothecated but nil outstanding. ICICI Bank also provides Maxx Refinance Option to get loan up to 140% of car valuation

Apply online for refinance:

  • Check eligibility by providing eligibility criteria and vehicle asset age details of existing car
  • View ‘Offer for you’ and ‘Accept Offer’
  • Complete application
  • Upload document.

Car Loan Top-up

Availing of Top-up loans on existing Car Loan is easier. Please ensure to have good repayment track record for existing Car Loan to get hassle-free disbursal. Top-up can be utilised for personal needs like business development, wedding, personal engagements.

Apply online for Topup:

  • Check eligibility by providing eligibility criteria and existing Car Loan details
  • Provide vehicle asset age details
  • View ‘Offer for you’ and ‘Accept Offer’
  • Complete application
  • Upload document.

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