How to Apply for a Used Car Loan

Buying a used car is a smart and cost-effective way to own a vehicle, and getting it financed has never been easier. Whether you're eyeing a compact car or a luxury sedan, understanding how to apply for a used car loan can help you make a smooth and confident purchase decision. With IDFC FIRST Bank, the process to get a used car loan is fast, digital, and requires minimal documentation. Let’s go through the step-by-step process to apply for a used car loan.

Step-by-step process to get a used car loan with IDFC FIRST Bank
 

If you have been asking yourself how to get a used car loan, this is how IDFC FIRST Bank handles the application process:

1. Begin with an online application

Visit the official IDFC FIRST Bank website or download the mobile banking app. Click on the “Apply for Used Car Loan” option and enter your basic details such as name, contact information, loan amount required, and vehicle details.

2. Upload the required documents digitally
 

Upload scanned copies of documents required for used car loan securely through our paperless portal. You will need to submit identity proof, income documents, bank statements, and vehicle-related paperwork. Our digital interface ensures quick and safe processing.

3. Select vehicle and get valuation
 

Choose your desired second-hand car either from authorised partner dealers or verified private sellers. IDFC FIRST Bank’s certified vehicle valuers will evaluate the car’s market value to determine loan eligibility.

4. Get instant approval
 

Receive an instant sanction within 15 minutes for loans up to ₹15 lakhs. For higher loan amounts, the approval process is generally completed within 24 hours after successful document verification.

5. Review and sign loan agreement
 

Carefully review the loan agreement which outlines key details such as the EMI schedule, repayment tenure, and used car loan interest rate. Once satisfied, sign the agreement digitally.

6. Get the loan disbursed
 

Upon verification of vehicle ownership and documentation, the loan amount is disbursed directly to the seller’s account. You may then take delivery of the vehicle and begin your EMI journey.

Features of IDFC FIRST Bank's used car loans
 

The following are some of the key reasons why thousands opt for IDFC FIRST Bank when it comes to applying for used car loans:

• You have the option to obtain an instant sanction of ₹15 lakhs instantly in 15 minutes via a fast, online application.
• The entire process from application to approval can be done online without even having to go to a branch.
• You can opt for flexible loan repayment tenures ranging from 12 to 84 months, putting you at financial ease.
• IDFC FIRST Bank offers used car loans to salaried people, self-employed professionals, and businessmen provided they satisfy the minimum eligibility requirements.

Conclusion
 

If you are likely to purchase a second-hand car, applying for a used car loan with beneficial terms takes you a step ahead. IDFC FIRST Bank provides a hassle-free, paperless experience with instant sanctions, has low documentation requirements, and offers flexible loan terms for used car loans. Go ahead and own your dream vehicle!