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Car Loan

What is the ideal CIBIL score required for a used car loan?

Key Takeaways

  • A CIBIL score of 750+ gives you the best chance of getting a used car loan with a competitive interest rate and faster approval.
  • Scores between 650–749 are still eligible but may come with slightly higher interest rates or stricter terms.
  • Even new borrowers or those with low scores can get loans from lenders like IDFC FIRST Bank that offer flexible, digital-first loan options.
28 May 2025 by Team FinFIRST
Car purchase sales agent manager
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Planning to buy a used car but worried about loan approval? Do not stress - getting a used car loan today is much easier than before. However, do note that lenders are very particular about one factor, and that is your CIBIL score. If you are wondering what this score is and why it matters, you’re not alone. Many first-time borrowers have the same question.

Think of your CIBIL score as your financial report card. It tells lenders how trustworthy you are with credit. The higher your score, the better your chances of availing a loan - and at a better interest rate too.

Let’s break down what kind of CIBIL score you need to get a used car loan. 

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What is the ideal CIBIL score required for a used car loan?

Your CIBIL score plays a crucial role in getting a used car loan – here is how different score ranges affect your loan eligibility and terms.

1) Ideal score - 750 and above
 

A CIBIL score of 750 or more is considered excellent. With this score, banks and NBFCs are likely to offer you quicker approvals, lower interest rates, and higher loan amounts.

2) Score between 700 - 749
 

This range is still very good. While your interest rate might be slightly lower than someone with 750+, lenders still consider this range low-risk and often approved loans easily.

3) Score between 650 – 699
 

You may still get a used car loan, but it could come with stricter conditions like higher interest rates, lower loan amounts, or the need for a guarantor/co-applicant.

4) Score below 650
 

In this range, approval chances drop significantly. If approved, lenders may ask for additional documents, higher down payments, or collateral. You might also have limited options in terms of lenders.

5) No credit history or 'NH' on CIBIL
 

If you are new to credit, some banks still offer loans but might look at your income, job stability, or ask for co-signers.

If your score is low, try to improve it before applying. Pay off pending dues, avoid late payments, and keep your credit utilisation ratio low. A short wait now can get you a better deal later.

Always compare loan terms, check your eligibility, and go for a trusted lender like IDFC FIRST Bank to enjoy flexibility and digital ease.

IDFC FIRST Bank’s used car loan option: Benefits you can count on
 

When it comes to financing second-hand cars, IDFC FIRST Bank offers one of the most trusted and flexible loan solutions. Here’s how IDFC FIRST Bank makes it easy:

  • Instant online approval

Apply online and get an instant loan sanction with minimal paperwork. No more long queues or endless visits to the branch.

  • Fully digital journey

From filing the loan application form to loan disbursal, the entire process is digital. Apply from your home, office, or even directly from the dealership floor.

  • Car N cash scheme - Get up to 200% funding

Need more funds than your car’s value? The Car N Cash scheme offers loans up to 200% of your car’s value, giving you the flexibility to use extra funds for other needs.

  • Fast sanctions - Up to ₹15 lakh in 15 minutes

Whether it is for repurchase or refinancing, get your loan sanctioned instantly - up to ₹15 lakh in just 15 minutes.

  • Wide loan range - ₹1 lakh to ₹2 crores

No matter what kind of car you are eyeing, from compact hatchbacks to luxury sedans, IDFC FIRST Bank has a loan plan for every specific requirement.

  • Flexible repayment tenures

Choose from tenures ranging 12 to 84 months. This lets you manage your EMIs comfortably based on your budget and financial plans.

Final thoughts
 

Your CIBIL score plays a key role in getting a used car loan. But with options like IDFC FIRST Bank’s pre-owned car loan, even borrowers with moderate scores may find a smooth and reliable solution. 

Frequently Asked Questions

Can I get a used car loan with a CIBIL score below 700?

Yes, many lenders still offer loans, but the interest rates may be slightly higher and loan terms stricter.

What if I have no credit history at all?

If your report shows 'NH' (No History), some lenders may still consider your loan based on your income and job stability. 

Will improving my CIBIL score help me get a better used car loan deal?

Absolutely. A higher score means better interest rates, higher loan amounts, and quicker approvals.

Does IDFC FIRST Bank require a high CIBIL score for a used car loan?

While a good score helps, IDFC FIRST Bank may offer flexible loans even for those with moderate scores, thanks to its digital processes and broader eligibility checks.

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.

The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirstbank.com for latest updates.

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