![]() Going for a second hand car may not always be a question of choice. So, the actual loan amount can be quite different from what you expected. Subsequently, the bank takes a final call on the loan amount. Once you have shortlisted the car and made the application, the bank sends its valuator to determine the value of the car. Hence, be prepared to shell out more interest if you are planning to go for a pre-owned car. On the other hand, the loan for old car is available at 4.65% above 1 year MCLR. As per information displayed on SBI website, loan for new cars is available at 1.25% above 1 year MCLR. Interest rate for pre-owned cars is much higher than the rate for new cars.
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