Vehicle Loans ›
Used Car Loan EMI
Ex-showroom price minus down payment
Typical car loan interest rate
Usually up to 5–7 years
Monthly EMI
Total Interest
Total Payment
Principal vs Interest
🟢 Principal
🔴 Interest
Amortization Schedule (Year-wise)
| Year | Principal Paid | Interest Paid | Closing Balance |
|---|
Used Car Loans
Used car loans generally carry slightly higher interest rates compared to new car loans, but they allow you to buy premium vehicles at a fraction of the cost.
The maximum tenure is usually capped at 5 years depending on the age of the vehicle.
Frequently Asked Questions
Is the interest rate higher for used cars?
Yes, interest rates for used cars are typically 1% to 3% higher than new car loans.
What is the maximum tenure?
Most lenders cap the tenure at 5 years, ensuring the car is not too old when the loan ends.