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Planning to buy a used car? Get instant loan in 10 minutes*
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Used Car Loan Loan EMI Calculator
Your EMI will be
₹5,072/month*
Total Interest Payable
₹43,435
Total Amount Payable
₹2,43,435
Check your eligibility
Personal loan calculator is only for illustration purposes. For actual calculations refer to your Repayment Schedule & Loan Agreement.*T&C Apply. **For select loan amounts
Personal loan for used car
A personal loan gives you complete control over your purchase. You are not restricted by vehicle age, seller type, or valuation rules. This makes it easier to negotiate better deals and act quickly when you find the right car.
It is especially useful when you want immediate access to funds without going through a vehicle-specific approval process.
Why is a personal loan the smart way to finance a second-hand car?
A personal loan is often considered one of the most flexible ways to finance a second-hand car because it gives you complete control over your purchase. A personal loan is not tied to the car's age, condition, valuation, or seller type, allowing you to choose the vehicle that best fits your needs and budget.
If you're using a personal loan to buy a used car, the lender doesn't need to evaluate the vehicle, so you're free to buy from any dealer or an individual seller. In that sense, there are far fewer vehicle-related restrictions than with a used car loan.
However, if you're using a used car loan, lenders often impose eligibility criteria such as: maximum vehicle age, approved makes/models, seller requirements (some lenders prefer or require dealer sales) and valuation and inspection requirements.
A FIRSTmoney personal loan also provides immediate access to funds in as little as 10 minutes, helping buyers act quickly when they find the right vehicle. In addition to the purchase price, the funds can be used for any other expenses such as insurance, registration charges, repairs, servicing, or accessories, offering greater financial flexibility.
With FIRSTmoney, eligible borrowers can enjoy:
• Loan amounts from ₹50,000 to ₹15 lakh
• 100% digital process with no document uploads
• Interest rates starting from 9.99% p.a.
• Flexible repayment tenures from 9 to 60 months
• Zero foreclosure charges with no lock-in period
For buyers who value convenience, flexibility, and quick access to funds, a personal loan can be a practical financing solution.
How much personal loan can you get to buy a used car?
The loan amount you can get for a used car depends on your income, credit profile, and repayment capacity. A personal loan for buying a used car gives you the flexibility to choose an amount that suits your budget and the type of car you want.
IDFC FIRST Bank’s FIRSTmoney loans are available from ₹50,000 to ₹15 lakh, depending on your eligibility and requirements. You can also use a personal loan calculator to get estimates.
Which second-hand cars can you afford with a personal loan?
With a personal loan for second-hand car, you can choose any used car that fits your budget. This includes:
• Entry-level hatchbacks
• Mid-range sedans
• Premium SUVs or luxury vehicles
Since there are no restrictions on the choice of car, you can explore options across both dealers and individual sellers.
What interest rate will you pay on a used car personal loan?
For comparison, IDFC FIRST Bank offers FIRSTmoney personal loan for used car at interest rates starting from 9.99% per annum, equivalent to 0.83% p.m. The actual offered interest rate for a personal loan depends on your credit profile, income stability, and repayment capacity.
What makes IDFC FIRST Bank’s FIRSTmoney personal loan perfect for a used car purchase?
IDFC FIRST Bank FIRSTmoney personal loans strengthens your financing journey with a range of features:
Low Interest Rate
Interest rates starting from 9.99%
Flexible Personal Loan Tenure
Flexible loan tenure ranging from 9 to 60 months
High Loan Amount
Instant sanction of loan amount from ₹50,000 to ₹15 lakh
Instant Disbursal
Quick disbursal in 10 minutes
Zero Processing Fees
Zero processing fees on select loan amounts
Fully Digital
Fully digital, no document uploads needed
Zero Foreclosure Charges : No Hidden charges and Lock-in Period
Zero foreclosure charges
What are the eligibility and documents required for a personal loan for used car?
Used car loan eligibility
Here are the personal loan eligibility criteria.
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You should have a CIBIL Score of 710 or above for salaried individuals
CIBIL score of 760 or above is required for self-employed individuals
Personal loan documents required
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How to get a personal loan for your Used Car in 4 simple steps
Step 1
Click on ‘Apply Now’
Step 2
Register using your basic details
Step 3
Choose your loan preferences including amount and EMI plan
Step 4
Link your bank account where you want to receive the funds
Step 5
Complete video KYC by showing your PAN card
Personal loan or Used Car loan - Which is better for second-hand cars?
| Feature | Personal Loan | Used Car Loan |
| Flexibility | High | Moderate |
| Restrictions | None | Based on vehicle |
| Approval process | Quick | Structured |
| Funding | Based on eligibilityfrom ₹50,000 to₹15 lakh | Up to 100% or 200% LTV |
| Interest rate | Starting from 9.99%p.a. | Starts from 11.99%* |
If flexibility is your priority, a personal loan works well. If you want higher funding and structured benefits, a used car loan can be more suitable.
Why Indians trust IDFC FIRST Bank for their FIRSTmoney Personal Loans
• Attractive interest rates starting from 9.99% p.a. and high funding options up to ₹15 lakh
• Instant sanction within 10 minutes for eligible customers
• No paperwork and 100% digital process
• Wide loan ranges from ₹50,000 to ₹15 lakh to suit different needs
• Zero foreclosure charges with no lock-in period
These factors make the overall borrowing experience smooth and efficient.
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Fees and charges
Fees and charges
Low interest rate
Interest rate starts from 9.99% p.a., calculated on a reducing balance basis.
Processing fee
Processing fees 0% to 3.5% of loan amount (incl. GST) (0 processing fee is available on select loan amounts)
[View fees & charges]
Flexible loan tenures
Choose between 9 and 60 months
Do’s and Don’ts of a Personal Loan for Used Car
Do's
- Plan your budget before you apply for a personal loan for used car
- Check your eligibility and repayment capacity in advance
- Compare available financing options before making a decision
- Calculate your EMI to understand your monthly commitment
- Choose a loan amount that aligns with your actual requirement
Don’ts
- Do not borrow more than what is required for the purchase
- Do not miss any repayments
- Do not rush into a loan without evaluating the terms carefully
- Avoid ignoring your existing financial obligations while applying
- Do not choose a tenure based only on lower EMI amounts
Things to know about personal loans
No Collateral
Personal loans are unsecured and do not require any collateral
Personal Loan Eligibility
Loan amount depends on your income and credit profile
Fixed EMIs
EMIs remain fixed throughout the tenure
Credit Score Impact
Timely repayment helps maintain a good credit score
Tips to use your Quick Loan smartly
Tip 1
Understand your repayment capacity before applying
Before you apply for a personal loan for used car, review your monthly income, existing EMIs, and regular expenses. This helps ensure that the new loan remains affordable and does not put unnecessary pressure on your finances.
Tip 2
Compare financing options carefully
A personal loan like FIRSTmoney offers flexibility, while a used car loan may offer structured funding benefits. Compare interest rates, tenure options, and eligibility criteria before deciding which option best suits your needs.
Tip 3
Choose a suitable tenure and stay disciplined with repayments
When you apply for a personal loan for used car, select a repayment tenure between 9 to 60 months that balances EMI affordability and total interest cost. Timely EMI payments can help maintain a healthy credit score and improve future borrowing prospects.
Personal Loan for Used Card FAQs: Key Questions Answered
Can I use a personal loan to buy a used car?
Yes, a personal loan like FIRSTmoney can be used to buy a used car without any restrictions on how the funds are utilised. It is not tied to the vehicle, which gives you complete flexibility in choosing the car, negotiating with the seller, and completing the purchase without any lender-imposed conditions.
Is a personal loan better than a used car loan for a second-hand vehicle?
A FIRSTmoney personal loan offers flexibility and fewer restrictions, which makes it suitable if you want quick access to funds or are buying from an individual seller. It also provides you loans at competitive interest rates starting from 9.99% p.a. However, a used car loan may offer structured benefits such as higher funding value and defined interest rates starting from 11.99%, depending on the loan type and eligibility.
What is the maximum loan amount I can get to buy a used car?
The loan amount for a low interest personal loan depends on your income, credit profile, and repayment capacity. With FIRSTmoney smart personal loans, you can get loan amounts ranging from ₹50,000 to ₹15 lakh to buy a used car.
How quickly will the loan amount be disbursed to my account?
Loan disbursal timelines vary based on eligibility and documentation. IDFC FIRST Bank’ FIRSTmoney offers an instant sanction of up to ₹15 lakh in 10 minutes for eligible customers.
What CIBIL score do I need for a personal loan to buy a used car?
To get a FIRSTmoney personal loan for used car, a CIBIL score of 710 or above is required for salaried professionals and 760 or above for self-employed.
Choose your personal loan amount with FIRSTmoney
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