Used car loan or personal loan? What to choose for a second-hand car purchase?

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Used car loan or personal loan? What to choose
for a second-hand car purchase?
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What do a personal loan and used car loan mean?
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Personal loan
Step 01
Step 02
They are unsecured loans.
You may use the funds from this loan for any
legal purpose.
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Second-hand car loan
Step 01
Step 02
It's a secured loan.
You can only use the funds to buy a pre-owned car.
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Pre-owned car finance vs personal loan
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Interest rate

• Personal loans have higher interest rates than
  used car loans.

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Fund amount

• 01

• 02

• 03

• A down payment is necessary for a used car loan
  but not for a personal loan.

• A used car loan provides funding of up to Rs 50
  lakh.

• Personal loans are available for up to Rs 5 lakh.

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Repayment tenure

• Both loans have a repayment period of up to 5
  years.

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Creditworthiness

• A credit score is more important in a personal
  loan than in a used car loan.

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Approval process

• Approval for a used car loan takes a little
  longer.

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Hero FinCorp

• A used car loan is superior to a personal loan
  because it is specifically designed to assist you
  in purchasing your dream car.

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Thank You
Would Love to hear from you.
Hero Fincorp Limited
09, Basant Lok, Vasant Vihar, New Delhi - 110057
Tel [phone]
Email customer.care_at_herofincorp.com
Website https//www.herofincorp.com/
Know More Personal Loan vs. Pre-Owned Car Loan
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