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  • ₹1,00,000
  • ₹5,00,00,000
%
  • 9%
  • 18%
years
  • 1 Year
  • 10 Years

Your Monthly EMI is ₹13,432

Enter a valid input

Used Car Loan Amortization Schedule

Below Used Car Loan Amortization table illustrating how much goes towards principal and interest over time. The below table is based on the above calculator’s inputs.

Month
Opening Balance
Monthly Interest
Monthly Principal
Outstanding Balance

Benefits of using ICICI Bank Used Car Loan Calculator

Accurate estimates

Accurate estimates

Provides precise monthly instalment amount

240
Easy-to-use

Easy-to-use

Simple and user-friendly interface

240
Time-saving and effortless

Time-saving and effortless

Eliminates manual calculations

240
Checks various loan scenarios

Checks various loan scenarios

Helps in exploring different repayment plans

240
Flexibility of adjusting the parameters

Flexibility of adjusting the parameters

Customise the plan as per your budget and financial goals

240

Pre-owned Car Loan Calculator FAQs

How to calculate the Used Car Loan EMI?

The calculation involves the following formula:

EMI = <P x R x (1+R) ^ N / [(1+R) ^ N-1]>

P = Principal loan amount

R = Rate of interest

N = Number of monthly instalments

By inputting these values into the formula, one can compute the exact EMI amount to be paid each month.

How much funding can I get for used cars?

It depends on various factors such as your eligibility and the policies of the lender. Typically, lenders may offer up to 80% of the value as a second hand Car Loan. It means that if the car is valued at a certain amount, you can potentially secure the financing for up to 80% of that value. However, the exact percentage may vary based on the circumstances and the lender's assessment criteria.

What is the average tenure for a pre-owned Car Loan?

The average tenure for a pre-owned Car Loan typically spans around 7 years. This duration allows borrowers a reasonable timeframe to repay the loan amount in manageable monthly instalments while considering the depreciating value of the used vehicle. However, the actual loan tenure may vary depending on factors such as the borrower's financial situation, the terms and conditions of the lender and the specific characteristics of the car being financed.

Is it advisable to buy a second hand car on loan?

Buying a second hand car on loan can be advantageous for several reasons. It allows individuals to afford a higher-quality vehicle or a model that may have been out of their budget otherwise. Additionally, spreading the cost of the purchase over a loan tenure makes it more manageable, especially for those with limited upfront funds.

Is the interest rate of a second hand Car Loan higher?

While the interest rate for new Car Loans starts from 9.10% based on factors like CIBIL score and car model, the interest rate for used Car Loans begins at 11.25%, considering similar criteria. This higher rate is often attributed to the increased risk associated with financing older vehicles.