You can avail a car loan not only for buying a brand-new car but also for buying the used ones. Although, the used car is cheaper, so the car loan amount required is lower, and so does the car loan EMIs. But a used car requires higher upkeep cost and there may be additional re-registration costs associated with it, neither of which will be covered by the car loan.
So, most of the car purchasers approach a bank for new car options as it is the one preferred over the used car loan options. Another factor that adds up in favor of the new car loan is that the approval is much swifter as compared to the used car loan.
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