We at GoRefr help you or your referral to get the best discount possible in the market on your
new car booking at our partner dealerships (Car Showrooms)
You can redeem money from your Gorefr Wallet once the amount crosses a minimum balance of Rs 2000 to your account (bank details will be provided by you)
You can refer your friends / family to earn the maximum amount. We would also help you with the loan application on this new car and the lowest rate of Interest with various partner banks
Yes, you can apply for a used car loan to purchase a second-hand car with a co-applicant (family member), but this is necessary only when your income does not meet the minimum income eligibility criteria or FOIR ( fixed income obligation ratio). In such instances, your spouse or parents can be your applicant.
Some lenders will ask you to make a down payment when you avail a used car loan. However, many lenders will offer up to 100% financing which means you do not need to make any down payment.
Yes, many lenders will charge you a penalty fee for prepaying your loan except for a few such as Indiabulls, United Bank of India, and Tata Capital who do not levy any penalty on prepayment.
Yes. There are some lenders who will allow you to avail a used car loan on your existing car. One such lender is Tata Capital who will offer up to 120% of your car’s current value as cash. You can avail up to Rs.20 lakh under this facility.
There are various ways through which you can repay your used car loan. They are direct debit, Electronic Clearing Service (ECS), and postdated cheques (PDCs). Almost all lenders will allow repayment through any one of these ways.
Will registration charges and insurance be included in the pre-owned car loan? Some loan offerings may include registration charges, but not the insurance charges. Insurance charges will need to be paid by the borrower upfront.
Before any lender offers you a loan, they will first look at your credit history to evaluate your repayment capabilities. Most lenders will offer you a loan only when your credit score is 750 and above. So, if you feel that your credit score is low, first confirm it by checking your score on the BankBazaar website. Once you check your score, you can take corrective measures to enhance it and then apply for a loan.
No, you do not have to provide any security or collateral to avail a pre-owned car loan as the vehicle itself will be considered as a security. In the event of you defaulting on your EMI payments, the lender has the right to seize your vehicle and recover the loan amount.
You can buy any kind of car such as sedans, hatchbacks, sports utility vehicles (SUVs), etc., with used car financing. However, lenders will check for the age of the car before offering you a used car loan.