Are you looking to finance a used car but aren't sure whether to choose a personal loan or a used car loan? Here is the answer.

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

2. What do a
personal loan
and used car
loan mean?

3. Personal loan
Step 01
They are
unsecured loans.
Step 02
You may use the
funds from this loan
for any legal
purpose.

4. Second-hand car loan
Step 01
It's a secured
loan.
Step 02
You can only use the
funds to buy a pre-
owned car.

5. Pre-owned
car finance vs
personal loan

6. Interest
rate
Personal loans have
higher interest rates
than used car loans.

7. Fund amount
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.
01 02 03

8. Repayment
tenure
Both loans have a repayment
period of up to 5 years.

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

10. Approval
process
Approval for a used car loan takes a
little longer.

11. —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.”

12. CREDITS: This presentation template was
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Flaticon, and infographics & images by Freepik
Thank You
Would Love to hear from you.
Hero Fincorp Limited
09, Basant Lok, Vasant Vihar, New Delhi - 110057
Tel : 18001024145
Email : customer.care@herofincorp.com
Website : https://www.herofincorp.com/
Know More : Personal Loan vs. Pre-Owned Car Loan
: Which one is better for buying a pre owned car