A New Car Loan is a type of secured loan offered by banks, NBFCs, and car finance companies to help individuals buy a brand new car. The car you purchase becomes the collateral, meaning the lender has rights over the vehicle until the loan is fully repaid. You repay the loan in monthly EMIs (Equated Monthly Installments) over a fixed tenure, usually ranging from 1 to 7 years.
A Used Car Loan is a type of secured loan that helps you buy a pre-owned (second-hand) car. The lender finances a part of the car’s value, and you repay it in monthly EMIs (Equated Monthly Installments) over a fixed period. The car itself acts as collateral until the loan is fully repaid.
A Two-Wheeler Loan is a type of secured loan that helps you purchase a bike, scooter, or electric two-wheeler. It is offered by banks, NBFCs, and vehicle finance companies. The two-wheeler you buy is used as collateral, and you repay the loan in monthly EMIs (Equated Monthly Installments) over a fixed tenure.
A Refinanced Auto Loan means replacing your current car loan with a new loan—usually with a lower interest rate, longer tenure, or better terms. The goal is to reduce your EMI, save on interest, or make your loan more manageable.