Eligibility & applying
Credit Score for a Used Car Loan
How your score affects approval and rate, and how to improve it before applying.
Updated 30 September 2026 · 8 lenders trackedLowest used car loan rate
9.45%
PNB Used Car LoanWhat you need to know
Your score affects both approval and price. SBI prices its pre-owned car loan by CIC score across a 10.45% – 15.60% band, and Bank of Baroda’s published rates apply to CIBIL 701 and above. A strong score can save thousands in interest.
Score and cost
| Rate | EMI | Total interest | Extra vs lowest rate |
|---|---|---|---|
| 10.00% | ₹12,681 | ₹1,08,702 | ₹0 |
| 11.00% | ₹12,923 | ₹1,20,293 | ₹11,591 |
| 12.00% | ₹13,167 | ₹1,32,012 | ₹23,310 |
| 13.00% | ₹13,414 | ₹1,43,860 | ₹35,158 |
| 15.00% | ₹13,915 | ₹1,67,938 | ₹59,236 |
₹5,00,000 for 4 years.
Before you apply
- Download free reports from CIBIL, Experian, Equifax and CRIF High Mark and fix errors.
- Pay card dues in full and avoid new credit enquiries.
- Keep credit-card use low relative to limits.
- Add a co-applicant with a strong score if yours is thin.
Frequently asked questions
Can I get a used car loan with a low score?
Possibly from an NBFC, at a higher rate or with a larger down payment.
Does checking my own score lower it?
No — only lender enquiries (hard enquiries) count.
For information and comparison only. Loan terms, rates and rules change — confirm with the lender and read the Key Facts Statement before borrowing.