My brother’s best friend is not in a good mood. His wishes to get a new car is vaporized. His old man would only allow him to buy a second-hand car. His old man argued that a man who want to get his first car should buy a second-hand car. His old man also suggest that a man can pick up good deals on premium cars in the second-hand car market. However, financing a used car is not necessarily easy.

Should you want to buy a second-car too, then you should know that the most important criterion for eligibility of a used car loan is the age of the vehicle. Unfortunately, most banks will never finance cars more than five years old. However, I’m aware that there is variation for this basic rule. For example, ICICI bank spesifies that the tenure and the age of the loan should not exceed 10 years.

Knowing this, if you want to buy a eight year old car, ICICI bank would offer you a loan only for two years. However, banks such uas SBI can offer you a lon for up to five years for a two-year old card and up to three years for cars which age are between two to four years old. You will get no loans for cars older than four years.

So, what car do you want to buy?