Global Used Car Loan Eligibility Tool
Check if you qualify for a used car loan – based on price, income, credit, and vehicle age.
✨ NOTE: This tool provides estimates for educational purposes only. Actual loan approval depends on the lender’s policies and additional factors.
📊 How it works: Base FOIR (Fixed Obligation to Income Ratio) = 50%, adjusted by credit score (Excellent +5%, Good 0%, Fair -5%, Poor -10%, Bad -15%, Unknown 0%). Max permissible total EMI = monthly income × FOIR. If existing EMI ≥ that, not eligible. Max new EMI = max total – existing EMI. Max loan from income = reverse EMI using interest rate and tenure.
Loan‑to‑value (LTV) limit: 80% of car price for used cars. Also, maximum vehicle age at loan end typically ≤ 10 years. If car age + tenure years > 10, the eligible amount is reduced proportionally.
🔒 Privacy first: All calculations happen locally in your browser. No data is sent to any server.
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