Most of the banks put so many conditions when you go for this, like one having own house. When a person owns a house, what is the deal for him to go for a car loan which is more expensive than the housing loan. Secondly, nowadays, most of the cars -nearly 90% of the cars are sold on loan with a minimum loan period of 5 years. This used car loan is nothing but useless for both the banks and car owners.
