Second Hand Car Finance Industry Overview
The market for used car financing in India is on the fragmented side. The presence of many organized and un-organized players has created such a market scenario. Also, most auto manufacturers, apart from offering their own financing, have tie-ups with banks and other financial institutions to offer a wider choice for their customers. But the relatively easier procedures to procure a loan from various NBFCs are expected to tilt the market in their favor. Maruti Suzuki Limited, Mahindra Finance, Poonawalla Fincorp, Sundaram Finance, Bluecarz, TSM Cars, etc., are some of the major players in the market. Major OEMs are partnering with the NBFCs to provide loans for the consumer. For instance,
- In August 2021, Tata Motors partnered with Sundaram Finance to offer exclusive offers to customers opting to purchase its range of passenger cars. Under the partnership with TATA Motors, Sundaram Finance would offer six-year loans on the new 'Forever' range of cars, and with 100% financing, that would require a minimal down payment.
Second Hand Car Finance Market Leaders
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Sundaram Finance Ltd.
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TSM Cars
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Toyota Trust
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CHOLAMANDALAM
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Mahnidra Finance
- *Disclaimer: Major Players sorted in no particular order
