Planning to buy a used car on loan? Here're rates offered by various banks

Besides interest rates, compare LTV, processing fee, pre-payment charges

Banks charge higher interest rates on used car loans than they do on a new car loan. The difference for the same bank can range from 150 basis points to as high as 575 basis points in some cases.

Interest rates on used car loans range from 9.9 per cent to as high as 17.50 per cent.

There is considerable variation in processing fee charged by different players. For some, it is capped at Rs 1,500 while for others the upper limit goes as high as Rs 15,000.

Some banks do not charge anything at all for pre-paying the loan.