For the past few months, demand for second-hand cars has skyrocketed. According to a recent report, used car sales are 1.5 more than new car sales. This market is further expected to be twice as big as the new car market by FY25.

One of the major factors attributing to this ever-growing pace in the used car industry is the easy availability of a second hand car loan. However, second-hand car financing is not a viable option for specific individuals, given the high-interest rates associated with these loans. In such circumstances, borrowers can consider various other affordable alternatives to finance their car purchases.