How to Check Used Car Loan Status

Used car loans make it easier to afford a second-hand vehicle. They are especially helpful when making a full upfront payment is difficult to manage. Once you meet the loan's eligibility requirements and apply for it, it is essential to monitor its progress for effective financial management.

Regularly checking the status provides a clear view of upcoming commitments and any potential discrepancies. This information helps you plan future payments and updates the current car owner about unexpected issues (if any).

Nowadays, most lenders allow you to check your loan status online and offline through various ways.

Used car loan status means the current status of your car loan application. It's like a progress tracker that helps you stay informed about what's happening and what's next. This status provides transparency and ensures that you and your lender are on the same page. 

The specific status updates may vary depending on the lender, but you can generally expect to see the following stages:

• Application Submitted: The lender has received your application

• Under Review / In Progress: The lender is currently reviewing your application and verifying the information provided

• Approved or Rejected: A decision has been made on your application

• Documentation Pending: Additional documents that you need to submit to proceed

Tracking your used car loan status helps you stay aligned with your lenders’ progress with your application. However, here are the key methods to check your used car loan status: 

Use the Online Portal

1. Go to the official site of the lender and open the customer portal

2. Enter your name, reference number, date of birth, and mobile number

3. You might get a captcha code or OTP in your registered mobile number that you need to input

4. Click on ‘submit’ and check the status

Use the Mobile App

1. Find your lender’s app in the Play Store or App Store

2. Log in using your registered credentials

3. Click on ‘Submit’ and check the status.

Some lenders will display the current status on your app’s home screen for more convenience. 

Call Customer Service 

1. Keep your used car loan reference or application number ready

2. Use the number from the lender’s website or your loan documents if given

3. Provide the ID and ask about the current status of your application to the representative

Most lenders offer toll-free customer service numbers for easier access.

Visit a Local Branch

1. Go to the lender’s nearest branch

2. Request details about your used car loan

3. Carry a valid ID and documents

4. Enquire about the status, and if the application is still in progress or under review, then you can ask about the estimated time it will take

Use SMS Services

1. Sign up for SMS alerts with your lender

2. Send an SMS in the format specified by the lender to their designated SMS number

To check your used car loan status, keep the following details ready:

• Application Number: Likely to be on your application page

• Registered Mobile Number: For OTP verification and SMS alerts

• Date of Birth or PAN: For identity verification on portals

• Registered Email ID: Used for login or communication

Here are some key tips to ensure a smooth and error-free experience when checking your used car loan status:

• Enter Accurate Credentials

Double-check your application number, mobile number, and other login details like password, OTP or any other before submission.

• Use Official Platforms Only

Always check your loan status through your lender’s official website, mobile app, or by contacting the customer service team.

• Keep Documents Handy

Have your loan documents, ID proof, and PAN card nearby for quick reference.

• Update Contact Details

Ensure your registered mobile number and email ID are up to date to receive timely OTPs and alerts.

Staying informed about how to check car loan status helps you avoid complications and anxiety before the approval process. If you are rejected, ask the lender for a possible reason and work on improving that area. It also ensures you maintain a positive relationship with your lender to get an even better loan term in your next loan. 

On Bajaj Markets, explore car loan options from trusted lenders, compare interest rates, evaluate loan terms, and apply online. This platform offers a straightforward way to take the next step toward owning your car.