Buy Now, Pay Later Cars in India: Complete Guide to Owning a Car with Flexible Payments
Buying a car has become easier than ever in India. If you’ve always dreamed of owning a car but felt restricted by high upfront costs, “Buy Now, Pay Later Cars” (BNPL car finance) can be a smart solution. With this model, you can purchase the car today and pay for it later through easy installments, instead of paying the full amount at once.
Many banks, NBFCs, and car dealers now offer flexible car finance plans on used cars and new cars — especially in popular model years like 2018–2019, 2020–2021, and 2022–2025.
This guide will help you understand how Buy Now Pay Later Car Schemes work, their benefits, eligibility, and the key things to check before applying.
What Is a “Buy Now, Pay Later” Car Scheme?
A Buy Now Pay Later car plan allows you to take the car home immediately while paying the amount later through EMIs or deferred payment options. Depending on the plan, you may:
✔ Pay a small down payment
✔ Start EMIs after a few months
✔ Get low-interest car loans
✔ Enjoy flexible repayment tenure
This makes car ownership easier for salaried employees, self-employed people, cab drivers, business owners, and first-time buyers.
Why People Prefer Buy Now, Pay Later Cars
BNPL car financing is trending because it reduces financial stress. You don’t need to block your entire savings to purchase a car. Instead, you can pay conveniently over time.
Here are the major benefits:
🚗 Low Upfront Cost – Minimal down payment
💰 Flexible EMI Plans – Pay in easy monthly installments
📉 Lower Interest Options – Depending on your credit profile
🕒 Deferred EMI Start – Pay EMIs after a few months (in some plans)
📈 Access to Better Models – Upgrade from older to newer models
This makes it ideal for buyers looking at models from:
✔ 2018–2019 cars
✔ 2020–2021 cars
✔ 2022–2025 latest models
Buy Now Pay Later Options for Used Cars
Many people in India choose used cars because they are affordable and cost-effective. BNPL options are widely available on:
🚕 Hatchbacks
🚙 SUVs
🚗 Sedans
🚐 MPVs
Popular brands like Maruti, Hyundai, Toyota, Tata, Honda, Mahindra and others often qualify for pre-owned car finance schemes.
These are highly attractive because used car EMI plans are cheaper than new car loans.
Eligibility Criteria for BNPL Car Finance
Banks and finance companies generally approve Buy Now Pay Later Car Loans based on:
✔ Age (usually 21–60 years)
✔ Stable income
✔ Good credit score
✔ Valid ID & address proof
✔ Bank statements
✔ Employment or business proof
A better credit score means lower interest rates and easier approval.
Key Things to Check Before Choosing “Buy Now Pay Later” Cars
Before applying, always review:
🔍 Interest rate
🧾 Processing fees
📅 EMI start date & tenure
💸 Hidden charges
🚗 Insurance & maintenance costs
📘 Loan terms & conditions
Also inspect the car thoroughly — especially in used cars — including service history and mileage.
Who Should Buy a Car Now and Pay Later?
This plan is perfect for:
✔ Small business owners
✔ Taxi & cab drivers
✔ Delivery partners
✔ Corporate professionals
✔ First-time car buyers
✔ Students with guarantors
✔ Families upgrading to new models
BNPL car purchase helps people own a car without financial burden.
Models Available Under Flexible Car Finance Plans
Depending on your budget and eligibility, you can explore:
🚗 2018–2019 Car Models
Affordable pricing + lower EMI
🚙 2020–2021 Car Models
Balanced features + value pricing
🚘 2022–2025 Latest Models
Premium features + advanced tech
Dealers often offer special exchange and finance deals on these models.
Advantages of Buying a Car with Deferred Payments
✔ Keep your savings safe
✔ Easy approval options
✔ Low EMI burden
✔ Upgrade to better vehicles
✔ Ideal for business income buyers
It’s one of the smartest ways to own a car today.
Final Conclusion
A Buy Now, Pay Later Car Scheme gives you the freedom to own your car today and pay gradually over time. Whether you’re planning to buy a used car or latest-model car, flexible car financing helps reduce pressure and makes ownership easier.
Just remember to:
✔ Compare loan offers
✔ Check the car condition
✔ Understand EMI terms
✔ Maintain a good credit score