Benefits of choosing finance used cars -7 Things to Consider
Getting your hands on the wheels of your own is a heavenly feeling. However, not everyone is equally lucky enough to purchase a brand new four-wheeler due to a lack of funds.
Some also do not have enough confidence to obtain a brand new car. So, what’s the solution? They sincerely go of a second-hand car, which is affordable these days due to the major threat of coronavirus pandemic.
Besides, a pre-owned car also helps people avoid additional burdens pressing on the pocket and prevent compromising the quality. Presently, the market for second-hand vehicles is increasing highly.
More and more civilians are into purchasing a used car. Hence, leading financing institutions and banks offer complete assistance for finance used cars to get the best car model of your choice.
Why is financing for a second-hand car essential?
Having finance options for getting a second-hand car might help you purchase your dream model at an affordable price range without even burning a hole in your pocket.
Due to the less costly affair, most people prefer second-hand car loans. Even if you have a tight budget or resources constraint, you can opt for used car finance.
Besides, the second-hand car insurance cost and depreciation rates are comparatively low than a new four-wheeler. However, people in India mostly consider second-hand car loans these days due to their convenience and easy to obtainable nature.
How can I get finance used cars schemes?
A second-hand car loan is convenient and straightforward that anyone can avail of it easily. Hence, the first thing you can do is check for your eligibility whether it matches the criteria.
As per more NBFCs, the borrower needs to be within the 21-65 years age group with a minimum of INR 20,000 salary range monthly and one-year job experience with a job security proof.
Also, you need to present several documents along with the application form to verify your credentials.
Once settled, the lender will ship the finance product to your dealer, and you will receive the car thereafter.
Advantages of getting a used car loan:
With a renowned financing company, your desire of getting a vehicle is some effortless steps aways. But what exactly makes a second-hand car loan an excellent opportunity for people?
Continue reading to know some spontaneous advantages of getting a second-hand car loan.
- Lucrative interest rates: Under some financing companies, the rate of interest for a used car is apparently high. However, in some cases, a number of banks and NBFCs offer lucrative offers and interest rates even up to interest rates up to 95% of the value.
- Approve high loan amount: You can avail of approx INR 50 lakhs through used car finance to get your desired model.
- Less paperwork: You can now apply for a second-hand car loan online with minimum paperwork. Thanks to advanced technology and process. The only paperwork you will be involved with is submitting the hard copy of the application form to the branch.Besides, the expected documents required for the loan is also very nominal, which makes the entire application process hassle-free and effortless.
- Flexible terms: Second-hand car loans offer commendable flexibility. Every lender empowers you to decide your loan amount, EMI period or tenure. Eventually, you can request a payment method according to your comfort – Online payment, post-dated cheques option, an auto-debit facility (where the bank will timely subtract your EMI value) or ECS.
- Price negotiation: Negotiation of the value is an integral part of any deal. Financial experts always recommend borrowers have a pre-approval letter in terms to negotiate the primary value.When the situation calls for a negotiation, you need to be master in getting the best and lowest possible deal for your second-hand car.
- Keep savings in the bank: One of the biggest reasons for a used car loan is you can keep your savings in the bank and utilize it whenever the situation arrives.Nobody is aware of any upcoming financial emergencies; hence, you have to be ready every time with enough cash.
We understand that getting a new car feels outstanding and smells great! But from the initial value, including from the perspective of long-term investments, finance used cars is the best choice you can go for! Besides, the approval for second-hand car loans proceeds fast.
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