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A Comprehensive Guide For Getting a Used Car on Second-hand Car Finance

Several people in India opt for second-hand car finance for buying a pre-owned car because of some good value. However, getting a used car on loan, on the other hand, can be a little tricky. A number of people end up paying even more than expected due to a lack of knowledge and research.

Considering the suitable type of financing option can make your journey of buying a used car the best. But a wrong selection can worsen the situation. Therefore, we got you a comprehensive guide on used car finance and how they work to help you acquire the finance you need at the right price.

Why should I Get a Pre-Owned Car Loan?

Getting a finance option for purchasing a second-hand car can make the process hassle-free, convenient and a more affordable experience. Even, despite the budget constraints, you can effortlessly boost yourself to the position of a car owner since owning a car is the dream of almost every Indian.

Besides, it’s an outstanding and pocket-friendly alternative compared to shopping for a new vehicle. Moreover, the finance option is available at a lower insurance cost and depreciation rate. All these marks make buying a second-hand car on EMImore intriguing than getting a new one.

How Can I Get Second-Hand Car Finance in India?

Applying for a used car loan in India is a much more straightforward and uncomplicated process, and so is availing the cash. In this event, make sure to check your eligibility first and foremost. However, as per the guideline of several banks and NBFCs, the 21-65 years age group people are only qualified to avail of this loan with a minimum wage of Rs. 20,000, including a one-year job experience.

Apart from the necessary details and application form, the borrower must submit all mandatory documents to authorize their credentials. Once the entire process is settled, the lender or loan officer will consign to your car dealer and hand you over your car.

Tips for Purchasing a Used Car:

  • Do your homework – You should research and read about the car model properly you’re about to finalise the deal with. Make sure there are no mechanical problems, or it’s performing well. Further, remember to inspect the points out when you take it for a test drive.
  • Car insurance – It’s one of the core elements while buying a pre-owned vehicle. If the car already has an insurance policy, inspect how much it cost to avoid any further difficulty while getting it on second-hand car finance.
  • Verify currently used car value – There are plenty of websites on Google where you can try evaluating the current value of second-hand cars.
  • Check car’s VIN Number – The VIN number is the proof of registration documents and validation of the car model you will purchase. So, check the number under the bonnet carefully; it’ll help you identify that the vehicle didn’t change its identity.

Now, coming to the benefits of getting a used car on a second-hand car loan, which might inspire you to get yourself one.

Benefits of Availing of a Second-Hand Car Loan:

With top-leading banks and NMBFcs in India, you can own the desired model in just a few manageable steps. Let’s find out!

  • Phenomenal ROI – While you purchase a second-hand car on EMI, you will have access to unparalleled ROI percentages from high to low. Some lenders offer approx 60-80% ROI on a used car’s estimated value. On the other hand, some also propose a 95% value of the purchased car, depending on your credibility.
  • Extensive loan value – From 1 lakhs to almost 50 lakhs, you can get a vast amount of finance through a used car loan scheme.
  • Lowest paperwork – With the advancement of technology, no you can effortlessly apply for your loan online with minimum paperwork and slighter documents. And the process is much more permissive.
  • Flexible tenure – Thankfully, the pre-used car loan comes with flexible terms, reducing the burden of heavy EMIs. So, you can design your EMI tenure as per your convenience and financial planning.

Wrapping Up:

A new vehicle might smell great, but a second-hand car fits every budget. Moreover, buying it through a second-hand car finance option makes the process much more economic and fortunate for every mediocre family. So, get your very own vehicle at cheaper rates with easy EMIs via a used car loan and enjoy a long drive!

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