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HomeMoneyLow and lucrative used car loan rates in India

Low and lucrative used car loan rates in India

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The pandemic has changed a lot of things about our lives. We think twice before stepping into public transport and have become cautious about everything we touch and everywhere we go. However, as we return back to normalcy and return to office, it is time to consider our transportation choices. Since public transport is not yet safe, this is a good time to invest in a used car of your choice. A lot of consumers in the country are opting to buy a used car to meet their needs and preferences. You can get any brand and type of used car within your budget and you also enjoy low used car loan rates in India.

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Where to buy from?

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The first question in your mind will be where to buy the car from. There are dealerships and many used car markets where you can look for the car of your choice. Head to the dealership first and you will get a lot of options and the cars will be in good condition here. If you like a few cars, you can shortlist them and then head to the used car market. Make it a point to visit both the places before committing to one. There will be different used car markets in your city and you can scout from the hundreds of used cars available there. It is possible to buy a luxury used car for the cost of a brand new car. Compare all the options and then shortlist the ones you like.

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How to check the car?

You may have fallen in love with the car based on its looks but that is not it. It is important to check the car thoroughly from the inside and outside. You will have to take a test drive in the car and examine every part of it. This includes the engine, brakes, lights, gear and more. Ask a mechanic to come along with you so that you can make the right decision. Do not focus on the small dents or scratches as they can be fixed but do not ignore the major ones. You do not want to bring home a car that costs a lot in terms of repairs and maintenance.

Scout for a lender

If you have finalised on a car and are ready to make it yours, start looking for a lender to finance the purchase. The dealer may also help you with the loan process but if you are already a customer with a reliable lender in the country, you can proceed with them. Remember, the loan will only be offered if the age of the car is less than eight years. Do not even shortlist the cars that are more than eight years in age. When you look for lenders, you need to compare the interest rate offered by them and check the eligibility criteria. In most cases, you need to be above the age of 21 and own a driving license.

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Negotiate the price and apply for the loan

Lastly, negotiate the price of the car with the seller. You must get your hands on the documents including the registration certificate, insurance and PUC. The documents should be valid and genuine. After negotiation, you can agree on the sale and then contact the lender. You will be asked to make a downpayment for the loan. Once you make the payment, your loan application will be processed and you will have the funds in your account. The entire process will not take more than 2 to 3 working days.

With low used car loan rates, it has become possible for a lot of consumers to buy used cars of their choice. They no longer need to worry about spending the money from their emergency fund or borrowing from family. No matter the car you want to bring home, simply choose a lender and proceed with the application. You can use the EMI calculator to get an idea of the monthly EMI payment you will have to make. The lender will be happy to provide a loan tenure that fits your repayment ability and preferences. You can now be a proud owner of any car of your choice!

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