Get The Lowest Used Car Finance Rates in India

21 Oct 2022

If buying a used car is on your mind, you are at the right place. Head to the pre-owned car market and choose a car that is an ideal fit for your purpose and your budget. Buying a car requires tremendous research and thorough thinking. You want to invest in a car that not only fits the budget but is also suitable for your needs. You can either choose to buy the car from the dealership or from the pre-owned car market. Consider all the options available and then make a decision. Once you decide on your new car, compare used car finance rates to get the loan for the purchase.

There are several lenders in the country that offer a loan for the purchase. The basic requirement for the loan is generally that the car should be less than eight years in age, you need to be above the age of 18 and have a valid driving license. It is important to note that you will be required to make a down payment for the purchase. Most lenders have a 30% down payment requirement you need to adhere to. You can even make a higher down payment if you have excess funds on hand. Down payment is essential for the loan to process. Hence, you will have to arrange for funds for the same.

In order to make a loan application, you need to fill up the application form and submit documents of identity proof, address proof, income proof, proof of down payment and the documents of the car you wish to own. If you have a good credit score, the loan application will be approved in no time. You need to remember that you will have to pay the loan amount with interest over the tenure. Hence, prepare a repayment schedule for the same. You can use the EMI calculator to get an EMI estimate. The calculator is available online and is free to use. You only need to provide the loan amount and tenure. You can change the inputs to reach an optimal output. Using the calculator will help you decide whether you will be able to make the EMI payment or not. If you think that the EMI amount is very high, you can ask for a longer tenure.

Never purchase a car without a test drive. Whether it is a new car or an old car, you need to take a test drive before you make a decision. Understand the terms and conditions of the loan before you sign on the dotted line. Used car finance rates will make a significant difference to the amount of monthly outflows. When you have a low interest rate, the EMI will be low and it will become easier for you to repay the loan. A low interest loan also means that the overall outflow of money is minimal. Bring home your stylish new car with a used car loan and drive it with pride. 

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