If you have made the smart decision of buying a used car in India, you do not need to worry about the funds. The used car market is expanding in the country and it is time to make the most of this opportunity and bring home your favourite car. A car does not come cheap and it requires financial planning. However, you do not need to use your emergency funds for the purchase. You can easily buy the car with second hand car finance in India. The loan is available for all car manufacturers and car models in the industry. The process of loan application is simple and hassle free.
There is a basic eligibility criterion and a transparent application procedure. You need to keep in mind that the loan will only be approved if the car is less than eight years in age. Do not choose a car that is older than eight years because there might be high maintenance costs in the long term. Before you zero in on a car, take a test drive to ensure that you are making the right decision. Ask an auto enthusiast friend to join you for the test drive. Check the engine, brake, lights and overall performance of the car before you drive it home. You need to remember that the lender will not offer funding for 100% cost of the car. This means you will have to make down payment of about 20% to 30% of the value of the car. The minimum down payment requirement varies from one lender to another and you need to be aware of the same. Once you make the down payment, the loan application will be processed within no time and you will be able to drive your second hand car home.
In order to make an application, fill up the application form and submit relevant documents. You will have to provide identity proof, address proof, income proof, proof of down payment and invoice of the car you want to buy. If the documents are in place, the loan application will be approved in no time. If you have a strong credit score, you will see a quick approval of the application. You can drive your new car home without burning a hole in your wallet. The amount will be disbursed and transferred to your account without any delay.
You can own a premium used car at the cost of a brand new car with second hand car finance. The loan is designed keeping the high cost of second hand cars in mind. It has high loan amount and low interest rate, making it an ideal choice for you. Visit a couple of used car markets to choose the right car. It is best to pick a car that has not been used a lot and is the latest model. You might have to pay a higher price for it but it will last longer and will not have high maintenance costs.
