Cars are the best way to commute when a family travels together. It provides comfort during travel, and freedom to commute whenever you want. While the prices of your brand-new dream car can dampen your enthusiasm, you can opt for a second-hand vehicle to get started. The application process is seamless, and you can quickly check out the used car loan EMI calculator to verify your monthly liability before applying for a loan.
Purchasing a used car comes with various benefits. You are not entitled to sales tax, and you need not wait for the car delivery. Further, you only have to make a down payment of 15%-30% of the used car’s value. The amount is affordable as the price of an old car is lower than a new car. Further, purchasing an old vehicle saves you from the car value depreciation rate, which is highest for the first two years of a new car.
As the demand for second-hand vehicles has increased over the last two decades, more lenders have come up with affordable second-hand car finance options. Now, you can apply on your lender’s website from the comfort of your home. Muthoot FinCorp auto loan is the best choice in the market for the most reasonable rates and other benefits. This article will get to know how you can instantly arrange a pre-owned car loan in India.
Second-Hand Car Finance In India
Once you have finalised the car model you wish to purchase, look for various offers for used cars from top lenders in India. You can compare the used car loan interest rates online to select the best lender for your requirements. You will discover the lender with a little exploration that requires minimal paperwork and provides instant loan disbursal.
You can apply for a used car loan with your lender online within minutes. Most banks offer up to 70%-85% of a car’s total value depending on its age. The lender decides the tenure, and it can range from 1-5 years depending on the age of your vehicle. Before applying for an old car loan, check your loan eligibility using a second-hand car finance eligibility calculator.
Used Car Loan Eligibility
Any Indian resident of age 21-65 can apply for second-hand car finance. The application for both salaried and self-employed are quickly processed online. Before filling out the application form and applying for an old car loan, make sure you are eligible for it. Rejection of application can lead to a reduction in credit score, which can harm your future loan requests. Check out the various terms and conditions associated with the loan on lenders’ websites.
Further, you need to have all the relevant documents handy required for filling up the used car loan application. Once you verify your eligibility, you can apply for pre-owned car finance. Muthoot used car loan is the best choice since it requires minimal paperwork. The team at Muthoot FinCorp quickly verifies and approves your loan application subject to meeting the eligibility requirements. To ensure that you can repay your debt timely, make sure to check out your liability with a used car loan EMI calculator. You only need to have your legal documents ready while applying for second-hand car finance.
Conclusion
Purchasing a car is a dream of many Indian families. But at times, it becomes difficult to buy a new car due to the high costs. However, you can opt for an old car to fulfil your dream and save money. To make the purchase affordable, several lenders offer second hand car finance. By availing pre-owned car finance, you only have to make down payment of 15%-30% of the total value. Your lender will allow you to make small repayments for the rest amount using the monthly installments option.
The second-hand car loan is secured, and your car acts as collateral, so most lenders won’t require you to go through a lot of paperwork. By availing an old car loan, you can make repayments in small installments and lift your car purchase burden from your monthly expenses. Second-hand car loan by Muthoot FinCorp is among the most affordable and easily accessible old car loan options in India. You can check out the prevailing used car loan interest rates on your lender’s website and compare them with peers before putting through your loan application.
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