Written by Ayushi Gaur | July 4, 2020
Around 4 million second-hand cars were reportedly bought and sold in the financial year of 2018-2019. Such numbers can be accredited to a growing affinity towards securing fair value against their purchase. Similarly, the fact that most financial institutions are now extending substantial credit as pre owned car loans has further helped to boost this market.
However, to ensure one avails the best bargain while availing a loan to purchase a used car, borrowers must make it a point to check all of its aspects in detail. Additionally, they should consider a few things and proceed with a loan accordingly.
For instance, here’s what intending applicants of used car finance should keep in mind before availing a credit –
Additionally, cars that have been in use for a considerably long time and require frequent maintenance are more likely to avail a credit with a shorter-tenor. Regardless, opting for a financial institution that extends a personal loan against a convenient tenor would come in handy for borrowers who wish to buy a pre-owned car.
For instance, financial institutions often extend the loan for pre-owned cars to individuals who meet these following criteria –
Also, such financial institutions provide their customers with attractive pre-approved offers on their products and services. Such an offer simplifies the entire process and makes it hassle-free. You can check your pre-approved offers by providing simple details like name and contact number.
Doing so, they would not only secure a competitive deal but will also be able to opt for an option that helps them save money during the repayment tenor.
Successively, they should find out how much time is taken to verify and approve a loan application. Top financial institutions take 1-2 days to process and verify the loan application along with other vital documents like the registration certificate and the insurance report.
Therefore, before applying for a pre-owned car loan, applicants must compare applicable loan interest and features that come along with such loan options. Further, they should find out about the loan tenor, eligibility, and required set of documents to proceed with the application process. They should also ask for an insurance policy and registration certificate from the car seller to increase the chances of loan approval.
Hence, by considering these pointers, one would be able to opt for a suitable personal loan option and would further be able to benefit from it substantially.
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