Have you ever wondered how used cars play a part in the growing economy? There are valid reasons why second-hand cars continue to attract buyers. For a family owning a two-wheeler, upgrading to a four-wheeler is both convenient and useful. For many young people, owning a car is one of the first priorities after getting a job. Traveling in a car makes a lot of sense if passengers include seniors and small children. In a nutshell, there are numerous benefits of owning a car. But new cars cost a lot, especially if you compare the costs with pre-owned vehicles. And, with great offers on used car loans, purchasing a second-hand car is a breeze. Read on to know the ways in which a second-hand car loan benefit you
1. Faster loan disbursement
You do not need to wait for days to get approval for a used car loan. Once all your documents are in, it generally takes about 30 minutes to approve your loan request. Once the approval comes in, the funds come pretty fast. At Tata Capital, it takes us 24-36 hours from the completion of documentation to sanction a used car loan.
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2. 100% car financing
Taking a second-hand car on loan means there is no down payment trouble. With a used car loan, you can get funding up to 100% of the ex-showroom price on select models. This is subject to the applicant meeting underwriting criteria. So, when you want to apply for a used car loan, do not worry about breaking your bank account to fork out down payment.
3. Cheaper EMIs
A second-hand car loan is cheaper on your pocket. With interest rates very affordable, the used car loan EMI is very easy to put into your overall family budget. Tata Capital offers used car loan at an interest rate starting at 12.5%. A Rs 5 lakh preowned car loan for 5 years comes at an EMI of just Rs 11,148, which means you have a total payment of Rs 6.68 lakh.
4. Flexible repayment
Repaying a loan is one of the biggest worries, especially for those who have irregular income patterns. One of the benefits of having a used car loan is flexible repayment options. The structured EMI option allows you to select a repayment method that suits you best. At Tata Capital, a second-hand car loan can be paid with customized EMI options as per your requirement. This works best when you as a borrower expect your income to increase at regular intervals.
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A used car loan is a good bet if you want to own a vehicle of your own without creating a dent in your financial plan. So, go ahead apply for a used car loan today and drive back the car home.