If you are looking for funds to bring home a used car, then you can easily avail a second-hand car loan from reputed lenders in India and fulfill your wish. But before you apply, you must consider a few vital factors to help you with smooth loan processing.
1. Keep an eye on your credit score No matter what loan you apply, your bank will pull out your credit score as the first thing while processing the second hand car loan application. If you have a strong cibil score of 750 and more, then you can get a fast approval at a lower rate of interest. Boosting your credit score is not tough, and you can do that by paying your loan and other EMIs on time. 2. Go for a long tenor Taking a loan means paying EMIs, which may affect your monthly expenses. Hence, what you can do is opt for a long tenor. It will help you stretch your loan and pay only small EMIs that will help in easier outlays management. 3. Compare all offers You may come across many second-hand car loan offers and hence; may be confused. Thus, the best thing is landing on a third-party website and start comparing all offers. In turn, you can get a deal best matching your needs and repayment capacity. 4. Go through terms and conditions of the loans Many people don’t do that and later regret by paying extra charges. Thus, be sure of what you would pay if you default, prep-pay and foreclose the loan. 5. Ask your car dealer to lower the price Your car dealer is making bigger profits on a used car, and you should also take a pie out of it. You can do that by negotiating for reducing the cost of the car. This way, you may apply for a personal loan for a used car loan and manage reduced EMIs. By considering these essential factors, you can approach your second-hand car loan confidently! Additional Read: Consider These Factors Before Applying A Used Car Loan
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AuthorAman Khanna is an experienced financial advisor who is well known for his ability to foretell the market trends as well as for his financial astuteness. He has an MBA in finance from Toronto University as well as years of experience delivering seminars on sound financial practices and debt management. |