It may be your dream to buy a car. The car can allow your family and you to have a convenient, safe and enjoyable ride. Also, some people look forward to second-hand vehicles instead of purchasing a brand new one. But the demand for pre-owned cars left many borrowers with the search for pre-owned car loans.
Eligibility criteria One can apply for any pre-owned car loan if the age limit is between 20 to 60 years. Irrespective of the fact that you are salaried or self-employed, you can apply for this loan amount. But before you use it, you should check for the credit score, expected incomes, and various other terms and conditions to avoid getting rejected for the loan. Amount of loan Lenders do not provide loans against the whole amount of the second-hand car. But the percentage of the value plays a significant role in determining whether it can be a feasible option to take the loan or not. Age and the type of car The loan approval sometimes depends on the age of the car. A lender may not approve the loan for a second-hand vehicle that is older than ten years. It is mainly because of the risk factor involved in financing the car due to its condition. Also, before taking a loan, you must verify the type of car you will buy with the loan amount. Some lenders might offer loans to private vehicles, while others provide loans to various new models and brands. Online personal loan If you find it difficult to arrange the required finance for purchasing a car, you can apply for an online personal loan. You can check websites or mobile apps that offer low-interest personal loan options. To avoid wasting time, you can also look forward to pre-approved loans. Bajaj Finserv, one of the leading NBFC offer pre-approved online personal loans to the borrowers. To check your pre-approved offer, you just need to share your basic personal details and avail of a hassle-free personal loan at affordable rates.
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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. |