Who does not want to have his/her own car? Pre-owned cars are also nice options if it is your first car so that you can become a perfect driver before buying the first-hand car. If yes, then you can avail a used car loan if you have a shortage of funds without issues. Read on and know the reasons to apply for a used car loan to bring home a second-hand car and ways to check the interest rates beforehand. How to check user car loan interest rates? You can land on the website of the lender that you want to apply for a used car loan from and look for the loan EMI calculator. You will need to enter your desired loan amount, repayment tenor and the interest rate. After you select these credentials, the loan EMI calculator will showcase your exact loan EMI, total interest amount payable and total (Interest + Principal). Used Car Loan Benefits at a Glance 1. Higher loan amount As per your loan eligibility and credit score, you may avail an amount as high as up to Rs.25 lakh by leading lenders in India. This way, you can use the loan amount to buy a car of your choice without worrying about money. 2. Quick approval If you match the required loan eligibility and furnish basic documents, then you can avail an instant approval for the used car loan. 3. Money in your bank within 24 hours If you have got the loan approval, then you can get the loan amount into your bank account within 24 hours. 4. Flexible repayment tenor Applying for a used car loan does not mean straining your monthly outlays by paying bigger EMIs. No, you can get a loan tenor ranging up to 60 months, so that you can stretch the loan amount over a longer tenor and pay small EMIs. 5. No collateral or security needed The used car loan is an extension of the personal loan designed to help you buy a pre-owned car. Hence, it is an unsecured loan type, for which you don’t need to submit any collateral or security. If you have maintained a credit score of 750+, clean repayment and smooth income history, then you can get hassle-free loan approval. With so many benefits of the used car loan, you can go for it if you wanna drive your new pre-owned car today only! Must Read: 5 Reliable Ways to Reduce the EMI on Your Personal 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. |