The market for used cars in India has grown manifold over the last few years. With the wide range of options available, now many people prefer to buy a used car as their first car. The huge price difference is not the only lucrative offer. One can always get a better used car model for the same amount of money. Today buying used car also come with easy financing options similar to new cars. So, if you wish to explore financing options for a used car, read on to understand it in detail.
1. Applying for a used car loan: When you are thinking of buying a used car and getting it financed, you must decide on your budget and the age of the car beforehand. Once that is done, compare all available financing options and choose the one which you are most comfortable with. Unlike new car loans, where the terms are generally not negotiable, here you can easily negotiate for the tenure and the interest rate of the used car. Getting the financing is smooth and quick once you submit all the necessary paperwork.
2. Loan Amount: For a new car, up to 100% of the car cost can be financed. But for a used car, you can get financing up to 70-80% of the quoted price. So the rest of the price has to be arranged on your own.
3. Loan Tenure: The age and condition of the car will mostly determine the loan tenure. In many cases, the loan is valid for a certain number of years from the first purchase, hence the older the car, the lower the loan tenure.
4. Loan Rate: The interest rate for a used car loan depends on the age of the car, and is generally 2-3% higher than a new car loan.
Considering all these factors, it’s always wise to go for a certified used car where you have a guarantee on the quality of the car and can get easy financing. This is where the Truebil advantage comes to your help. It offers you a one-stop solution for all your used car needs including paperwork and car loan. Truebil ensures you get the car of your dreams without any hassles. So pick your car today and set off on the ride of your dreams.