Have you been planning to buy a used car? Then you can utilize funding options like second-hand car finance. This personal financing option is available for borrowers across India. It allows you to purchase a used car without any hassle and long verification process.
Even though a lot of people want to purchase a brand new car as the first investment, it is not always recommended. Besides, second-hand car finance allows you to borrow an extensive sum of amount, so that; you can fulfill all your requirements easily.
Other than this, the utilization of second hand car finance is not restricted. This means you will be able to pay for expenses other than the car itself. With this article, we are going to share with you five key things that you should remember while opting for this financing method.
- Interest Rate
One of the first things that you need to remember about second-hand car finance is its interest rate. This is a type of personal loan, which is why its interest rate will be a little higher than other available options. If you want to know more about the available personal loan interest rates, then you can visit your preferred financing agencies website to gather relevant information. You can even get in touch with the relationship manager of the organization to discuss your requirements.
- Loan Approval
A personal loan is one of the most easily available financing alternatives. Even if you have a comparatively low CIBIL score, you will be able to enjoy this funding method. However, to check personal loan eligibility online, you might have to compare a few websites. However, second-hand car finance does not require a lengthy verification process, which means you will be able to generate funds even at the very last moment.
- Loan Tenor
When you invest in a car loan, it gives you an extensive amount of repayment period. But in the case of a personal second-hand car finance, you get a tenor of up to 60 months. It is because this is a short term financing option offered to borrowers in India. You can use an online EMI calculator to see the ideal tenor for your loan amount. To add to this, you can even find an online interest calculator that will allow you to gain more clarity on the subject.
- Paperwork
When it comes to personal second-hand car finance, there are not many documents required. The process of investing in such financing options is kept simple so that more and more borrowers can utilize the facility. Some of the basic documents that you might require are your identity card, bank details, as well as the paperwork of your chosen vehicle. However, depending on the financing organization you consider, there might be certain additional documents needed.
- Car Insurance
Getting car insurance for a second-hand vehicle can be a little tricky. However, by using second-hand car finance, you can easily pay for your insurance policy as well. Since there are no restrictions related to this financing alternative, you will be able to deal with every type of expense, whether big or small. Even if you want to invest in a 3rd party insurance, you will be able to do so using second-hand car finance.
Bajaj Finserv has various pre-approved online offers available for financing services like personal loans and business loans. These deals are designed so that borrowers can enjoy a completely hassle-free loan processor. It even reduces the verification time in half, making it convenient.
You can unlock your pre-approved loan offers by giving your name and contact information online.