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What is Used Car Loan?
Posted on Thursday, April 1st, 2021 | By IndusInd Bank
Owning a car is no more a luxury to people. However, some of us still think extensively before buying a car due to fund scarcity. Also, even a new car loan could not be in your budget because of its high-interest rates, processing fees, etc. If so, you can consider the used car loan as the best alternative.
Yes, you heard it right. This blog discusses used car loans with some of its benefits and important things to remember while applying for a used car loan. To apply for an IndusInd Bank used car loan, click here.
What is a used car loan?
Borrowing of funds from financial institutions for buying a well maintained second-hand car is known as used car loan or pre-owned car loan. Many banks and NBFCs offer used car loans at attractive interest rates. Like a new car loan, it also has flexible loan repayment tenure.
Who can apply for used car loan?
Any salaried person and self-employed individuals whether they have sole proprietorship, private / public limited company, HUF or partnership firm are eligible for used car loan. However, all lenders have different set of terms and conditions that need to be fulfilled for used car loan’s approval. Looking to apply for a pre-owned car loan? Click here to get started!
Benefits of used car loan
- Some banks and NBFC provide upto 100% finance on car with longer repayment tenure.
- The depreciation and insurance costs are comparatively less than the new car.
- Most of the banks have a facility of online application for used car loan, which saves time and manual documentation work.
- The borrower can also negotiate on the terms and conditions of used car loan offered by NBFC’s and Banks. In simple words, lenders offer flexible repayment policies.
Points to remember while applying for used car loan
The borrower should keep in mind that all thesecond-hand car documents like sale deed, R.C, pollution certificate, NOC, etcare readily available.
If you are in need of a pre-owned car loan, IndusInd Bank has some lucrative options for you. The vehicle loans come with attractive interest rates and flexible repayable tenures. Enquire now at IndusInd Bank to know more about the used car loans.
Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.
