Buying a used car is a smart choice. A car is no longer a luxury but has become a necessity for one and all. Whether you like a four-seater or a six-seater, you will find ample options in the market. The consistent, double digit growth of the used car market is proof that consumers are loving their used cars and are keen on spending their money on one. It is possible to own any car of your choice without worrying about the money. You can apply for a loan for a used car and enjoy low used car loan rate of interest. All individuals above the age of 21 with a valid driving license can apply for a loan. Let’s see how you can go about choosing the used car.
Scout the market
Once you decide you want to buy a used car, you need to start scouting the market. It is not as easy as buying a new car because there are many things you need to look into before committing to one. Head to the dealership and look at the cars available there. It is ideal to purchase the car from a dealer because the condition of the car will be much better and the documentation will be complete. Alternatively, you can head to the pre owned market and consider all the options available there. Every city has a few used car markets and they are overflowing with cars. Consider all the models keeping your needs in mind and then shortlist them. You will have a better chance of price negotiation at the used car market.
Take a test drive
Whether you are buying a new car or a used car, it is important to take a test drive in it. This is a process where you get an idea about the functioning of the car and its condition. If you are not sure about the car, you can ask a mechanic to go along with you. When in the test drive, check the engine, brakes, wipers, cooling, fuel tank and overall functioning of the car. You must also check the car from the outside and if it has major dents, avoid this car. Do not make the mistake of putting your money in a car that will require a lot of maintenance in the long term.
Check the documents
You will have to gather and verify all the documents from the seller of the car. This includes the registration certificate, insurance, PUC and history of the car. The seller will provide complete details to you about the car. It will also help with negotiation. Only proceed with the purchase if the documents are valid and complete.
Contact the lender
When you have the documentation in place and completed the test drive, you need to start looking for a lender for the loan. There are several lenders in the industry who will be happy to offer a loan and the increasing competition in the industry has also led to low used car loan rate of interest. However, it is necessary to compare the rate of interest and choose a lender that offers the loan at low rate. This will reduce the EMI amount and bring down the overall cost of borrowing.
Apply for the loan
The last step is to apply for the loan. You can make an online application as there is no need to visit the physical branch of the lender. All you have to do is fill the application form and submit scanned copies of the documents. You can attach Aadhar card, PAN, income proof and invoice of the car. The lenders will process the loan without any delay and you will be able to bring your car home.
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Turn your dream into a reality and bring home the car of your choice. No matter the brand or the type of car you have set your eyes on, it is possible to call it yours with a loan. Choose the right lender and understand the terms and conditions of the loan thoroughly. Do not rush the process because buying a used car needs a lot of research and attention to details. Ride your car in style while you repay the loan in EMIs over the tenure.
