Quick Finance for Used Car

Individuals with a limited budget can easily find a premium car in the pre-owned market. If you have recently learnt to drive or this is your second car, you can choose a used car as an option. Before you decide to bring home a used car, it is important to scout the used car market and look at the options available. The condition of the car is the most important factor when making a decision to buy. The car should not be worn out and in a bad condition; it will only increase your maintenance expenses. Choose a car which has not been used much and the model is quite new.

Finance for used car is only available for cars which are less than eight years old. Keep this in mind when looking for cars in the used market. Further, the loan amount will be determined based on the amount of down payment you choose to make. The long and tedious procedure of loan application has been replaced with a hassle free and transparent process. There is a basic documentation requirement which includes application form, photographs, address proof, identity proof, income proof; this includes salary slip and ITR returns and the documents for the car you have chosen to purchase.

Purchasing a car has become much easier with falling interest rates and the flexible repayment tenure. Finance for used car is offered by a large number of banks and financial institutions. The loan amount will depend on the type of the car and the down payment. With a higher amount of down payment, the loan amount will be reduced and thus the interest will also be less. Usually 60% of the value of the car is available as a loan and the balance will have to be paid by the buyer. Scout the market for the terms and conditions and the interest rates offered by the lenders. Choose the one that offers longer repayment tenure and a low interest rate. Holding a positive credit history helps in quick approval of the loan.

Applicants only need to submit the application form with the necessary documents and the loan will be immediately processed. Certain financial institutions also offer special schemes and discounts for the loan. Take advantage of the festive discounts and avail the loan at a lower rate of interest. There has been a recent decline in the rates which has made the loan lucrative for many borrowers. The amount you spend on purchasing a new car can be used to purchase a premium or luxury model of a used car. The process of disbursement is quick and the customer executives will be happy to help throughout the loan application. Choose a reliable and trustworthy financial institution for financing your used car.