Get A Car Loan For A Second-Hand Car: Wondering whether you can get a Car Loan for a second-hand ride? CEO Adhil Shetty breaks it down for you.
However, not everyone can afford the high EMIs and interest rates that come with regular Car Loans. This is exactly why the used car market is constantly on the upswing. If you’re one of those people looking to purchase a used car at an affordable price by taking out a Used Car Loan, then you’ve come to the right place.
Used Car Loans - Features and Benefits
- Immensely Pocket-Friendly- Explained in simple associative terms, a second-hand car will cost less, thus, the pre-owned car loan financing it will also be a lesser number compared to its new-car alternative. Meaning, smaller monthly instalments to contend with.
- Less Hassle, More Features- While most banks feature used car finance as an important component in their arsenal of products, the demand for it is naturally second to a new car loan. Thus, these products are customized to appear as customer friendly as possible. Meaning, lots of features and rebates at half the usual hassle associated with a new car loan.
- Used Cars Are a Lot More Fun- When it comes to a pre-owned car, the choice of models isn’t dependent on its current on-road price. What would seem like a hefty investment for a new car of a particular model, seems very reasonable in the case of a second-hand car of the same make. Plus, the prospect of depreciation in pre-owned cars is considerably less when compared to new cars, thus retaining its original value when you intend to resell it at a future date. Importantly, the insurance costs of a pre-owned car are lesser compared to a new car.
