For purchasing a second-hand vehicle without disturbing your savings, you can apply for a used car loan. These loans are getting popular day-by-day because everyone wants to buy a car for their close ones. As the prices of new cars are quite high, some people think that it's best to get a used car that is available at a much lesser price.
Also, people who need to commute to their workplace daily might get a used vehicle for carpooling. The popularity of second-hand car loans has also increased due to the affordable used car finance options that lenders provide nowadays. Many financiers provide finance for a used car but you must be aware of these things before applying for such loans:
Check your eligibility
Don’t submit a loan application without going through the eligibility criteria for a second-hand car loan. This is because the loan eligibility required to apply for a used car loan might vary from the personal loan eligibility requirements.
For example, apart from the usual factors like age, occupation, credit score, etc. the age and condition of the second-hand vehicle you are planning to purchase will also be evaluated by the lender before approving your loan application.
Go through the current interest rates
It is recommended that you go through the latest interest rates offered by several lenders before applying for a used car loan. This is because the interest rate calculator will determine the EMI that you will pay afterward to clear the debt. Go for low-interest personal loans as they will reduce the total interest outflow.
Avoid a hard application
If you are not sure about your eligibility in terms of credit score or salary, it is better to check the pre-approved offers for you. This will make access to funds easier for you. Bajaj Finserv provides pre-approved offers on personal loans, home loans, credit cards, and much more through their website. Check the offers that you can apply for by submitting your name and email ID on their portal.
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