Used Car Loan

The second-hand car market continues to grow at a rapid pace. In recent years, there has been a huge demand for used cars in India resulting in a flourishing market for used car finance. Today, it is easy to avail second hand car loans from many top banks and NBFCs.

Should You Own a Car?

To own a new car or not to own it, that’s the question. Haven’t we all often challenged our own beliefs about car ownership?

“Why own it?”

“Wherever I go, there’s hardly any parking space?”

“I’ll take a cab today, there’s heavy traffic.” And so on.

Many questions keep our minds engaged. This is especially true in the cities when cab-hailing services are available at our beck and call.

Why Buy Second-hand Cars?

The ongoing pandemic has established the practical utility of a four-wheeler. You never know when an emergency arises, and you need to step out. So, if you must buy a car in today’s age and time, you can consider going for a used car. Here’s why.

Value for money

Why invest a huge sum to buy a new car when you can get a quality vehicle at half the price? A used car can cost you much less without weighing heavily on your pocket. The growth of many private players in the used car market has ensured a healthy competition for quality and so you can be rest assured to find a quality buy well within your budget. Most importantly, all your paperwork is done by the car seller and handed over to you with complete transparency. Zero hassles. The seller may also help you to get in touch with top lenders so that your used car loan process is expedited. Even if you decide to buy a second-hand car from an individual party, you can still apply for a used car loan.

Depreciating Asset

A new car generally depreciates by 10% of its value every year. When the net price of a new vehicle goes down so quickly, it makes sense to go for a second-hand car, drive it to your heart’s content and then reevaluate if you really want to own a new one in the distant future.

Easy Finance Options

Since used hand car finance has become an industry of its own, many lenders have entered the loan market. Here at Muthoot FinCorp, we offer low-interest rates and flexible repayment options, making it even easier for you to avail of a loan for second-hand cars. With us, you have the flexibility to take a second-hand car loan for a sum anywhere between Rs. 50,000 to Rs. 10 lakhs and you can easily repay them in tenures of 12 to 60 months.

How to Choose the Best Used Car Loan Lender

One of the most important parts of your used car purchase is the lender who will disburse your loan amount. Here’s a quick guide on how to pick the best one.

Look for Trust and Transparency

The lender you choose should be a credible name in the industry. It should have a strong track record of serving hundreds of thousands of customers like you. A quick overview of the lender’s website, its product section should give you a good understanding of how the lender operates. You can always ask your friends and family about the lender to get an idea. The best names in the industry are spread far and wide and it is highly likely that someone might have availed their services in your immediate family.

Research about the Application Process

At Muthoot FinCorp, we take pride in making every step of your research effective and easy. Our auto loan EMI calculator will give you an approximate idea of how much-used car loan EMI you may have to pay. Our trained representatives are always available to resolve your queries. You are welcome to visit any of our branches and directly talk to us about availing a second-hand car loan. Our entire process from your query to loan disbursal is straightforward and is designed to reduce paperwork.

Is the Lender Digitally Enabled?

While you must look at the low-interest rates and the best offers you can get from a lender, it is wise to also check if the brand is up to date with the modern tools of communication – so that it is easier for consumers like you to interact with it. To make EMI payment a hassle-free experience, Muthoot FinCorp has a dedicated Muthoot Capital app that you can use to make payments or track them. While we always look forward to seeing you at our branch, with this app, you don’t have to visit our branch every time you want to make the EMI payment. Just use the app and you’re good to go.

A second-hand car loan is a pragmatic approach to solving your commuting woes in this pandemic. And with plenty of lenders to choose for your used car loan, all you have to do is to pick the best one.

Have more queries? Feel free to call us at 1800-102-1616.

Happy Driving!