What to Look For When Buying A Used Car In India

 

Buying a car is a necessity for some, a status symbol for the indulgent, and a dream for most Indians. For whatever reason, cars play a crucial role in Indian households. However, purchasing a car is a major financial decision, requiring meticulous planning and saving. People started to buy Used car online in India when they realized used cars are as good as new ones in recent years. It involves a substantial amount of risk and requires a lot of research, which many of us are unwilling to undertake. Online used car platforms have made things easier for the common Indian.

There are still relatively few chances of finding a good used car, which raises the question of reliability. You can find used cars online. Used car dealers only sell cars offline. Dealers like Car Kharido Becho 24 go the extra mile and thoroughly inspect each car before sell used car online. In case of any post-sale problems, they also offer warranties and guarantees. In addition to trust and reliability, Indian online used car platforms are fast becoming the go-to source for used car buyers.

Here are five things to keep in mind when choosing a used car loan

USED CAR LOAN

Buying a used car is good advice for first-time buyers. Your budget can still allow you to make two international trips while buying your dream car. A used car loan can help you manage your finances if you are short on cash. Taking out a second-hand car loan has the advantage of securing your required loan amount at an affordable interest rate, as well as providing you with a flexible repayment period, which makes repayment easier. 

When opting for a used car loan, keep these five things in mind:

1- Interest Rates

The interest rate is the most important consideration when taking out a used car loan. It directly affects your EMIs. Several factors determine the interest rate on a second-hand car loan, including your income, credit score, and debt obligations. 

2- Determining the loan amount

Car Kharido Becho 24 offers loans up to 85% of the vehicle's value. It is important to assess your needs and preferences before applying for a used car loan, and then choose an appropriate loan amount. Repay only the amount you are comfortable paying in EMIs along with the lowest used car loan rates.

3- Making a good down payment

With our loan, you can borrow up to 85% of the vehicle's value, but you will be required to make a down payment of the remaining amount. Putting down a larger amount reduces your loan repayment liability. Consider your loan requirements and down payment when buying your dream car. A down payment can also affect the interest rate of a loan. 

4- Selecting a tenure

The tenure of your used car loan impacts your EMI significantly. A longer loan tenure may result in higher interest rates overall, while a shorter loan tenure reduces borrowing costs. Calculating how much you can repay over a specific term is important before you apply for a loan and for second hand car finance. Our used car loans range from 12 to 60 months depending on your needs and preferences. Avoid paying too much interest by keeping your used car loan term within three years. 

5- Calculate EMIs for used cars 

You should assess your needs and budget so you can repay your used car loan amount within the stipulated EMI amount before applying for the best-used car loans. To calculate your EMI, you can use a used car EMI calculator. Online EMI calculators take into account the principal loan amount, the interest rate, and the repayment amount. Use your lender's used car loan EMI calculator to calculate the loan amount, interest rate, and loan tenure. You can change their values as many times as you want until you figure out an EMI that works for you.

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