Buying a car is a dream of all Indian households and many are happy to invest in a used car to get the wheels they like. Instead of dipping into your funds to finance the car, it is always a better idea to opt for used cars loans.
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There are many banks and NBFCs offering loans to people across the country to help them get finance for a car of their dreams.
But, how do you select a loan that is best suited to your requirements? Apart from the interest rates, you have to research and look into a lot of other factors. Dive right in to read the four essential tips which every borrower should remember while selecting used car loans.
Tip No. 1 – Choose the Right Lender
With so many lenders in India offering attractive and competitive interest rates on loans, it is easy to get confused about whom to trust. First, look for a reputed financial company preferably a bank or NBFC. Check out the reputation and experience of the lender. It is a good idea to look at the company history to know how solid and reliable the lender will be in the long term. Take note of is the friendliness and ability of the representatives to help you understand even the minutest details.
Tip No. 2 – Study the Terms and Conditions
Every lender has certain terms and conditions that you are required to meet to qualify for a loan. Studying the eligibility criteria, documents required, and other things listed on the site. If you are not comfortable searching online, you can approach a company representative at a branch office or the dealership to understand the details and judge if you meet the process. Do not hesitate to ask questions if you have doubts with regards to the loan for used car - after all, once you take on the loan, you will become responsible for monthly repayment.
Tip No. 3 – Calculate the EMI Payable
Nearly all NBFCs offer online calculators which you can use to know the EMI you will pay based on the principal amount you take a loan and the interest you will pay. The EMI also takes the tenure into account, and the longer the tenure, the lower the EMI. This gives you an idea of how much of your income is required to repay the loan. While calculating the final EMI, your credit score will also be considered. Remember this - one missed EMI can hurt your creditworthiness.
Tip No. 4 - Check the Application Process
Many people do not tend to check out the ease of applying and the time is taken for loan approval and sanctioning when they are finalising the details for their second-hand car loan. The ease of applying for a loan is important, as a complicated process can leave you stressed. Additionally, check out how quickly the loan is sanctioned, because you do not want to wait weeks to get a loan for your dream car.