What are the essential things required for a pre-owned car loan?

With a large number of pre-owned car dealerships around the country and its great pocket-friendly features, most people are considering purchasing used cars. The only thing that’s common to buy a new car and a pre-owned car is that both require funds. For small families with a sole bread-earner and school going kids, living in a big city comes with its financial constraints. Therefore, a pre-owned car loan is emerging as the ideal way to fund this necessary purchase.

A second-hand car loan makes it easy for you to repay in the form of EMIs and saves you from the worry of having to shell out hard-earned cash at one go.

Loan eligibility:

Almost everyone can wish to be a car owner. With loans available quickly, finance is not a challenge. However, eligibility can curb many from getting the funding needed to purchase that second-hand car they might want to own. Some have conditions affixed that the borrower needs to be with his or her present employer for over a year. Loan eligibility can be a race with lots of hurdles and twists and turns. Reputed lenders consider giving loans to those employed in public, government or private sector organisations. You must be 21 years.

Loan amount:

Not everybody has the same second-hand loan amount requirement. Knowing your need as well as the available loan amount is important. It is because your pre-owned car loan should cover the price of the vehicle. You should also verify how much of the pre-owned amount will fund the car.

Loan documents:

Most financial institutions recognize that too much documentation and delays can curb your enthusiasm when it comes to purchasing a car. Most lenders ask you to submit the following documents required for car loan:

copy of either your Passport / Voter ID/ Driving License / Aadhaar Card / PAN Card

copy of your salary account statements of the last three months

copy of your salary slips for the last three months

copy of your Electricity Bill / Passport / Ration Card

copy of your vehicle’s registration certificate

copy of your telephone or mobile bill

Tailored EMIs:

Today the world wants everything customized. Be it food, fashion or fun; everything is customize. Why should your pre-owned car loan repayment not be customize? NBFCs usually allow you the option to manage your EMIs. Those with a stable income can always select for a fixed EMI, but structured EMI alternatives work better if you anticipate income to increase at regular intervals. Structured EMI lets you as a borrower to choose a repayment method that is appropriate for you. You can select how you want to repay your loan.

It’s not difficult if you want to avail a pre-owned auto loan. Minimum requirement of car loan documents, tailor made repayment, instant online approval and competitive interest rates are a few things to check for.

Comments are closed