Monday, January 18

A Complete Guide To Buy Second Hand Car On Finance

You have wanted to buy a car, but does your pocket not allow you? 

 

Well, that’s okay. 

 

The demand for second-hand cars in India is higher than new cars, anyways, particularly for people who are buying their first vehicle. Regardless, a second-hand car or a used car is a good choice.

 

They are much cheaper than brand new cars, have lower depreciation, require lower insurance and come with a warranty. If you are worried about reliability and safety issues with your second-car; opt for a certified used car. It not only does provides you with peace of mind, but also it is easier to get financing.

 

Taking a loan or paying cash for a second-hand car should be based on your budget and requirement. A used car loan does not burden your finances and allows you to pay off the cost of your dream car in easy monthly instalments. This way, you stay cash-rich and get to be the proud owner of your choice of car, even a big one.

 

USED CAR LOAN — ADVANTAGES AND FEATURES

 

Availing a used car loan provides the following:

 

Attractive interest rates – Muthoot Fincorp offers low-interest rates on used car loans which helps you with your expenses.

 

Flexible repayment options – Flexible repayment options for second-hand cars such as loans ranging from Rs. 50,000 to Rs. 10 lakhs for tenures extending from 12 to 60 months. You can choose a loan duration that best suits you. Contact Muthoot Fincorp to know more about their cost-effective used car loan financing schemes.

 

Hassle-free application process – There is minimal paperwork involved for used car loan financing. If applied through a digital platform, there is hardly any needed. Get in touch with their company representative to help you throughout the process. Get quick approvals and disbursals of your loan.

 

USED CAR LOAN — ELIGIBILITY CRITERIA

 

You can avail a used car loan easily by fulfilling the simple eligibility criteria. 

 

1. You must be a salaried, self-employed person or an agriculturist to avail the second-hand car loan.

2. You must be 21 years or higher at the time of application and within 65 years of age when your loan tenure ends.

3. For a salaried individual, minimum net salary — Rs. 15,000 per month

4. For business people, Net Profit — Rs. 1,50,000 per annum

 

DOCUMENTS NEEDED FOR A USED CAR LOAN

 

Muthoot Fincorp follows a straightforward documentation process to ensure you have a comfortable experience.

 

1. Valid address proof

2. Valid identity proof

3. Income proof

4. Asset proof 

5. Recent passport size photograph 

For proofs, there is a document list, from which anyone is needed to verify and proceed. You can check the used car loan documents list and submit the document you have on your hand.

 

HOW TO GET USED CAR LOAN?

 

It is relatively easy to avail a used car loan from Muthoot Fincorp. Please make sure you are eligible for the loan and have all the documents ready to avoid any delay later. For instant financing, apply online, or you could also visit the nearest branch and apply offline.

 

1. Click ‘Apply Now.’ 

2. Fill the form with the required details.

3. Check your eligibility and the sum you can avail for the second-hand car loan.

4. Use the auto loan calculator on the website or the App to find the tenure and amount that is best suitable for you.

5. Submit your documents.

6. Get a quick approval and disbursal of your loan and drive away in the car of your dreams.

 

Once you have completed the form-filling process, a customer care representative will connect with you. Otherwise, you can also walk into the nearest Muthoot Fincorp branch to apply for finance for a second-hand car.

 

Although the process of buying a second-hand car has never been more straightforward, the tough choice in front of you would be selecting a car. Be wise with the selection; keep in mind the cost of running and maintaining the said car in the long run. Once that is decided, Muthoot Fincorp is there to support your decision with low-interest rates and hassle-free procedures. 

 

Muthoot Capital App for better convenience — you can now pay your monthly instalments (EMIs) on the go; keep track of your repayments, get your queries answered and stay updated about your used car loan through Muthoot Capital App.

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