Get Best Quotes for Used Car Loan
It is much easier now to get loans for pre-owned used cars. Moreover, with banks now having tie-ups across the widest range of authorised second- hand car dealers, it has become really easier to buy cars along with faster approvals and doorstep services. The banks now have few common features set for you like up to 100% funding, ID and address proof on the basis of loan, transparent and fixed interest rates. So the main benefits provided can be lowest down payment, no documents of income required, and stable EMI repayment without any fluctuating market rates.
Used Car on Loan
The banks, over the years, have won the trust of their customers and established themselves as the market leaders regarding loan products. They may even provide benefits such as the faster loan with easy loan sanction and disbursal that may come with easy documentation and doorstep services, attractive loan rates and charges, complete clarity on loan process without any hidden charges with an update on the status of loan application at each stage. Managing funds for buying a car may not be an easy task but the Banks have that sorted that too with pre-owned loans for almost 3 to 6 times of the annual income for all car models. They also help you to choose a good quality used car at competitive prices. You can borrow up to 80% of the value of the car with easy repayment options that may range from 12 to 60 months. The banks now provide special privileges for account holders.
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The documents that you may need to submit are your age proof, proof of identity, income proof, address proof and sign verification proof. For salaried employees, the Banks have established few mandated queries such as age of 21 years at the time of loan application and 60 years at the end of loan tenure, job for at least 2 years and a minimum of 1 year with your current employer, earning an income of at least INR 100000 annually which may include the income of your spouse. For self employed individuals within sole proprietorship business of manufacturing, trading or service, the minimum age should be 25 years at the time of loan application and 65 at the end of the loan tenure, the business should be for at least 3 years and at least INR 60000 annual earning. For self employed individuals within a partnership firm must earn a minimum of at least INR 60000 annually and a minimum turnover of INR 450000 per annum.
Also Read: Why Used Car Better Than New One
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