In the past, buying a car was a very simple process. All you had to do was walk into an auto dealership, pick out your perfect model, and sign the paperwork.
But times have changed. These days, you have to consider every detail of your purchase—from the loan to the price of the car—and that can take some time. It’s all well and good if you know what you’re doing and can manage your finances but what if you don’t? What if you’re making a big purchase but don’t have enough money or credit history on your record?
If this sounds like you, then we have some good news: a used car loan can help! They provide a way for those with limited funds or who have bad credit to get behind the wheel of their dream car without having to go into debt or use their savings account for funding.
What is a used car loan?
Used car loans are a great way to get a used car without paying a ton of money upfront. A used car loan can be a safer option for many people, as it allows you to get a certain model or make of vehicle that you want without having to pay full upfront.
There are several different types of used car loans available, but the most common is an auto title loan. Auto title loans work by allowing you to secure the title (or ownership) of an already-owned vehicle—but only if you have enough equity in your vehicle to pay off the loan before it’s due. This means that if you don’t have enough equity in your car, or if it’s not worth enough money when compared with other cars on the market today, then an auto title loan may not be right for you.
Benefits of a used car loan
If you are looking for a used car loan, but don’t want to go through the hassle of finding a used car on your own and getting it repaired, then Hero FinCorp is a great option for you.
Here are some of the benefits of taking a used car loan from us:
– You can take a used car loan for any brand of car and the amount can range from INR 0.5 Lac to INR 50 Lac.
– A high loan-to-value of 90% can make it easy to buy any model without checking into your savings.
– Enjoy flexible tenures. You can get a maximum of 5 years tenure to repay the loan comfortably.
– The application process is simple, can be done online to get the loan approved quickly.
– Minimal documentation is required with doorstep service. If you are salaried, self-employed, or own a business, you can go for a used car loan. You just need to be an Indian citizen and above 18 years of age.
– Interest rates are competitive so that EMIs are affordable. Past and current Hero FinCorp customers get extra leverage from us. Also, we have used a car loan EMI calculator which you can find here
When you take a used car loan, you’re taking advantage of the fact that the economy is strong and that interest rates are low. You’re also getting a great deal on your car—and you’ll be able to pay it off quickly, too.
If you have any doubts about whether or not this is right for you, ask yourself: what’s more important to me? Am I okay with using a small amount of my money each month to pay down my loan? Or do I want to keep that money available for other uses? If so, then taking a used car loan might be the best option for you.