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Important Things That You Must Know Before Buying Used Car On Loan

Buying a used car is easier than ever before thanks to the many used car loans being offered in the market. Here we tell you about the important aspects of such loans that you should keep in mind and check for to get the best deal and also to make the processing smoother.

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Important Things That You Must Know Before Buying Used Car On Loan

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  1. Important Things That You Must Know Before Buying Used Car On Loan

  2. Introduction Today, Financial Institutions Provide Loans For Used Cars At Attractive Terms. However, There Are A Few Things You Should Know Before Taking One.

  3. Eligibility: The Terms Of These Loans Are Based On The Take-home Salary, Number Of Working Years, Prior Loans, And Credit Score. So, First Of All Check If You Are Eligible For The Pre-owned Car Loan.

  4. 2. Car Valuation: The Final Amount Sanctioned Will Depend On The Price Of The Vehicle. The Price Can Be Determined By Factors Like The Condition Of The Vehicle, Number Of Kilometres Driven, The Car Model, Service History, And Car History.

  5. 3. Loan Amount: The Maximum Used Car Loan Amount Is Limited To 70 Per Cent To 80 Per Cent Of The Vehicle Price. However, With Personal Loans, You Can Get Cover The Entire Price.

  6. 4. Processing Fee: The Processing Fee Varies With The Loan Amount And Can Be Quite Substantial. You Can Avail A Waiver Or Discount Of The Fee During Festive Seasons.

  7. 5. Interest Rate: In Case You Find The Personal Loan Interest Rate Lesser Than That Of Used Car Loan, You Can Apply For A Personal Loan Instead. A Good Credit Score Can Reduce The Rate Of Interest In Certain Cases.

  8. 6. Loan Tenure: Loan Tenure Offered Differs According To The Age And Model Of The Car. Lenders May Deny Loan On An Old Car Model With Age More Than 5 Years.

  9. 7. Documents: The Right Documents Need To Be Presented When Required For Smooth Loan Processing.

  10. Buying A Used Car Can Be Vey Easy, Thanks To The Financial Tools Like Used Car Loans Offered By Financial Institutes. You Just Need To Be Mindful Of A Few Things.

  11. Thank You !Would Love to Hear From You Hero FinCorp Limited 09, BasantLok, Vasant Vihar, New Delhi - 110057 Tel. 18001024145 Email Id: corporate.care@herofincorp.com Website: https://www.herofincorp.com/ Know more about- You Must Know Before Buying Used Car on Loan

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