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Used Car Loan Or New Car Loan - Which Is Better For You?

Loans for both used and new cars are available at varying terms. Read on to know the difference between the two and find the one that best suits your needs.

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Used Car Loan Or New Car Loan - Which Is Better For You?

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  1. Used Car Loan Or New Car Loan - Which Is Better For You?

  2. Before Deciding To Purchase A Car On Credit, You Must Know The Features And Advantages Of Both Used Car And New Loan To Determine Which Is Better For You. Let’s Take A Look At Them.

  3. Features And Advantages Of Used Car Loan

  4. Interest Rates Are Higher The Rate Of Interest Of A Used Car Loan Is Generally Higher Than The New Car Loan. This Is Due To The Absence Of A Manufacturer's Warranty, Which Makes Financing Of Used Cars Risky.

  5. Insurance Premium The Insurance Premium Is Determined By The Quality, Mileage And Manufacturing Year Of The Used Car.

  6. The Loan Offered Is Up To 80-85% Of The Car Value The Risk Entailed Is Greater When It Comes To Used Car, As Its History Cannot Be Fully Ascertained. Most Financial Institutions Offer Loans At Around 80-85% Of The Car's Value.

  7. Certified Pre-owned Cars A Certified Pre-owned Car Dealer Plays A Vital Role In Obtaining The Loan Faster And At A Flexible Tenure. These Agencies Inspect The Used Cars Thoroughly And Get All The Issues Fixed.

  8. Features And Advantages Of New Car Loan

  9. Interest Rates Are Lower The Interest Rates Are Lower For A New Car Loan As The Vehicle Comes With The Manufacturer’s Warranty. If Anything Goes Wrong, You Can Take The Car For Repairs For No Charge.

  10. Loan Amount The Loan Is Offered Up To 95%, And At Times, 100% Of The On-road Price Of The Car. Most Of The Financial Institutions Offer Loan Of Up To 95%.

  11. Down Payment There Is No Requirement Of Down Payment With Lenders Offering 95-100% Of The Car’s On-road Price.

  12. Less Paperwork The Process To Apply For New Car Loan Is Quicker With Less Paperwork As There Is No Hassle Of Transferring Of The Title And No Need Of Checkpoints, Etc.

  13. Loan Tenure You Can Get Longer Tenure In Case Of New Car Loans. Most Of The Financial Institutions Offer A Tenure Of Up To Eight Years.

  14. EMIs Low-interest Rate And Longer Tenure Mean The EMIs Will Also Be Lower, Making It Easier For You To Repay The Amount.

  15. Buying A Car Is Significant Commitment, So Do Your Due Diligence Before Arriving At A Decision.

  16. 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- Used Car Loan Or New Car Loan - Which Is Better For You?

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