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Used car loans vs personal loans Which one is preferable for buying a used car

If you are buying a pre-owned car, now is a great time to buy. With various brands rolling in new models or facelifts, almost-new cars have started turning up in the pre-owned car pool. So you could actually get your hands on a car which may have clocked just 15,000-20,000 km. Also, since the overall road condition in India has vastly improved, you are likely to find cars that are much better in overall condition than yesteryears.

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Used car loans vs personal loans Which one is preferable for buying a used car

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  1. Used Car Loans vs Personal Loans: Which one is preferable for buying a used car?

  2. Know about Personal Loans and Used Car Loans • Personal loans are unsecured, and the loan amount is determined by your profile. • Used car loans are secured, and the loan value is derived by the car's market value.

  3. Key differences between personal loans and used car loans

  4. Interest rate• Used car loan interest rates are lower than personal loans.

  5. Loan amount • Under a personal loan, you get the entire loan amount. • Under a used car loan, you get 70-80% of the car's LTV.

  6. Repayment term • The maximum repayment tenure is similar in both cases.

  7. Creditworthiness • Personal loans require a higher credit score than a used car loan.

  8. Approval process • When compared to used car loans, personal loans are approved quickly.

  9. Both personal loans and pre-owned car loans have their pros and cons. Weigh them carefully before finalizing your financing option.

  10. 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: Personal Loan vs. Pre-Owned Car Loan : Which one is better for buying a pre owned car

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