Pre-approved used car loan

10 Advantages Pre-Approved Used Car Loan before Buying Your Vehicle

July 15, 2022 • 1044 views

A second-hand car can give you first-hand benefits to extents which you can’t imagine. You save money as the initial depreciation of the car’s value occurs the moment it rolls out of the showroom. This along with the benefits of a used car loan such as attractive interest rates, quick loan processing, quick approvals, minimal documentation and easy financial planning make online used car loans a great way to own a vehicle of your choice.

The concept of loans has been present for centuries and as visible around us, it's still going just as strong. As inflation increases, competition increases, and the importance of online used car loans goes up almost proportionally. Now buying an expensive commodity such as a car is always going to be risky, first-hand or second-hand, but it’s here that Poonawalla Fincorp comes into the picture. We will help you transition seamlessly from a frantic consumer waiting on the whims of a cab driver to a self-sufficient individual who can go wherever they want, whenever they want. 

Here are some more benefits of a Used Car Loan. Check them out.

Advantages of getting your Online Used Car Loan approved before buying the vehicle:

1.    Quick handoff 
If you already have a pre-approved 2nd hand car loan, you can buy the car whenever you wish to. Since it is already approved, you do not have to go through the lengthy documentation and verification process.

2.    Simple Decision Making
A pre-Approved loan helps you in negotiating the best price for the car. At the end of the day, the most important parameter while buying any product of any kind is its value in the market, which is its price. The same stands true for any used car out there. Instead of worrying about interest rates, down payments, and different schemes, you can focus on finding the best deals on cars.

3.    Ease in budget planning
When it comes to finances, the best way to handle it is to plan ahead. But that is not an easy task as so many variables are involved in the picture. However, when you have a pre-approved loan, you have a clear idea about interest rates and available EMI options. All of this would help you in easy management of savings and plan the budget accordingly.

4.    Minimal paperwork
If you get the pre-approved loan for your car, your scrutiny will be already done through your credit score. So while purchasing a car, you do not have to present extra documents and enjoy the benefits of a used car loan instantly. With minimal paperwork, the whole process of purchasing a car becomes quick and hassle-free.

5.    No last-minute surprises
Very often while closing the deal, a few unpredicted things or expenses pop up which might hinder the whole purchase. So, to avoid these last-minute hiccups, pre-approved loans are always better.

6.    Flexible Terms
Second-hand car finance lets you be flexible about your loan amount, your tenure, and the EMI you would like to pay. It also provides you with multiple modes of payment. This kind of flexibility leads you towards a stress-free experience. 

7.    Easy Price Negotiations
Borrowers never know what kind of dealers they are going to deal with while buying a car, so having a pre-approval letter improves your chances of negotiating on what matters the most i.e. the car’s price.
Dealers sometimes try to divert your attention on the monthly payment by which they aim to adjust other parts of the deal. However, when you go in with a pre-approved online used car loan, the monthly payment is not a concern at all.

8.    Quick Disbursement
Having the loan approved in advance will save the processing time when you go to buy the vehicle. Additionally, you get to know the overall loan eligibility based on the budget. This would help you in shortlisting more cars that meet your eligibility before finalising one.

9.    No Hidden Charges
One of the challenges that most credit applicants face is hidden charges. If you decide based only on the bank’s offer as seen online or in the bank’s brochure, then you might get a rude shock when you reach the final step of loan processing. So a pre-approved loan would help you to finalise everything before you step out to buy your dream car. To ensure your safety, we at Poonawalla Fincorp provide end-to-end doorstep services with 100% transparency and no hidden costs.

10.    Attractive Perks
Online used car loans carry a lot of features and rebates like the new car loan, but the hassle to get it is a lot. To get you the best deal, Poonawalla Fincorp offers loans up to ?30 Lakh. With attractive interest rates and high loan amounts, we also offer funding up to 90% of car value available. With all the finances sorted beforehand, you can find and purchase your dream car without any stress.

Used Car Loan Eligibility and Documents:

1.    For Salaried Individuals
a.    All Indian residents
b.    Minimum age of 21 years
c.    Maximum age of loan maturity at 55 years
d.    Minimum annual income of Rupees 2.5 Lakh

2.    For Self Employed
a.    Minimum age of 21 years
b.    Maximum age of loan maturity at 55 years
c.    Minimum experience of at least 2 years in the business
d.    No upper age limit for partnership firms, Pvt. Ltd. and Ltd. Companies
In today’s era, self-owned vehicles are more of a necessity. From planning to finally purchasing the vehicle, the whole process involves multiple hurdles. So, we believe in making loans work for you, rather than you working to pay them off. 
A used car can be often looked down upon in society, but in your case, a loan-approved car can be more beneficial than one right off the shelf as already described in the above points. What Poonawalla Fincorp can help you achieve depends on your creative ideas and desired avenues. As they say, price is what you pay, value is what you get, and for us what we value is your satisfaction.

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