All about pre-owned car loan

All You Want to Know About Pre-Owned Car Loans

March 18, 2022 • 2263 views

Owning a car is not just a luxury in today’s fast-paced world, it is also a safety measure against the harsh elements out there. However, it is not necessary to invest in a brand-new car when you can derive maximum value from a pre-owned car. Several financial institutions offer excellent financing options for the purchase of used car.

Why Should I Opt for a Pre-Owned Car Loan?

It is recommended that one doesn’t lose liquidity over purchasing a car, hence, loans are the best option. It is better to make affordable monthly payments than dipping into your savings to buy a pre-owned car. In case of emergencies, you can rely upon the money you saved.

How Pre-Owned Car Loan Works?

For the purchase of a used vehicle, you can find financing options in almost all financial institutions. They offer attractive interest rates and comfortable repayment tenures. These companies are known to disburse 90-100% of the value of the car you want to purchase.

In Poonawalla Fincorp, for instance, this is the workflow of a pre-owned car loan-

  • Go to the online portal and click on ‘apply’
  • Submit the required documents
  • Wait for a swift and thorough verification process
  • Your application will soon be approved
  • Get funds disbursed instantaneously

What Are The Features of Pre-Owned Car Loans?

  • Loans are provided for the purchase of a variety of used cars
  • Affordable interest rates and comfortable repayment tenures
  • Quick and easy loan application and approval process
  • No hidden charges
  • Minimum documentation

What Are The Benefits of Pre-Owned Car Loans

When you take a loan to buy a second-hand car, you must consider the benefits you receive as there are a lot of competitors out there. Here is a list of the benefits of pre-owned car loan from Poonawalla Fincorp-

  • You get the option to select from a wide range of used cars as Poonawalla Fincorp has an extensive presence across India.
  • Get up to 90-100% of the used car’s value across a range of different kinds of vehicles including hatchbacks, sedans, SUVs, and even premium cars.
  • Experience the best end-to-end doorstep service with your loan application and eliminate all hassle
  • The pre-owned car loan process is transparent and there are no hidden charges

What are the eligibility criteria for used car loans?

  • For salaried employees - you are required to be between 21-65 years of age, earning a minimum monthly income of INR 15,000, and having worked for at least a year in their current organisation.
  • For self-employed individuals - you must be between 25-65 years of age, operating in your current line of business for a minimum of 3 years, and making a profit of a minimum of INR 1.5 lakhs in a year.

What Are The Documents Required for Pre-Owned Car Loans?

To apply for a pre-owned car loan, the following documents are necessary:

  • Proof of identity (Voter ID, Aadhaar Card, Passport, PAN Card or Driving License)
  • Proof of address (Passport, Aadhar Card, Electricity Bill, Ration Card, Voter ID, Driving License or LIC Policy)
  • Proof of income (bank statements, payslip, audit sheet, balance sheet and the like)
  • Application form
  • Passport-size photographs

To sum it up

A pre-owned car loan will make your dream of buying a car easier and economical. Poonawalla Fincorp offers Pre-Owned Car Loans with affordable EMIs at competitive rates of interest. Fill up this application form and our representatives will get back to you.

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