All about pre-owned car loan

All You Want to Know About Pre-Owned Car Loans

March 18, 2022 • 5131 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, Aadhaar 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.

Disclaimer

We take utmost care to provide information based on internal data and reliable sources. However, this article and associated web pages provide generic information for reference purposes only. Readers must make an informed decision by reviewing the products offered and the terms and conditions. Pre-Owned Car Loan disbursal is at the sole discretion of Poonawalla Fincorp.
*Terms and Conditions apply

poonawalla fincorp team

Poonawalla Fincorp Team

We are a team of expert writers and editors passionate about providing our readers with authentic and valuable information on finance. Our aim is to simplify financial and finance-related concepts. We strive to help our readers become more aware and empowered to make informed financial decisions.

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