With the rise in car demand and shortage of materials, we can see there is a long waiting period for new cars. Even entry-level cars usually have a minimum of 6-10 months of waiting period. Reasons like chip shortage, slow production, supply chain disruption, and high demand are prominent in a long waiting period for a new car. Furthermore, there is a huge down payment involved while financing a new car which also impacts the mindset of the buyer. Now, we can see there is a new trend of buyers shifting towards the used car as there are a lot of benefits of used car.
There is a constant rise in the transportation cost and inaccessibility in most of the cities causing individuals to shift towards privately owned transportation. Also, a used car allows individuals to travel with convenience. As compared to a new car, you don’t have to worry about heavy paperwork and a huge down payment amount. With little finance and saving you can own your car. Digitalization has also help in quick approval of used car loan. With upgrade in technology, a new buyer has advantage of applying for a used car loan with a click of a button.
With a low used car loan interest rate, here are other benefits that you will get while opting for a used car instead of waiting for a new one.
One of the primary benefits of a used car is that there is less down payment amount. When you opt for buying a new car, you have to make a huge down payment amount which impacts your day-to-day finances. The used car allows you to save a lot of money while owning the same car.
A new car depreciates 30% in the first year itself. This is one of the facts that a new car owner ignores while going for a new car. However, in the case of a used car, the depreciation is quite low. For example, if you purchase a car worth 20 lakh, it will be depreciated by 6 lakh in the first year itself. This will not be the case with a used car as a car worth the same price will have less depreciation.
3. Better options
When you choose a new car, you have limited options in a particular segment that you are planning to buy. Also, you will find a huge price difference when you look for the same segment car of other brands. There are various taxes you have to pay along when you are buying a new car. These taxes and additional costs keep changing which increase every now and then. In the case of a used car, all these factors are eliminated as you are paying for the car itself along with a lesser down payment amount. The amount that you saved can be used later in case you want any modifications in the care.
4. Less waiting period
With the increase in demand for cars, there is a long waiting period for new cars. There are few cars that have months and months of a waiting period. This creates frustration amongst the buyers who eagerly waiting for their new cars. In the case of a used car, you can quickly select a car and apply for Pre-Owned Car loan. Generally, used car loan requires minimal paperwork and gets approved within few days. And you don’t have to worried about long waiting period of 6-10 months.
5. Better financing option
As compared to a new car, a used car has better financing options available. You will find several financial services providers including banks and NBFCs providing used car loans or pre-car loans. These financial service providers offer the best loan package with competitive interest rates for the borrowers. Also, the availability of online used car loan applications for such loans is far more accessible and hassle-free.
Follow the below mentioned five steps to get used car loan or a Pre-Owned Car Loan:
Step 1: Visit the official website of Poonawalla Fincorp
Step 2: Click on the other loan section, and you will find a Pre-Owned Car Loan
Step 3: Click on ‘Apply Now’ under the Pre-Owned Car Loan section
Step 4: Upload the required documents and fill out the form
Step 5: After verification of the details, your loan will be approved
In today times, it is important to maintain a balance especially with your daily finances. Loan takes a huge troll on your daily budget especially which has a high interest rate. With Poonawalla Fincorp, you can apply for Pre-Owned Car Loan or used car loan by following the above-mentioned steps. We promise to assist you in getting your dream car home.
Have you test-driven many cars to choose your dream car but cannot proceed further due to a shortage of budget? Most of the cars bought in the Indian market are financed through various banks and financial institutions.
There are many options for consumers when it comes to buying a new car. It is not just about choosing the model and brand of the car, but the question is whether you want to buy a new car or a used car.
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.