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.
1. Savings
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.
2. Depreciation
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.
How to apply for a used car loan with Poonawalla Fincorp?
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
Conclusion
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.
