Today, we can see a drastic change in the finances of an individual
with changes in income levels and spending capacity. Buying a car has
always been one of the priorities for any individual across India. A
used car or pre-owned car opens plenty of options for someone who is
buying a car for the first time and has a budget constraint. Online used car loan and Pre-Owned Car Loan
helps individuals fulfil their dream of buying a car.
While
buying a car, there are a few things that you need to keep in check to
avoid any financial blunders. Buying a car is an overwhelming
experience, there are chances that you might miss a few important
aspects that you might regret later.
5 tips to negotiate on a used car loan that will help you in buying a used car:
1. Do your research
For any
individual, a car is a big investment - it is important that before
you are planning on a used car loan, you must do your research. Your
research should involve factors such as what kind of car you want or
require, where you want to buy your car, your current finances, your
monthly EMIs, other loans, and their EMIs, your car loan tenure,
down payment amount, rate of interest, condition of the car and
other such important factors. Before buying a used car, you make a
checklist and include all the above factors. Tick mark the checklist
once you are done with it. And, if you are someone who doesn’t have
any clue on how to check all these factors always consult
someone.
2. Check for options
Whether
it's lenders, cars, EMI options, loan tenure, and other factors, you
should keep your option open till you finalize one. Checking for
options in the initial days of car selection is important as it lays
the foundation for the final decision-making. In the case of
lenders, you must check for lenders who offers the best possible
price for a used car loan
with a low-interest rate. For the car option, you must select a
car that is suitable for your budget. Once you finalize the budget and
lender, check for loan tenure and EMI option, these two factors have a
heavy impact on your income and monthly budget.
3.
Keep an eye on your finances
Keep a check on your
finances, buying a car is a big investment step especially when you
have a budget constraint. A better understanding of finances helps
you in better managing your finances. There are chances if managed
poorly, you might fall into a debt trap. This is the case with the
majority of individuals where they miss to plan their finances
before buying.
Also Read :- Top 5 Benefits of a Pre-Owned Car Loan
4. Know your car
Knowing your car
is as important as knowing your finance options. What do we mean
by knowing your car? There are three stages in which this process
can be understood. The first stage where you figure out the factor
why to buy the particular car – includes unique features, mileage,
usage, seating capacity, KMs driven, and current condition of the
car. The second stage; is where you take the test drive of the car
and finalize the finances of the car. Lastly, you check the final
condition of the car before taking delivery and sign all the papers.
The majority of people fail to do a final check before taking
delivery.
5. Don’t be in a hurry
One
of the common mistakes is that people tend to be in hurry with the
overall process of buying a secondhand car. Buying a car is a
life-changing experience especially if it is your first time.
First-time buyers generally miss out on minor things which later on
turn into instant regrets. There are plenty of details and factors
that you need to check on right from the car inspection process till
taking the car delivery.
To conclude
If you keep these 5 tips
to Negotiate on a Used Car Loan in mind, you will be quite happy and
contended with your dream car. The intention here is not to burden you
with various factors related to buying a second-hand car. This blog is
meant to simplify the process of Pre-Owned Car Loan. You can apply for a used car
loan by following the above-mentioned 5 tips. At Poonawalla Fincorp, we help our customers with various
kinds of loans catering to different needs and requirements.
