In recent years, used cars have gained acceptance in India. This can be attributed to individuals becoming more mindful of their finances and the vehicle’s value. There is a rise in used car loan due to endless benefits that it offers to the borrower. Also, people are keen on knowing how to apply for a user car loan.
As a new car depreciates by about 30% in the first year itself, used cars are becoming popular among price-sensitive consumers, along with those who wish to change their cars frequently. In addition to this, the millennial population in India is keen on premium and luxury cars. Taking this into account, many unconsolidated players in the used car market is offering luxury and premium cars, thereby giving tailwinds to sales of economy, premium, and luxury car models.
When it comes to buying a used car, many aspects need to be considered. No matter how old the car is, it is new for the customer who buys it. If you want to leverage the full potential of a used car, it is important to inspect it thoroughly so that you can choose the right car that fits your requirements and suits your aesthetics.
1. Consider the features of the car you want to buy
Even if you have already decided which car model you want to buy, you must check the features of the car thoroughly so that you don’t miss out on any feature that you need in the used car. In addition to checking the audio unit and the AC, carefully examine the dials and buttons on the steering wheel and central console. Check each feature one by one to get a better understanding of the functionality and efficiency. Also, make sure to inspect the electric unit of the car carefully.
2. Check for dents and major repair work
Every used car needs smoothening of rough edges and dents it has incurred during the years of its running. These dents are usually present on the side doors, front, and rear bumpers. Small scratches and dents can be easily repaired, but it is important to know if you are getting the right value and if the car is repaired correctly.
3. Carefully check the paperwork
As for the original receipts, invoice, and other paperwork as it would help you understand if the car has met with any accidents. You will also get to know if there is any repair work done, including the car’s mileage. The Registration Certificate of the car will show the number of times it has been bought or sold. Further, check the car’s Engine and Chassis number against what is mentioned in the RC book. Check the service book and make sure that the previous owner has paid all the taxes.
Once you decide to buy the car, all the paperwork including the Pollution Under Control (PUC) certificate, RC book, and car’s original invoices need to be transferred to you. The ownership needs to be transferred legally in case you wish to sell the care later.
Also Read :- 8 Tips to Reduce Your Pre-Owned Car Loan Interest Rate
4. Find a trustworthy dealer for buying a used car
The used car market in India is at its nascent stage with many sellers operating in it. You can buy a used car from service providers, individual sellers, virtual retailers, and authorized dealerships. Before buying the car, also consider all the potential costs and insurance that you might have to pay. If you feel that the dealer is not transparent enough, you can choose another dealer and consult with an advisor for the same.
5. Take a thorough test drive of the car
This is one of the most crucial aspects when it comes to buying a used car. Before committing to any vehicle, it is important to take the car out on a proper test drive. Check how the car functions at different speeds, if the gears are accessible and functioning properly, and if the car can handle uneven terrains. You will also be able to spot the defects that you might have missed out on previously.
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Our application and eligibility criteria is simple, just click on Apply Now on our dedicated page for Pre-owned Car Loan, upload the required documents, await verification, and get instant approval. We are here to assist you in your pre-owned car buying journey every step of the way.
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