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.
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.
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.
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