Factors to be careful of in Used Car Loan

A used car loan can be availed by an individual through many major lenders in the market. There is a criteria that the lender sets and if the individual can fulfill those, he/she can get a used car loan easily. In order to get the loan quickly it is wise to be ready with everything that is required by the lender and also your own research. Hence we have listed few steps that you must carefully follow while following the used car loan process.

  1. Be ready with all documents so the lender can complete the loan process quickly without any hassle. We agree that each lender has a different set of documents that are required to complete the process. To make it a bit easy, we have created a generic list of documents that are required by almost every lender. This can help you be ready with the documents.
  2. Request the lender to waive off processing fees, reduce interest rates and other ancillary fees. If you have a good credit history, the Bank/NBFC can waive off certain charges and fees associated with the used car loan.
  3. Make sure the vehicle paperwork is to the point. Yes, the registration book, taxation book (how much tax has been paid), invoices (chassis number, engine number, date of delivery etc), PUC documents and other documents from the seller are important and hence you must have them all.
  4. Get the vehicle inspected by your mechanic. Yes, before you could purchase the used car, you need to get it inspected if it needs more repairs. If yes, then this increases your overhead costs. Check the service history of the car. You need to remember that the lender will send their surveyor who will examine the car and on his/her analysis, the lender will write the terms of the loan etc.

Owning a car is a dream. Hence it’s good to research about the vehicle and be ready. If you can be careful enough, there will be no hassle pre purchase and also post purchase. To know more about how to apply for a quick used car loan

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