Planning to purchase a Used Car Loan in Chennai? Answer these 3 questions before you apply!

Used car loan in Chennai has picked up pace and today, hundreds of customers have begun understanding how much beneficial it is to opt for this loan. With a second hand car loan, you can now purchase the car of your dreams at a lower cost. What’s best? You don’t have to spend much. Isn’t that cool?

Chennai’s heat is often unbearable and hence it can get difficult for you to travel all the time. With a second hand car, you can travel anywhere you wish and at your convenience. Hence a used car loan becomes the best option for you. But before you purchase it, we feel you must answer these 3 questions mentioned below:

  1. 1. How much down payment to pay and how much loan amount you can get?

We feel that a down payment that fits between 10-25% is a good decision for you as you can lower down your loan amount and similarly you save money on interest. As for the loan amount, lenders can provide anything between 75-120%* of the car’s value as the loan amount. This depends from person to person and lender to lender.

  1. 2. Are there any additional fees & charges in second hand car loan?

When you are applying for a second hand car loan, you must know that there are fees and charges associated with it. These charges are as follows: part prepayment charges, foreclosure charges, late payment charges, processing fee, documentation charges, loan cancellation charges, swap charges, bounce charges, credit report charges, registration certificate collection charges, stamp duty etc.

  1. 3. Is pre payment of used car loan a good choice?

Pre paying any loan is indeed a good choice as you can save a lot of interest money and become debt free. But what you must beware of is the pre payment charges that vary from lender to lender. If you really wish to end your loan, then compare the cost of prepayment charges along with how much interest money you will save if you pay early. That’s how you can make the right choice.

So if you are clear with these 3 answers, then we feel you are ready to take the next step and apply for the best used car loan in Chennai. Apply today from Ruloans and get the best deals –

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