This dream gets fulfilled with a second-hand car loan. Banks and NBFCs in India will offer attractive schemes to customers with the lowest interest rates. But getting that deal is not very easy. Hence today, we will give you certain pointers on how you can get the best-used car loan in 2019.

1. 1.Clear all your dues:

Perhaps the most important point you must take note is to clear all your pending dues. It might sound funny but paying off all your dues is the first step you take in improving your credit score and being financially responsible.

2. 2.Improving and maintaining a credit score:

After clearing all your dues, your main task must be to improve and maintain a good credit score. That 3 digit score helps Banks in giving you an amazing deal with the lowest interest rate.

3. 3.Clear errors from your credit report:

What people don’t do usually is check their credit report and find for any errors. If there is an entry that has been wrongly shown, that impacts your credit score in a bad way. Once you get it rectified, your credit report will show improvement and your credit score will increase.

4. 4.Research and choose your car model:

We purposely kept this as the last pointer purely because the first three will help you get the best deals on all kinds of loans. Working on them will help you get the best deal in the first place. Next, you will research and find a car model that fits your needs and budget requirement. Look for models that are less than 10 years old if you’re looking to resale it.

Here’s how you can get the best second-hand car loan in 2019. Keep note of these points and work towards bettering your credit profile.

Hence we end up taking these loans and the debt keeps piling up. It’s not good to pile up such debt as it affects our financial health. Hence you need to carefully plan your debt and how to repay it quickly. There are few reasons why it is best to pay off your loan quickly;

Peace of Mind:

You might have heard from your family and friends that it’s best to pay off your personal loan quickly. But before you could jump on that thought, you need to carefully plan and accordingly pay off your debt. Doing it in a systematic manner helps you maintain a good credit score and also achieve peace of mind.

Financial strength:

Your credit score is one of the most deciding factors in getting any type of a loan in the future whether it is a personal loan, car refinance loan, home loan, business loan or even a loan against property. Hence paying your EMI’s on time will always give you a good benefit. This can also be strengthened by the use of a credit card. Using it in limit for a while will increase your credit score and you will be able to get good rates of interest from the banks for any future loans.

New Investments:

Once you pay off your loans, you are debt free. That also means that the money which was being used off in paying personal loan can now be used to invest in other options. This can help you increase your wealth and also set up a corpus fund for future emergencies.

Car refinance is the ideal type of loan when you need urgent finances to provide for any emergency. The loan amount approved in car refinance loan depends upon the value of your car. The value of your car is determined by car experts who are appointed by the loan lender. Banks and NBFCs give loan amount up to 60% to 70% of the car value for the tenure of maximum 60 months i.e. 5 years.

Eligibility criteria to get a car refinance loan:

Banks and NBFCs have very specific eligibility criteria to give car refinance loan. The loan borrower should be Indian citizen and should be at least 21 years old. The loan borrower should have a strong credit score of minimum 750. Banks and NBFCs have further divided their eligibility criteria as per the profession of the borrower:

Documents required to avail a car refinance loan:

If you have all the specified documents required to get a car refinance loan, you will be able to get the loan quicker. The list of documents varies as per the profile of the loan borrower. To get a car refinance loan from a bank or NBFC you will require submitting neatly signed and filled home loan application form, passport-size photographs, statements of investments (if any), cost estimation or valuation report from the bank’s/NBFC’s (or finance company’s) panel CA, bank statements and salary slips of last 6 months from application date, Identity and signature proof, address proof, age proof, business proof (registration of business), copy of ITR/assessment orders of 3 years, copy of challans proving that advance Income Tax has been paid, form 16 from the employer etc.

Apply for a quick car refinance loan!

Mumbaikars take personal loans or LAPs to fulfill their personal needs. But unfortunately very few people know that they can also get a loan against their car. This type of loan is also known as ‘Car Refinancing’.

Reasons to choose Car Refinancing in Mumbai:

1. A Secured Loan in a Secured City:

Car refinancing is a type of secured loan. You can avail lower interest rate by choosing a secured loan like this. By taking a car refinance loan in Mumbai, you have to put your car as collateral to the bank or NBFC to get funds. Your car’s original documents will be given to the bank. They will be returned once you pay off the loan. But great news is you can run the car on Mumbai’s roads even until the loan is being paid off. If by any chance you fail to pay off the loan, bank will confiscate your mortgaged car. So while you drive through narrow lanes of suburban Mumbai or the humongous Sea link, you can keep your car as mortgage to meet your financial needs.

2. A Loan For Various Needs:

Living in Mumbai is surely isn’t cheap. Whether it’s paying utility bills, getting married or any other personal reason, you can use funds from this loan to meet with any of your needs. You can use it for a medical emergency or for debt consolidation; you can use it for anything. You don’t have to disclose the reasons behind taking this loan to the bank or NBFC.

3. Flexible Loan Terms:

People in Mumbai are experts in many things, including bargain! They manage to get good deals on any and everything by negotiating. Banks understand this threat of Mumbaikars and offer flexible loan terms. They offer loan amount up to 60% to 70% of the cars’ on road value. If you submit the documents correctly, the money is disbursed as quickly as in a day. It’s the best thing for a Mumbaikar who is acquainted to the fast pace of the city. The repayment period ranges from one year (12 months) to 5 years (60 months). Even the eligibility criteria are not very complicated.

4. Minimum Documentation:

Mumbaikars enjoy a life of speed and pace. They hate complications in any manner. That’s why banks and NBFCs ask for minimum documentation when it comes to car refinancing. You have to submit your KYC details, your car’s purchase history, car’s model details, RC book, insurance copy and your financial detail. Your financial details will include 6 months bank statements and salary slips or ITR (depending on your profession). And voila! It’s done!

So even if you are fascinated by the features of car refinancing, check your eligibility now!

So if you are planning to buy a car, look for these top 10 cars to be launched in 2018.

1. Hyundai Eon Facelift

This amazing car is coming with major design upgrade compared to old Eon models. This car has new color combinations, better fabric and a new instrument cluster for the ease of the passengers. This fuel efficient car has restyled headlamps, tweaked bumpers, new grille, new wheel caps and revised tail lamps. The biggest attraction of this car is a touch screen infotainment system.

Tentative Launch: January 2018

Tentative Price: Rs. 3 lakh.

2. Lexus NX

Lexus NX is a completely built up smallest Japanese SUV in the company’s car range. This car has large spindle grille, sleek LED headlamps, flared wheel arches, high placed LED tail lights and cladded rear bumpers with attractive rear. This sportier looking car has a fully functional dashboard, leather seats and squared air-con vents. The car goes from 0 to 100kmph in 9.1 seconds with top most speed of 180kmph.

Tentative Launch: January 2018

Tentative Price: Rs. 70 lakh.

3. Maruti Suzuki new Swift

This black and grey Japanese car has a touch screen infotainment system with reversing camera, climate control and leather upholstery. This car has 1.2-litre petrol and 1.3-litre diesel engine. The car will be equipped with a five speed manual.

Tentative Launch: February 2018

Tentative Price: Rs. 4.5 lakh.

4. Maruti Suzuki Ciaz Facelift

This car comes with very peculiar changes compared to its earlier models. This car is most likely to get LED Daytime running lamps, projector headlamps and tweaked bumpers on the outer side. It will also have automatic headlamps and wipers.

Tentative Launch: February 2018

Tentative Price: Rs. 6 lakh.

5. Toyota Vios

This attractive sporty car has octagonal grille with wide open air intake, flared wheel arches, a strong baseline along with a sleek shoulder line. It has a large wrap around tail lamps. The main colors of the car are beige and black. Ithas some amazing features like climate control, 2-DIN music system, steering mounted audio controls and an AC vent for the rear seat.

Tentative Launch: March 2018

Tentative Price: Rs. 8 lakh to Rs. 12 lakh.

6. Mercedes Benz C Class Facelift

This German luxury car will come with an upgrade with its earlier model which was launched in 2014. This new model will have an attractive bumper and head lamps with tweaked day time running lights. Inside the car, the passengers will have a tablet-like screen, climate control, panoramic sunroof and the latest version of the COMAND infotainment system which has an integrated Garmin navigation system with 3D-visualisation and a new interface design with a touchpad.

Tentative Launch: March 2018

Tentative Price: Rs. 39 lakh.

7. Audi Q3 New

This new luxury car is slightly bigger and lighter compared to its old model. It has sharper headlamps, tail lamps and new octagonal grille outlined in chrome. The car is expected to have the latest comfort and safety measures. The motor of the car will be equipped with a seven-speed auto gearbox along with the option of a six-speed manual. This car is expected to have 17kmpl fuel efficiency.

Tentative Launch: March 2018

Tentative Price: Rs. 32 lakh to Rs. 43 lakh.

Apply Car Loan online Now.

1. Secured Loan:

Car refinancing is a type of secured loan. You get lower interest rate when you opt for a secured loan. Here you have to put your car as collateral to the bank to get funds. The car’s original documents will be with the bank. They will be returned once you pay off the loan. But you can use the car until the loan is being paid. If by any chance you fail to pay off the loan, bank will confiscate your mortgaged car.

2. Multipurpose Loan:

You can use funds from this loan to meet with any of your personal needs. Be it a medical emergency or a wedding or for debt consolidation; you can use it for anything. You don’t have to disclose the reasons behind taking this loan to the bank.

3. Easy Loan Terms:

Banks offer loan amount up to 60% to 70% of the cars on road value. If you submit the documents correctly, the money is disbursed as quickly as in a day. The repayment period ranges from one year (12 months) to 5 years (60 months). Even the eligibility criteria are not very complicated.

4. Minimum Documentation:

To avail car refinancing, banks ask for very minimum documents. You have to submit your KYC details, your car’s purchase history, car’s model details, RC book, insurance copy and your financial detail. Your financial details will include 6 months bank statements and salary slips or ITR (depending on your profession).

Apply for car refinancing