There are certain myths assorted with buying second-hand cars. These myths vary from person to person making the second-hand purchase questionable. So, let us debunk some of the common ones and spread the glorious benefits of second-hand car purchases.

1. Not more than 1 person can apply for a second-hand car loan
   This is the most popular myth. People have a lot of budget issues and hence sometimes cannot afford to get a loan for it. Hence they don’t end up purchasing a car.
   
   But we must tell you that you can apply for a used car loan with your spouse or a family member. They can become co-applicant in your loan application. The best benefit here is that you will get better deals and you can split the burden of loan EMI with them.
   
   
2. No good credit score? Then no second-hand car for you!
   Please note that having a very good credit score is one of the requirements for a second-hand car laon but not the only one. Multiple lenders will offer you a deal based on many other factors. So please check with your lender regarding what deal they can offer you. You may be charged a higher interest to make up for the risk being carried out by lending you a loan with an average credit score.
   
   
3. You cannot get more than 100% financing on a used car
   The last myth we wish to debunk is that people often think they cannot get more than 70-80% of the car amount as a loan. But we are here to tell you that Banks can even offer you more than 100-120%* of the car’s value as the loan amount. You can sort out registration and other expenses with this loan amount.
   
   So now that we have debunked these 3 main myths about a used car loan, you can go ahead and apply for one today and bring your dream car home.

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.

Second-hand cars gain a lot of momentum in the festive era and this craze stays until the end of the year. Hence you will see Banks and NBFCs making a lot of efforts in promoting used car loans as much as possible.

Within India, you can get a used car loan anywhere as lenders are offering attractive deals and low-interest rates. We at Ruloans feel this is the right time to get a used car loan in Mumbai for starters.

Why do we think so?

Mumbai, the financial capital of India harbours people from all walks of life. From billionaires to labourers, artists to analysts and dreamers to thinkers, the city embraces them all. The glory and charm of Mumbai never settle and you can make it extra special by owning your drive to stroll and discover the best of the city.

Mumbai is a huge market when it comes to second-hand vehicles. It is one of the largest metropolitan cities offering huge scope for various careers. Thus, a larger population flock to Mumbai to pursue their dreams. Keeping the numbers in mind Mumbai offers great used car loan options to ease the commute and help them discover the best of the city without any travel hassle. Many lenders are offering mouth-watering deals which are hard to resist. They are offering low-interest rates, flexible repayment options and many more benefits.

Why is it a good time to apply for used car loan in Mumbai

It’s a good time to apply for a used car loan in Mumbai as you can achieve 2 goals in one move. You can own the car of your dreams and also get it at the lowest cost ever. Hence a deal like this cannot be missed.

Where can I get the best deal on used car loan?

Ruloans is your one-stop destination for used car loans all over India. Our industry experience and knowledge allow us to keep note of all trends in the market. So, when you visit our page, you get access to the best deals that are present in the market.

You can choose and compare used car loan deals from major lenders in the market. So what are you waiting for? Visit Ruloans today and own the car of your dreams.

Why would you purchase a second hand car?

Second hand cars are cheaper in value than brand new cars. Due to depreciation, value of a car keeps going down with each year. Hence when you opt for such cars you can save a lot of money.

Isn’t a second hand car’s condition a cause of worry?

No. Second hand cars are just cars which have had a buyer before you. That car has been purchased and driven around. When you want to purchase a second hand car, you can always get it checked by a mechanic. Some institutions sell certified cars which they have already checked and can confirm it is good enough.

Are there lower interest rates in a used car loan?

Yes. Since this is a secured loan, you can get lower interest rates than other loan types. Banks encourage users to purchase second hand cars by providing them with many benefits and easy repayment terms.

Are there any benefits of a used car loan?

Yes. You can save a lot of money with a used car loan. When you compare with a new car, there is a lot of cost right from registration to insurance to the car cost. Here, you only pay the cost to purchase the car which is sometimes less than half the value of the car itself.

Where can I purchase the best Used Car Loan in Mumbai?

Ruloans is the place you must visit when it comes to used car loans. This is because we have been in this industry over a decade and hence can understand what the customer actually needs.

Why Ruloans?

Ruloans offers best deals online. On our web portal you can compare interest rates of more than 50+ Banks and NBFCs. You can choose the best deal and apply for a used car loan in Mumbai from your choice of bank. Our executives are specialists in the loan field and will help you with all your doubts in the process.

We at Ruloans have been helping our customers borrow right since the past decade and advise them with the best offers in personal loan, home loan, business loan, Loan against property and finally in the used car loan segment. Our team of experienced individuals is up to date with latest trends in the market. Hence below listed are few NBFC’s that offer good rates and as per us are the best used car loan in Mumbai;

Hero Finance – 15-16%*

Tata Capital – 16%*

Click Finance – 16%*

Capital First – 15-16%*

All you need to do as a customer is to log on to Ruloans web portal and apply for a used car loan. After you get in touch with our representative, you need to fill in the used car loan application. One major benefit our web portal gives you is that you can upload your documents online. This saves you a lot of time and hassle.

On our webpage you can compare different loan options and choose the best deal and the lender of your choice. The loan will be disbursed after the lender approves the application. So you can head over to our website and let us help you fulfill your dream.

To know more about how to apply for a Used Car Loan

Why you should buy a used car in Mumbai?

Low cost: A used car costs less than a brand new car. You can easily buy a luxury SUV if you decide to buy it second hand. When you buy a used car you are supposed to pay the current on road price of the loan instead of the actual original buying price of the car. Thus buying a used car in Mumbai is a pocket friendly option.

Low depreciation rate: Depreciation means a reduction in the value of an asset over time. Cars have a rapid depreciation value rate during the first three years of its purchase. But you buy a second hand/used car with its depreciated value. Thus when you decide to sell your used car, you lose less money than the first time buyer.

Tension free usage: As you own a used car, it is expected that it has gone through some dents and scratches. Thus you drive your car in a tension free manner compared to those with a first-hand car. Thus buying a used car is perfect for those in Mumbai who are rash drivers or are learning how to drive.

Why take a used car loan?

You may think that if you are buying a used car then you won’t need a loan as they are cheap. But the cost of the car depends on the model of the car and for how long it has been on the road. A used car cannot be cheaper for everyone who is buying it. Also taking a used car loan can prove as a golden opportunity for you to improve and build your credit score.

Check your eligibility and apply for a used car loan in Mumbai.