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.

We at Ruloans feel that buying a car can be one of the best gifts you can give to yourself or to your family. While you might think that new cars are costly, we agree with you. Hence our solution to this is a second hand car. You can take help of a used car loan and purchase the car of your dreams.

If you’re still not sure we will give you 3 good reasons why you must purchase a second hand car!

A second hand car fits your budget:

While purchasing a car, budget becomes the prime issue because new cars are priced very high. On the same hand when you look for a used car, you can purchase a car model at low pricing. Hence people now opt for second hand cars.

You can choose better Car Models:

You can choose the car model of your choice and apply for a used car loan through Banks and NBFCs. The best part of used cars is that because of the low costing, you can look for high end second hand cars as they might fall in your budget.

Used car loan has Quick Approvals:

For those who don’t know, Banks and NBFCs have minimum eligibility criteria for used car loan. You can get your pre owned car loan approved within 72 hours*.  Yes, imagine in such a short period of time you can buy your dream car and bring it home.

We suggest you to apply for a used car loan via Ruloans as you can get the best deals from multiple Banks and NBFCs. You can choose and compare for loan offers online. Apply today by clicking here – https://www.ruloans.com/used-car-loan.htm

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.

2. 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.

3. 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 – https://www.ruloans.com/used-car-loan-in-chennai.html

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.

How do I find out my interest rate on a used car loan?

You can use the help of a used car loan payment calculator for interest rate comparison. In this calculator you can fill in your loan requirement details and the tool will help you understand what are the ideal new or used car loan term and rates for you.

You can compare used car loan interest rate of many Banks and NBFCs like SBI, HDFC, Axis, YES Bank and many more. You can take a new or used car loan in banks up to 72 and 84 months which is 6-7 years at max.

Here are some examples of used car loans at different tenures and monthly salary. Please note that as the monthly salary keeps reducing, the interest rates would get higher and higher.

When you take a used car loan at 11.99% with a monthly salary of 25,000 then getting a short term loan for 3 years might be very doubtful. But getting a loan for a longer tenure will always help.

As the salary decreases, your chances of getting a short term new or used car loan will diminish. When you take a used car loan at 13.99% with a monthly salary of 20,000 then getting a short term loan for 3 years is practically not possible unless you have a good relationship history with the Bank. But getting a loan for a longer tenure will always help.

Hence, overall, Banks will prefer credit worthy candidates that have a good salary and credit score. Please maintain a good history, pay your bills on time and all will be well.

Used Car Loans are loans that are given to any person that want to purchase a second hand/pre owned vehicle. You can also call these loans as second hand car loans and pre owned car loans. The benefit of applying for used car loans is that you get it at a cheaper rate when compared with new car loans.

Hence used car loans help in cost savings which would not have been possible if you were purchasing a new car. With the growing popularity of used car loans, Banks and NBFCs are looking to provide tailor made and customer friendly car loans to customers all over India.

Why should I join the partner program?

The loan partner program allows you to convert the right customers in an efficient way. This is because when you join a partner program, you get associated with a brand that has many partners which includes Banks and NBFCs. That makes your job easier and more streamlined.

Why join Ruloans partner program for used car loan?

Ruloans began the loan partner program to expand their presence in the loan industry and showcase the power of being a top brand. In the past few years, Ruloans loan partner program has attracted over thousands of loan agents who want to join our program. This is because there are maximum benefits like faster payouts as compared to other brands. As a used car loan partner, you would seek for eligible applicants who might need a used car/ second hand/ pre owned car loan.

There are 2 ways how our partner program works for used car loans;

In the first option, you must complete all the work right from finding the applicant, getting their loan application complete and then submitting the file to us.

In the second option, you must share the lead which you have found and submit their loan requirements. Ruloans will then complete the loan process and maintain the file until the loan application gets approved.

When do I get paid?

Once a month, your payout will be released. The mantra here is of “Higher the leads converted, higher will be your payouts. Ruloans is one of the best paymasters in India. Hence you can expect better response and quicker payouts if you can generate more leads and convert them.

How do I join the partner program?

You can join our loan partner program by simply visiting our website and filling a special form made only for the partners. Once you fill our form, we shall set up an appointment with you and discuss how we can take this association forward. Together with your effort and our support, you can grow your income substantially.

Example:

Mr. Sharma wishes to purchase a second hand vehicle from Hyundai whose cost is 1.5 lakh rupees. He searches online for various Banks and NBFCs that are offering pre owned/second hand car loans for good deals and offers. He finally applies via Ruloans to find the best deals. After contacting Ruloans, he gets to know that he can actually get up to 3 lakh rupees as the loan amount. This means he can not only purchase the car but also get the insurance, maintenance and other costs sorted too.

Primary Features of a Used Car Loan:

Flexible tenure which can go up to 84 months (7 years)

Maximum loan to car value ratio which can go up to 200%

Lower rate of interest when compared to personal, home and business loans.

Primary Eligibility for a Used Car Loan:

You must be aged above 21 years and up to a maximum of 65 years*

The car which you want to purchase must not be older than 8-10 years*.

You must be a salaried employee or a self employed professional/businessman.

Your total work experience or business existence must be minimum 1 year.

So getting a pre owned car loan gets very easy as you just need to fulfill the basic eligibility towards the bank and that will help you apply for the loan with ease.

Importance of loan/credit card bill repayment history:

If you have every applied or thought of applying for any kind of a loan, then you know the importance of your credit score and credit history. If it’s on the higher side, Banks will always give you good deals and offers. If it’s on the lower side, you will always have to pay higher interest amount as you are not reliable as per the lender.

Ruloans provides the best deals to those who always pay their dues on time and pay in full. If you have ever used a credit card or taken a loan and have paid all your dues on time, then we can help get you the best deals available in the market.

If your loan/credit card bill repayment history for minimum 12 months is clean and without any default then we can help you get more than 100% of the used car’s value as the loan amount. If your repayment history is clean for over 18-24 months*, then Ruloans can help you get up to 200% of the used car’s value as the loan amount.

So if you pay your bills on time, getting up to 200% as the used car loan amount is possible via Ruloans. Apply today to get the best offers.

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.

When it comes to a used car loan, there is a huge demand for that as customers can purchase their dream vehicle at a lower cost. But there is a set criterion for the same and hence we have divided these as per the income and employment levels.

The following people are eligible to apply for a Used Car Loan:

Salary Based:

• Resident Citizens of Indian
• Minimum Age: 21 years
• Maximum Age: 60 years at Loan Maturity
• Income Requirement: Minimum Rs. 2,50,000 p.a.
• Employment: Minimum 2 years, and 1 year with Current Employer
• Healthy savings history and professional stability

Self Employed Based (Sole Proprietorship):

• Resident Citizens of Indian
• Minimum Age: 21 years
• Maximum Age: 65 years at Loan Maturity
• Income Requirement: Minimum Rs. 2,50,000 p.a.
• Business: Minimum 2 years in Current Profession
• Minimum 1-year Business Vintage

Self Employed Based (Partnership Firms):

This list will include self-employed partners involved in the business of trading, manufacturing or other services.

• Income requirement: Minimum of Rs. 2,50,000 per annum.
• Turnover: Minimum Turnover of Rs. 4,50,000 per annum.

Self Employed Based (Private Limited Companies):

This list will include those people who themselves own a private company that has been running the business of manufacturing, trading or services.

• Income requirement: Minimum of Rs. 2,50,000 per annum.
• These people must have their office landline.

Self Employed Based (Public Limited Companies):

In this list, you will find people who are directors in public limited companies. These companies are in the business of manufacturing, trading or services.

• Income requirement: Minimum of Rs. 2,50,000 per annum.
• These people have at least one office landline.

Self Employed Based (Hindu Undivided Family):

Here you can find those self-employed people whose business falls under the terms and conditions as stated under the Hindu Undivided Family.

In this Hindu Undivided Family Business, “The Karta” should be the co-applicant in his capacity.

• Income requirement: Minimum of Rs. 2,50,000 per annum.
• Those people must have a residence and office telephone line.
• A post-paid mobile phone that is a minimum of three months old is acceptable only when the person has one available landline.