{"id":4420,"date":"2021-09-13T17:53:00","date_gmt":"2021-09-13T12:23:00","guid":{"rendered":"http:\/\/blog.ruloans.com\/?p=4420"},"modified":"2021-09-13T17:53:00","modified_gmt":"2021-09-13T12:23:00","slug":"debunking-3-myths-about-used-car-loans","status":"publish","type":"post","link":"https:\/\/www.ruloans.com\/blog\/debunking-3-myths-about-used-car-loans\/","title":{"rendered":"Debunking 3 Myths about Used Car Loans"},"content":{"rendered":"\n

Used Car loan has been a standout among popular loan products because it gives multiple benefits to the customer. Instead of spending exorbitant money on a new car, a second-hand car loan allows them to own a car at a lesser price and with the lowest interest rates.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

  1. Not more than 1 person can apply for a second-hand car loan<\/strong>
    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\u2019t end up purchasing a car.

    But we must tell you that you can apply for a used car loan<\/strong><\/a> 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.

    <\/li>
  2. No good credit score? Then no second-hand car for you!<\/strong>
    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.

    <\/li>
  3. You cannot get more than 100% financing on a used car<\/strong>
    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\u2019s 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.<\/li><\/ol>\n","protected":false},"excerpt":{"rendered":"

    Used Car loan has been a standout among popular loan 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Loan<\/a>","rttpg_excerpt":"Used Car loan has been a standout among popular loan 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