For most of us, owning a\ncar is a tremendous dream come true. While buying a new car is typically out of\nreach for most people, used cars can help you achieve your automotive goals. <\/p>\n\n\n\n
While most of us are aware that we can get finance easily while\npurchasing a used car. But an interesting part which most of us don\u2019t know is\nwe can also Re-Finance our existing vehicle or in simple terms, we can get\nmoney by hypothecating the car that we already own.<\/p>\n\n\n\n
The rate of interest for\napplying for a used car loan in India is approximately as low as 12%-16%. Based\non the borrower’s credit rating, he can take up a car loan for 90% to 100% of\nthe car’s market price while he is buying a used car. Nowadays many public\nsector banks in India also provide used car loans at an affordable rate of\ninterest. However, while applying for a used car loan, it is critical to check\navailability and make the necessary safeguards.<\/p>\n\n\n\n
However, in certain\nsituations, refinancing your car would be a better option. Refinancing an\nautomobile makes absolute sense when one needs a loan for a shorter tenure for\nbusiness purposes or for personal use. It is generally cheaper than a Business\nor a Personal Loan. Also, you can get up to 200% of the car\u2019s value.\nRefinancing your car is not advisable, if you’re underwater on your current\nloan, just acquired a new automobile, or your current loan involves prepayment\npenalties. <\/p>\n\n\n\n
Lenders constitute\ndifferent interest rate slabs for used car loans depending on the following\nfactors:<\/p>\n\n\n\n
A credit score is an important factor that can determine the interest rate of your used car loan is your credit score. A healthy credit score indicates that there is no risk of lending you money since your record shows you have been making timely payments as per your score. To have a lower rate of interest on a car loan<\/a><\/strong>, it’s suggested to maintain a good credit score.<\/p>\n\n\n\n It’s important to maintain\na good relationship with your lender in terms of transactions as well as\npayments. Since they might notify if they are offering used car loans at a\ncheaper rate of interest. Therefore, before approaching any other lender for a\nused car loan, make sure to consult your existing lender.<\/p>\n\n\n\n The tenure of your used car\nloan will have a great impact on your rate of interest. The individuals opting\nfor a longer tenure, their EMIs would be comparatively lower but they are\nentitled to pay a high rate of interest throughout the loan tenure. On the\nother hand, EMIs are higher but the interest rate is low in shorter tenure.<\/p>\n\n\n\n The amount taken for a used\ncar loan affects the rate of interest charged on the car loan. Opting for a\nhigher amount of loan might provide you with a lower rate of interest and vice\nversa. This varies from one lender to the other.<\/p>\n\n\n\n The individuals having\nincome on the higher side might enjoy the advantages of a low-interest rate\nsince a high amount of income indicates a good capacity to repay your debt.<\/p>\n\n\n\n With a used car loan, the\nvehicle serves as security for the duration of the loan. If a borrower defaults\non a loan, the bank will keep the vehicle to cover the outstanding debt. As a\nresult, while deciding the interest rate, banks consider the car’s age and\nmodel. Remember that newer cars from reputable manufacturers have a higher\nresale value than older models. The interest rate for used or pre-owned car\nloans is higher than on new car loans. This is due to the fact that antique\ncars deteriorate with time and use.<\/p>\n\n\n\n Ruloans is the place to go if you want to own the car of your dreams. Having well-known Banks and NBFCs as our partners, we offer you affordable finance as a used car loan. Some of our partners even offer you 100% finance. You may choose and compare used auto loan offers from the market’s top lenders. Click here<\/a><\/strong> and have access to the best prices available with hassle-free processing, minimal documentation and instant disbursal.<\/p>\n\n\n\n Ruloans<\/a><\/strong> is India’s leading financial products distribution company that helps manage your financial needs be it Home Loans<\/a><\/strong>, Personal Loans<\/a><\/strong>, Loans against Property<\/a><\/strong>, Business Loans<\/a><\/strong>, Auto Loans<\/strong><\/a>, Credit Cards<\/strong><\/a>, Balance Transfers, and many more. Our vision is to be recognized for value creation, transparency, and the largest distribution capabilities in the financial industry. We also have an exclusive DSA Partner Program for several professionals to leverage their skills and make the most benefits. Ruloans is present across 1200+ locations with over 7000 employees, consultants, and referral partners. Ruloans association with ~150 financial institutions including banks, NBFCs, and Fin-tech gives a wide choice for customers to choose from. We help you borrow right.<\/p>\n","protected":false},"excerpt":{"rendered":" For most of us, owning a car is a tremendous 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Loan<\/a>","rttpg_excerpt":"For most of us, owning a car is a tremendous 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Relationship With The Lender<\/strong><\/h3>\n\n\n\n
3.\u00a0Repayment Tenure<\/strong><\/h3>\n\n\n\n
4. Amount Of Loan<\/strong><\/h3>\n\n\n\n
5. Income <\/strong><\/h3>\n\n\n\n
6. Age & Model Of The Car<\/strong><\/h3>\n\n\n\n
Where Can I Get The Best Deal On Used Car Loan?<\/strong><\/h3>\n\n\n\n
About Ruloans<\/strong><\/h3>\n\n\n\n