{"id":7011,"date":"2022-08-22T16:14:28","date_gmt":"2022-08-22T10:44:28","guid":{"rendered":"https:\/\/blog.ruloans.com\/?p=7011"},"modified":"2026-07-24T18:18:06","modified_gmt":"2026-07-24T12:48:06","slug":"how-used-car-loan-size-has-been-on-the-rise-in-pandemic-years","status":"publish","type":"post","link":"https:\/\/www.ruloans.com\/blog\/how-used-car-loan-size-has-been-on-the-rise-in-pandemic-years\/","title":{"rendered":"How Used-car loan size has been on the rise in pandemic years"},"content":{"rendered":"\r\n<p class=\"wp-block-paragraph\">Buyer behavior has changed when it comes to cars due to the pandemic. People are not interested in saving money but want to spend it all today. The pre-owned car market is witnessing a surge in demand. The average car loan value has increased from Rs 3.5 lacs to Rs. 4.5 lacs from pre to post-pandemic.\u00a0<\/p>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">You can buy a good second-hand car through a\u00a0<a href=\"https:\/\/www.ruloans.com\/car-loan\/used-car-loan.htm\"><strong>used car loan<\/strong><\/a>. You can get a\u00a0<strong>used car loan<\/strong>\u00a0at attractive interest rates, and the repayment tenure can stretch to seven years. You will also find some lenders providing 100% loan of the car&#8217;s value. Most NBFCs and banks provide\u00a0<strong>used car loan<\/strong>s.\u00a0<\/p>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">There has been a\u00a0<strong>rise in car loan<\/strong>\u00a0demand since the pandemic. The need for a\u00a0<a href=\"https:\/\/www.ruloans.com\/car-loan\/used-car-loan.htm\"><strong>used car loan<\/strong><\/a>\u00a0has increased from the pre-pandemic levels. The requirement for personal transportation has been growing since the pandemic hit.\u00a0<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\">Benefits &amp; Features of A\u00a0Used Car Loan<\/h2>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">With a\u00a0<strong>rise in car loan<\/strong>\u00a0sector, here are a few benefits and features of a\u00a0<strong>used car loan<\/strong>:<\/p>\r\n\r\n\r\n\r\n<ul class=\"wp-block-list\">\r\n<li>Your monthly EMIs might be lower as a\u00a0<strong>used car loan<\/strong>\u00a0amount would be lower compared to a loan for a new car.\u00a0<\/li>\r\n<li>The repayment tenure is long.<\/li>\r\n<li>Paperwork submission is minimal.<\/li>\r\n<li>NBFCs and certain banks are flexible in payments<\/li>\r\n<li>The depreciation rates and insurance costs are lower compared to\u00a0<a href=\"https:\/\/www.ruloans.com\/car-loan\/new-car-loan.htm\">new cars<\/a><\/li>\r\n<li>Certain NBFCs and banks offer up to 100%<a href=\"https:\/\/www.ruloans.com\/car-loan\/car-refinance.htm\">\u00a0<\/a><a href=\"https:\/\/www.ruloans.com\/car-loan\/car-refinance.htm\"><strong>car refinancing<\/strong><\/a><\/li>\r\n<li>The loan process is simple<\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\">Things to Remember\u00a0<\/h2>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">There has been an increase in the\u00a0<a href=\"https:\/\/www.ruloans.com\/car-loan\/used-car-loan.htm\"><strong>used car loan<\/strong><\/a>\u00a0space due to the pandemic. People opt for personal transportation because they fear catching Covid from others. Buying a new car can be expensive, and that&#8217;s where a used car comes in. You can get a used car for much less than a new one. Here are a few things you should remember when you look to buy a used car:\u00a0<\/p>\r\n\r\n\r\n\r\n<h3 class=\"wp-block-heading\">Properly Check the Car<\/h3>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">Ensure to thoroughly check the car and take a mechanic&#8217;s help if necessary. You can negotiate the car&#8217;s price if there is any issue with the used car. Check for vibrations by driving in a secluded area.\u00a0<\/p>\r\n\r\n\r\n\r\n<h3 class=\"wp-block-heading\">Thoroughly Check the Papers<\/h3>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">Check the registration certificate and insurance papers thoroughly. Ensure that the chassis and engine number match the number on the documents.\u00a0<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\">History of the Vehicle<\/h2>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">Check the vehicle&#8217;s history before purchasing it. You can find many details online. You can see if the vehicle was involved in an accident or service issues.\u00a0<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\">Transfer the Registration Certificate<\/h2>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">Ensure you transfer the RC to your name once you purchase the car. A NOC will be required if the car is registered in another state. A NOC is also required if the previous owner purchased the car on loan.\u00a0<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\">Insurance Transfer<\/h2>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">It would be best if you immediately transferred the car insurance policy to your name. The policy will be considered void if it is in the previous owner&#8217;s name. In this case, it will not matter if the RC is in your name.\u00a0<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\">Car Service<\/h2>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">Get your car serviced before you start using it. Fix rusts, if any, and change the fluids before cleaning the car up thoroughly.\u00a0<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\">How to Apply for a\u00a0Used Car Loan<\/h2>\r\n\r\n\r\n\r\n<ul class=\"wp-block-list\">\r\n<li>Visit the NBFC office or bank branch where you want to avail of the loan<\/li>\r\n<li>Fill out the application form<\/li>\r\n<li>Check your eligibility and submit the necessary documents<\/li>\r\n<li>Discuss the processing fee, interest rates, etc. to process the loan<\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\">FAQs<\/h2>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">Q1. Should you make a down payment in case of a\u00a0<a href=\"https:\/\/www.ruloans.com\/car-loan\/used-car-loan.htm\"><strong>used car loan<\/strong><\/a>?<\/p>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">A1. You might have to make a down payment to certain lenders when you avail of a\u00a0<strong>used car loan<\/strong>. It depends on an individual lender and their terms and conditions.\u00a0<\/p>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">Q2. Do you have to provide collateral or security when you avail of a\u00a0<strong>used car loan<\/strong>?<\/p>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">A2. No, you don&#8217;t, as the car acts as the security. You need not provide collateral or any other security.\u00a0<\/p>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">Q3. Can you avail of a\u00a0<strong>used car loan<\/strong>\u00a0with a co-applicant?\u00a0<\/p>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">A3. Yes, you can.<\/p>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">Q4. Can you get a\u00a0<strong>used car loan<\/strong>\u00a0with a low credit score?\u00a0<\/p>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">A4. If your credit score is low, your application might be rejected. In other cases, you might have to pay higher interest rates.\u00a0<\/p>\r\n","protected":false},"excerpt":{"rendered":"<p>Buyer behavior has changed when it comes to cars due  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