{"id":7011,"date":"2022-08-22T16:14:28","date_gmt":"2022-08-22T10:44:28","guid":{"rendered":"https:\/\/blog.ruloans.com\/?p=7011"},"modified":"2022-08-22T16:14:28","modified_gmt":"2022-08-22T10:44:28","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":"\n<p>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.&nbsp;<\/p>\n\n\n\n<p>You can buy a good second-hand car through a&nbsp;<a href=\"https:\/\/www.ruloans.com\/car-loan\/used-car-loan.htm\"><strong>used car loan<\/strong><\/a>. You can get a&nbsp;<strong>used car loan<\/strong>&nbsp;at 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&nbsp;<strong>used car loan<\/strong>s.&nbsp;<\/p>\n\n\n\n<p>There has been a&nbsp;<strong>rise in car loan<\/strong>&nbsp;demand since the pandemic. The need for a&nbsp;<a href=\"https:\/\/www.ruloans.com\/car-loan\/used-car-loan.htm\"><strong>used car loan<\/strong><\/a>&nbsp;has increased from the pre-pandemic levels. The requirement for personal transportation has been growing since the pandemic hit.&nbsp;<\/p>\n\n\n\n<h1 class=\"wp-block-heading\">Benefits &amp; Features of A&nbsp;Used Car Loan<\/h1>\n\n\n\n<p>With a&nbsp;<strong>rise in car loan<\/strong>&nbsp;sector, here are a few benefits and features of a&nbsp;<strong>used car loan<\/strong>:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Your monthly EMIs might be lower as a&nbsp;<strong>used car loan<\/strong>&nbsp;amount would be lower compared to a loan for a new car.&nbsp;<\/li><li>The repayment tenure is long.<\/li><li>Paperwork submission is minimal.<\/li><li>NBFCs and certain banks are flexible in payments<\/li><li>The depreciation rates and insurance costs are lower compared to&nbsp;<a href=\"https:\/\/www.ruloans.com\/car-loan\/new-car-loan.htm\">new cars<\/a><\/li><li>Certain NBFCs and banks offer up to 100%<a href=\"https:\/\/www.ruloans.com\/car-loan\/car-refinance.htm\">&nbsp;<\/a><a href=\"https:\/\/www.ruloans.com\/car-loan\/car-refinance.htm\"><strong>car refinancing<\/strong><\/a><\/li><li>The loan process is simple<\/li><\/ul>\n\n\n\n<h1 class=\"wp-block-heading\">Things to Remember&nbsp;<\/h1>\n\n\n\n<p>There has been an increase in the&nbsp;<a href=\"https:\/\/www.ruloans.com\/car-loan\/used-car-loan.htm\"><strong>used car loan<\/strong><\/a>&nbsp;space 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:&nbsp;<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.ruloans.com\/blog\/how-used-car-loan-size-has-been-on-the-rise-in-pandemic-years\/#Properly_Check_the_Car\" >Properly Check the Car<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.ruloans.com\/blog\/how-used-car-loan-size-has-been-on-the-rise-in-pandemic-years\/#Thoroughly_Check_the_Papers\" >Thoroughly Check the Papers<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.ruloans.com\/blog\/how-used-car-loan-size-has-been-on-the-rise-in-pandemic-years\/#History_of_the_Vehicle\" >History of the Vehicle<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.ruloans.com\/blog\/how-used-car-loan-size-has-been-on-the-rise-in-pandemic-years\/#Transfer_the_Registration_Certificate\" >Transfer the Registration Certificate<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.ruloans.com\/blog\/how-used-car-loan-size-has-been-on-the-rise-in-pandemic-years\/#Insurance_Transfer\" >Insurance Transfer<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.ruloans.com\/blog\/how-used-car-loan-size-has-been-on-the-rise-in-pandemic-years\/#Car_Service\" >Car Service<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Properly_Check_the_Car\"><\/span>Properly Check the Car<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>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.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Thoroughly_Check_the_Papers\"><\/span>Thoroughly Check the Papers<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Check the registration certificate and insurance papers thoroughly. Ensure that the chassis and engine number match the number on the documents.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"History_of_the_Vehicle\"><\/span>History of the Vehicle<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>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.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Transfer_the_Registration_Certificate\"><\/span>Transfer the Registration Certificate<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>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.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Insurance_Transfer\"><\/span>Insurance Transfer<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>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.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Car_Service\"><\/span>Car Service<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Get your car serviced before you start using it. Fix rusts, if any, and change the fluids before cleaning the car up thoroughly.&nbsp;<\/p>\n\n\n\n<h1 class=\"wp-block-heading\">How to Apply for a&nbsp;Used Car Loan<\/h1>\n\n\n\n<ul class=\"wp-block-list\"><li>Visit the NBFC office or bank branch where you want to avail of the loan<\/li><li>Fill out the application form<\/li><li>Check your eligibility and submit the necessary documents<\/li><li>Discuss the processing fee, interest rates, etc. to process the loan<\/li><\/ul>\n\n\n\n<h1 class=\"wp-block-heading\">FAQs<\/h1>\n\n\n\n<p>Q1. Should you make a down payment in case of a&nbsp;<a href=\"https:\/\/www.ruloans.com\/car-loan\/used-car-loan.htm\"><strong>used car loan<\/strong><\/a>?<\/p>\n\n\n\n<p>A1. You might have to make a down payment to certain lenders when you avail of a&nbsp;<strong>used car loan<\/strong>. It depends on an individual lender and their terms and conditions.&nbsp;<\/p>\n\n\n\n<p>Q2. Do you have to provide collateral or security when you avail of a&nbsp;<strong>used car loan<\/strong>?<\/p>\n\n\n\n<p>A2. No, you don&#8217;t, as the car acts as the security. You need not provide collateral or any other security.&nbsp;<\/p>\n\n\n\n<p>Q3. Can you avail of a&nbsp;<strong>used car loan<\/strong>&nbsp;with a co-applicant?&nbsp;<\/p>\n\n\n\n<p>A3. Yes, you can.<\/p>\n\n\n\n<p>Q4. Can you get a&nbsp;<strong>used car loan<\/strong>&nbsp;with a low credit score?&nbsp;<\/p>\n\n\n\n<p>A4. If your credit score is low, your application might be rejected. In other cases, you might have to pay higher interest rates.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Buyer behavior has changed when it comes to cars due  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