Yesterday, we looked at why going for a second-hand car is a great option. Today, we will look at the things you need to keep in mind, before opting for a second-hand car. The ‘Auto Expo 2018’ has kept us interested in cars and bikes.
Buying a new car is certainly a momentous occasion. You are now going to upgrade your commuting medium into something that not just gives you a sense of prestige but also helps some of you to fulfill a lifelong dream of buying a car.
Nowadays, it is not a big deal to own a car. You have the income, you know how to drive and you want to drive with convenience. But, purchasing a new car does not always go easy on your budget. A second-hand car gives a novice driver an opportunity to drive carefree, not minding the bumps, scratches and dents, at the same time becoming proficient. For such reasons, a second-hand car is a great choice. Let us understand a bit more about used cars before we look at the things to remember before buying one.
Advantages of Buying a Second-Hand Car
Not just for someone learning to drive, a second-hand car can be advantageous for a number of reasons. Some of these are
Good price – Easy on your budget as the price depreciated compared to that of the new car
Charges avoided – Easily avoidable processing fee, shipping, advertising fee, etc.
Multiple choices – Get to choose from different manufacturers & models, and from different years
Reduced premium – Less annual insurance premium to be paid as value of car is depreciated
Thorough Details – Online portals display user experiences, car reviews, and dealer information
Drivable condition – The cars are renovated to make it as good as new
Funding a Second-hand Car
As you are not going for a brand new car, you can easily dodge the hassles of a secured vehicle loan. Now the best option left for you to get quick funds for a second-hand car is Loan Singh. “Why Loan Singh?” You should instead be asking “Loan Singh! Why not?” Firstly, Loan Singh is a digital lending platform that allows borrowers to apply for a personal loan with only Aadhaar, PAN and bank statement. A digital lending platform needs no paperwork and is devoid of unending delays.
Loan Singh Application Process
Get started page – Select ‘PERSONAL LOAN’ from the drop-down and enter the loan amount with the desired repayment tenure.
Registration page – Add your contact number, personal email ID, and corporate email ID
Profile page – Fill in your name, gender, Father’s name, number of dependents, and PAN details. We use your PAN Card Number to check your Credit Score.
Address page – Choose your type of residence, and mention your street address, city, state and pin code.
Job profile page – Mention your current designation, total work experience, company name, highest qualification, last institution attended, and monthly salary.
Financials page – Upload your latest 6 months bank statement (in PDF format) either from your computer, GMail account or directly link your net-banking account. Our net-banking partner is ISO 27001 (2013 standard) certified & provides services to established banks, as well.
Auto debit page – Provide permissions to your bank name, account number, and IFSC code so that Loan Singh can auto debit the EMI amount from your account every month. This way you don’t need to set reminders or miss out on any loan EMI payments.
8 Things to Remember When Buying a Second-hand Car
These steps, if followed, will get you a good and price effective used 4-wheeler. Let’s get on with it.
Apply for a loan at Loan Singh
Go to www.loansingh.com and Get Started with the online application form. Select the purpose as ‘Personal Loan’ and add all of your personal and financial information. Ensure you fit the eligibility criteria before applying. Upload your bank statement from your net banking account. Once the pre-approval is done, your creditworthiness is assessed. If all is fine, your second-hand car personal loan amount will be disbursed to you within 36 hours.
Go on a second-hand car hunt
Build a target list of cars you think whose price will fit inside the loan amount. Look for used car dealers closest to you. You must be having some sort of inclination towards a particular car maker or a certain model. Narrow down your choices to the one which is not too old, traveled lesser kilometers, etc. Also look at features such as air conditioning, boot space, leg room, fuel type and tire conditions, before making a final decision.
Check the vehicle history
Unless you are purchasing a second-hand car from a known associate or a family member (sellers you know who take good care of the car), insist on looking at the paperwork and history of the car. This helps in finding out about any accidents that happened prior and also facilitates in decision making.
Inspect the car
Check for malpractices, such as odometer reset (to reduce the kilometers driven), patched-up dents or missing accessories – music player, puncture kit, etc. Listen for rumbling on the engine sound while revving. Check for engine oil level, coolant level and status of wipers.
Test drive the car
Taking the car for a drive is a good way to reinforce your initial perception of the car. You can get a sense of car handling, the effectiveness of brakes, seat position, etc. You can understand ingress and egress. Also get a feel for the dials and switches, check the audio level on the system, etc.
Negotiate for a better deal
You don’t have to be a master in negotiating, but you can subtly put forth your points. Discuss any issues you found during the test drive and the overall inspection.
Complete the paperwork
Most dealers will volunteer to do the transfer of documents from the previous owner to you. The transfer would be of the registration certificate, insurance papers and some dealer paperwork (if needed).
Make the payment
With Loan Singh getting you the personal loan for the second-hand car, you can now transfer the funds to the car dealer and set the date of delivery. The car selected by you will now be readied by the dealer.
Oh yeah! On the way back from the dealer, don’t forget the box of sweets.
Loan Singh is a digital lending platform that prides in providing online unsecured personal loans to salaried individuals. You can apply for quick funds as an easy emergency loan which is not a bank loan, but are provide with best personal loan interest rates. The instant funds, or instant loans, are small loans taken for purposes such as home improvement, house repair, marriage/wedding, medical, second-hand car, second-hand bike, vacation and travel. You can calculate your easy EMIs using our personal loan EMI calculator. We accept bank statement, PAN and Aadhaar for quick loan approval. A bad credit score or credit report errors can lead to personal loan rejection. The ‘Loan Singh Blog’ is one of the best finance blogs in India.