Why Loan Singh is the Best Source for a Second Hand Car Loan

second-hand-car-loan

Introduction

There are probably hundred different reasons why you should reward yourself with a swanky re-done second hand car. You have worked so hard. You have graduated from travelling via bus to meet with clients, to now moving around on a motorcycle. The time is now. How long can you go without rewarding yourself with a good 4-wheeler? You are salaried, earning a decent income, climbing your career ladder (two rungs at a time); so, what are you waiting for?

We will get to the advantages of a Second hand car later. A second hand car unlike a new car can be bought via a personal loan. A personal loan is an unsecured type of credit which is availed for its quick application to disbursement time. A digital lending platform, such as Loan Singh, can get you a personal loan within 36 hours.

Second hand cars don’t remain available for long. A second-hand car dealer usually gets a used car sold-off within a matter of hours. It is herein where the crux of the matter lies. You delay, and the car is gone! Therefore, a personal loan is a perfect way to get you the car of your dreams.

 

Advantages of a Second Hand Car
Loan Singh will cover an extensive list of advantages for second hand cars in our next article, some basic advantages are mentioned below

Competitive Price

We all love the scent that emanates from a new car. The immaculate upholstery, 0 kms travelled, even sans any fingernail scratches on the outside, etc. is something we love. But it does not come cheap. The price gap between a used and new car is huge. You will also argue that the interest rates on new cars are less, but the one time amount you pay (inclusive of a new paint job, top-up of engine oil, coolant, complete interior and exterior wash, and more) goes easy on your budget. A personal loan can make the average monthly spend even less.

Depreciated Value

New cars lose a portion of their value immediately. The moment a new car is bought, it is no more new, and will be sold as second hand. New car owners go through a plethora of emotions when the new car starts acquiring wear and tear going over Mumbai’s potholes or Goa’s beachside terrain. In the first year since purchase, new cars lose as much as 40% of their value. For a second hand car, however, there is much less depreciation. You will lose less money less quickly and will avoid the hit the first owner took.

Insurance cover

No need to scratch your head here, the insurance premium you pay per year for a second hand car towards accidental damage is cheaper. The value of a second hand car is already depreciated which means you pay a lower premium than what you would pay for a swanky new car.

Less worry

If it is the paint getting chipped-off on gravel, the tyres start getting punctured or some other driver goes off with your mirrors from the opposite side, you don’t feel too much of heartache for a second hand car. That is why it is suggested you learn driving on a second hand car because the strain on your pockets is less.

 

Why Get A Personal Loan To Buy A Second Hand Car?

A personal loan is well ‘Personal’. It is a financial product that you can make use of when in a cash stricken situation. No mortgage or collateral means a personal loan does not involves the added paperwork that accompanies with a secured loan. The speedy process of availing it makes it a favorite among salaried professionals. Credit institutions, including Loan Singh, request for each borrower applicant’s credit report. The credit report acts as your report card. All your credit related history is present on your report. Just like your report card highlights your performance (flying colors, or not), in the same way your credit report highlights your prompt repayments. A good credit score mitigates any risk of default that the institution may face.

When you approach a certified used car dealer, you will be asked first to choose a used car, inspect/test drive it, discuss the one time price and drive out of there. It is much faster than purchasing a new car. A new car loan involves a lot of paperwork thanks to being a secured loan. The time you will take to avail a personal loan (digitally) and then use that cash to buy a second hand car is faster than applying for a new car loan.

 

Where To Get A Quick Second Hand Car Personal Loan From?

If Loan Singh is the fastest solution around to avail a personal loan, then it is but obvious that it is also the fastest solution for a second hand car personal loan. Loan Singh does your credit worthiness check by evaluating your credit score. No bank statement photocopies, no attested documents, no reference forms and no heaps of application forms are needed. With no time wasted in documentation, this completely digital process is much faster and quicker compared to traditional lending solutions – like banks.

Although the personal loan process at Loan Singh is quick and easy, you must be focused on ensuring timely repayments of your EMIs. The ease of availing a personal loan through Loan Singh should not lead you to a false sense of security. If you apply for a new car loan, then you have to pay the EMIs regularly or face the consolidation of your car. The same discipline and fear must be evident while repaying your second hand car personal loan. Fear towards a dip in your credit score in case you default.

 

Loan Singh’s Second Hand Car Personal Loan Eligibility

Before you begin the quick and easy second hand car personal loan application process at Loan Singh, check the following eligibility criteria required for the loan.

Salaried borrower – If you want to apply for a second hand car personal loan at Loan Singh, you need to be a salaried professional & your monthly salary should be a minimum of Rs.15,000. You must also be at least 21 years of age, and an Indian citizen.

Credit score – Loan Singh looks at your credit/CIBIL score to approve your loan. A credit worthy borrower is someone who has been prompt in his past loan EMI payments, maintains a good credit utilization ratio, has been paying-off his/her credit card bills on time and has not overspent over the credit card limit.

If you have never availed of a loan before, you will have no credit history. In that case, you need to be salaried for at least 3 months to be eligible for the loan.

 

How to Apply For a Second Hand Car Personal Loan

The process to get an easy and quick loan with Loan Singh is mentioned below:

Get Started PageHead over to Loan Singh, select ‘PERSONAL LOAN’ from the dropdown and enter the loan amount with the desired repayment tenure.

Registration page – Add your contact number, personal email ID and corporate email ID

Social Authorization – Connect your Facebook, Google+ and LinkedIn profiles for discounted rates

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 & as a KYC document.

Address Page – Choose your type of residence; 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 either from your computer, GMail account or net-banking account directly.

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 repayments.

 

 

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