Buying a car (albeit a second hand one) is a momentous occasion. Decades earlier, owning a 4-wheeler was a matter of wealth and prestige. Close friends would come and get a feel of the interior, and ask you for an opportunity to drive it. Nowadays, it is not a big deal to own a car. You have the income, you know how to drive and you need the convenience. But, purchasing a new car does not always go easy on your budget. You could be a novice at driving and won’t mind the bumps, scratches and dents while becoming more proficient. For such reasons, a second-hand car is a great choice. Let us understand a bit more about second hand cars before we look at 8 things to remember when 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 depreciates
Charges avoided – Easily avoidable processing fee, shipping, advertising fee, etc.
Multiple choices – Get to choose from different manufacturers and models – 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
Who Funds Your Second-Hand Car?
As you are not going for a brand new car, you easily dodge the hassles of a secured vehicle loan. So the best option left for you to get quick funds is Loan Singh. Why Loan Singh, you ask? You should ask Why Not Loan Singh? Firstly, Loan Singh is a digital lending platform that allows borrowers to apply for a personal loan with only PAN details and bank statement. A digital platform means, there is no paperwork and neither are there any unending delays.
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 netbanking account. Once the preapproval is done, your credit score is calculated and 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, travelled lesser kilometers, etc. Also look at features such as air conditioning, boot space, leg room, fuel type and tyre 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
Lookout for malpractices such as odometer reset (to reduce the kilometers driven), patched-up dents or missing accessories such as music player, puncture kit, etc. Listen for rumbling in 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 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.