In yesterday’s article, we looked at how Loan Singh’s digital lending platform guarantees a quick second hand car loan, but only if you fit the eligibility criteria and complete the application form. There is no denying the fact that between a used and a new car, the former is the better of the two. If you don’t believe me, then read ahead to know why; and if you already do agree, then no harm in knowing something more. You are a hard working salaried professional. Your standard of living is decent. It’s time to move on from the push and tug of a metro, to avoid long queues at bus stops and to avoid dependency on a coworker for a lift. It is embarrassing isn’t it? Soon you will be starting a family and would need a vehicle that suits your needs and standard of living. A new car smells great, but is the scent worth the high price? You might have to research more to find the ideal second hand car; but, at least, the price will not be an issue thanks to a second hand car loan from Loan Singh
Let us now look at 8 advantages of purchasing a second-hand car instead of going for a new car loan.
Advantages of Second Hand Cars
A more comprehensive list indicates why second-hand cars are better than new ones.
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 reduce the average monthly spend further.
Avoid Added Charges
You will not just be paying the manufacturer’s price but also the added charges such as GST, processing fee, preparation fee, shipping charges and advertising fee. These can easily add up to thousands of rupees which you can happily avoid by going for a used car. You maintain greater control while out in the market to purchase a second hand car.
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.
With a second-hand car, you will get a wide variety of choices at a single dealer. You can get used models for Maruti Suzuki, Hyundai, Mahindra, etc. all at one place and can then choose the one that suits you. Sometimes an older model, which is not in production anymore, could be your personal favorite. So, you can get your old favorite only as a second hand option.
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.
No need to scratch your head here, the annual insurance premium 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.
Many websites now offer information on second hand cars to make it easier for you to choose your car from home. Similar to how Loan Singh has removed the hassles that exist in traditional lending institutions like banks, there are websites that help you search for used cars by selecting the dealer close to you, and also provide details regarding the used cars such as price, availability, year etc. You can also read user experiences which can help you make a better decision.
Almost mint condition
Gone are the days when a second hand car emanated a sense of abysmal quality or lack of decent conditioning. The sooty scent, rusting interiors, unkempt cushions, tyres worn, kilometers driven, etc. are no more a problem. Dealers ensure that the used vehicles are re-worked and re-painted. Also provided is free servicing for the first 6 months.
How to Get a Second Hand Car Loan?
You can avail a personal loan from Loan Singh to purchase a second hand car. The process is simple. You apply for a loan via Loan Singh’s website and get the personal loan disbursed credited to your account within 48 hours. No paperwork or time delay.
The process to get an easy and quick loan with Loan Singh is mentioned below:
Get Started Page – 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.