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 fulfill a lifelong dream; of purchasing your first 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/used car gives even a novice driver an opportunity to drive carefree, not minding the bumps, scratches and dents, also at the same time becoming proficient. For such reasons, a used car is a great option. Let us understand a bit more about used car loan before we look at the 8 things to remember before buying a used car.
Used Car Loan
As you are not going for a brand new car, you can easily dodge the hassles of a secured vehicle loan. The best option available for you to get quick funds for a used car is Loan Singh. “Why Loan Singh?” You should instead be asking “Loan Singh! Why not?” Loan Singh is a digital lending platform that allows salaried individuals 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.
Good conditioned used cars don’t remain unsold for too long. So, the only swift option left for you to get quick funds is a digital lending platform. At Loan Singh, everything from application to disbursement happens online. With only Aadhaar, PAN and Bank statement/netbanking credentials, you can apply for a personal loan and pay for your emergency requirements. Having no collateral gives a personal loan an advantage over a secured loan.
A personal loan can also be availed for a number of reasons such as the purchase of household appliances, electronic gadgets, purchase of gold, holiday travel, home improvement, job relocation, medical expenses, home renovation, marriage, etc. The loan amount for a personal loan at Loan Singh ranges from Rs.50,000- Rs.5,00,000. The repayment is done via EMIs, with interest rates on a reducing balance method. The personal loan tenure can be from 3 to 36 months.
Used Car Benefits
Not just for someone learning to drive, a used 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 manufacturing 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
8 Things to Remember When Buying a Used 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 used car personal loan amount will be disbursed to you within 36 hours.
Go on a used 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 used 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. Don’t hesitate or feel nervous. Remember, you have to secure the best deal.
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). When buying from an owner directly, try to get the insurance paid off for a couple of months, so that you can transfer the ownership by then.
Make the payment
With Loan Singh getting you the personal loan for the used 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.