Automobiles are part of our lives. For the ones who can afford brand new cars from some of the best automakers in India, their life is set. But, what about those who don’t have the required funds to purchase their first car? Doesn’t a used car become the best solution here? And a ‘solution’ for funding of a used car is Loan Singh.
Used Cars in India
The automobile market in India is now entering a phase of rapid progression. We mentioned yesterday about the booming used car segment in the next 4 years…
Just look at the number of online websites that help you find affordable used cars in your city. If you are in the habit of reading the newspaper, you know that you won’t have to squint to find attractive used car advertisements. You can choose from good brands (both, Indian and International). You can choose from plenty of varied colors. Whether it is Fiery Red, Granite Grey, Lucient Orange, Pearl White, Silky Silver, Hakuna Matata, etc.; the options are endless.
Even now, embarking on a trip to purchase a used car draws immense prestige at home. Mother’s blessings and a dahi-shakkar is a must. “Beta, gaadi lane ja rahe ho, jugg jugg jiyo, sambhaal ke laana”.
The emotional connect is instant. We perceive the used car as a family member. We eat in it, we ride in it and share endless memories. There are movies made on road trips. From Zindagi Milegi Na Dobaara to Little Miss Sunshine. So many memorable movies have been shot within the confines of a vehicle. Rest assured, the market for second-hand cars is only going to grow. Someday, you can easily sell your (already second-hand) car as a third-hand. It depends on how you drive the car and how you maintain it. If the reasons to avoid buying a brand-new car include – low budget, high depreciation or simply utilitarian, then buy a used car. Loan Singh now brings to you the 10 used cars to buy in India based on their USP and other features. We have not ranked them in any particular order. They are just 10 cars that which are quite popular in India.
1. Maruti Suzuki Swift
Easily a top selling car now, 5 years ago and even a decade earlier, the Maruti Suzuki Swift is the most preferred used car at any dealer’s showroom. Its powerful engine is the main reason why the engine of the New Swift 2018 remains unchanged, as compared to its previous 2nd generation sibling. Its other features are its fuel efficiency, spaciousness, great fuel economy, servicing convenience and high re-sale value.
Suzuki does not tinker much with the newer iterations. This is testament as to how good the older cars are. It has its tried & tested formula that makes the Swift a superb choice for your dream car. The hatchback segment is Maruti’s favorite. It’s taken the Swift close to 13 years to make this segment its own. As of writing this blog, Maruti Suzuki is the highest selling car in India.
The used car loan amount that you will need is between Rs. 1,50,000 and Rs. 2,50,000.
2. Hyundai i10
The i10 attracts the attention of car lovers because of its pleasant looks. It is certainly one of the better looking cars in the entry-level segment in India. Entering the car gives you a sense of comfort and style which is quite rare, at least among the Indian car makers. The small car offers a decent overall package and goes with low maintenance cost. Its USP is certainly the affordability and looks.
The used car loan amount that you will need for a Hyundai i10 is between Rs. 1,50,000 and Rs. 2,50,000.
3. Maruti Suzuki Alto
Alto The next one from the Maruti stable (this won’t be the last) is the Maruti Suzuki Alto. Its USP is clearly its affordability with lucky drivers getting it for a price as low as Rs. 80,000. The Indo-Japanese manufacturer continues to churn out wonderful cars that instantly click among Indian drivers. Its demand has never ceased, despite several other small hatchbacks in the market, including the Tata Nano. Its resale value and low maintenance cost helps as well.
The used car loan amount that you will need for a Maruti Suzuki Alto is between Rs. 75,000 and Rs. 1,50,000.
4. Hyundai Santro Xing
Santro Xing is no more in production. Let that thought sink in. Now, try to think of any one person in your life who owned a Santro Xing. Kuch yaad aaya? An unfriendly neighbor or the richest man in your colony; the memory of that and the car’s advert (featuring Shah Rukh Khan) easily remain in our memory. The USP of the Xing is its reliability and affordability. The demand of Xing in the used car segment hasn’t waned. It is still the cheapest of Hyundai cars available second-hand.
The used car loan amount that you will need for a Hyundai Santro Xing is between Rs. 75,000 and Rs. 1,50,000.
5. Honda City
We move on with the list with the entry of the first sedan. The appreciation that the Honda City has received from the Indian public has been fantastic. The luxury sedan comfortably tops the best sedan list. It has a unique mix of sporty feels and corporate style. It is heavily reliable and accompanied by Honda’s brand name and after-sales service, it has managed to keep the cash registers ringing.
The used car loan amount that you will need for a Honda City is between Rs. 2,00,000 and Rs. 3,00,000.
6. Maruti Suzuki WagonR
The WagonR is commonly referred to as the ‘Tall boy car’. This is due to its heightened frame. For drivers who are tall and find it hard to fit inside the other Maruti variants such as Celerio or Alto, will find WagonR perfect. Its USP is its easy drivability, spaciousness and company fittings of LPG or CNG kits. Add to that, Maruti’s reliability, after-sales service and excellent resale value.
The used car loan amount that you will need for a WagonR is between Rs. 1,00,000 and Rs. 2,70,000.
7. Toyota Innova
The Toyota Innova helped make MPV (Multi-Purpose Vehicle) a byword for ‘badi gaadi’. It was in fact one of the first MPVs in India, set-up by the Japanese manufacturer. It has constantly remained as the leader in the MPV segment. Its USP includes the cabin space you get, low maintenance worry and heavy reliability.
The used car loan amount that you will need for an Innova is between Rs. 2,75,000 and Rs. 3,20,000.
8. Maruti Suzuki Swift Dzire
The Dzire falls onto the ‘affordable sedan’ segment. By coming out of Maruti Suzuki’s conveyor belt of reliable, affordable and re-sellable cars, the Swift Dzire simply becomes a great choice for a sedan. As it is a sedan, space is larger, comfort more and convenience is huge.
The used car loan amount that you will need for a Swift Dzire is between Rs. 2,00,000 and Rs. 2,50,000.
9. Hyundai i20
Hyundai appears again on the list with a premium hatchback that anyone would aspire to buy. The i20, thanks to its premium looks and rich cabin features, is a great option for upgrading from an entry-level car. It can still manage to hold its own against some serious competition from Maruti Suzuki’s and Tata’s hatchbacks.
The used car loan amount that you will need for an i10 is between Rs. 1,75,000 and Rs. 2,25,000.
10. Hyundai Verna
The Verna distinguishes itself from similar sedans with its stunning looks. Adding to being a beauty, the Verna packs a number of elaborate features. It is Hyundai’s C-segment sedan and is one of the most researched cars in the second-hand car market.
The used car loan amount that you will need for a Verna is between Rs. 1,50,000 and Rs. 2,25,000.
We mentioned the approximate loan amount that you need to buy the above cars. The question is where can you get a quick and easy online used car loan? If you have the income (we know you do), and know how to drive a car; you can easily get your first car by applying for a used car personal loan from Loan Singh. A brand new car might go above your budget or you might have never driven a car before and would want to learn. For both of these reasons, a used car loan is perfect. If you have already applied for a used car loan, then the only thing left to do is visit a used car dealer, choose the second-hand car you want and transfer the cash to the dealer. This way you enter the showroom walking, and exit it steering your second-hand car.
Used Car Loan with Loan Singh
Good conditioned used cars don’t remain unsold for too long. So, the best option left for you to get quick funds is a fast digital lending platform. Enters Loan Singh…
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 requirement gives a personal loan an advantage over a secured loan. A personal loan can also be availed for a number of reasons such as purchase of household appliances, electronic gadgets, purchase of gold, holiday travel, home improvement, job relocation, medical expenses, home renovation, purchase of second hand vehicles, marriage, etc.
The loan amount for a personal loan at Loan Singh range 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.