If you are buying a used car today, you have a plethora of choices. The automobile manufacturing companies are flourishing, and so is the second-hand car industry. Nowadays, with a used car loan, you can get your hands on any second-hand car. Moreover, with a second-hand car loan, you not only can buy used cars from the owners but also certified used-car dealers.
Both banks and financial lenders today offer loan for used cars, thus making the buying process smooth. Here are some helpful tips for a seamless, used car buying experience.
Tip 1. Set a Budget
Setting a budget to determine how much you can spend is a crucial step to buying a used car with a second-hand car loan. While coming up with a detailed budget, you also need to consider your monthly EMI payments. To get a greater understanding of how much money you have to pay every month, use an online used car loan calculator.
Apart from your monthly payments, you will also have to take into account the operating costs of the car, its routine maintenance costs, possible repair expenses, and the car insurance. Once you have determined the budget, look for the vehicle that best suits your needs.
Tip 2. Inspect the Vehicle
Carefully inspect the car you plan to buy and save yourself from future operational hassles. Begin by checking the exterior of your vehicle for signs of damage, rust spots and the interior for any tears in the upholstery, strange odours, etc.
You should also inspect the functionality of the car’s features and controls. Also, remember to take a look under the hood to check if the engine looks clean and there aren’t any visible leaks. If you are unfamiliar with what’s under the hood, take a trusted car mechanic with you for more detailed diagnosis.
Tip 3. Test Drive the Car
Test the car in a relatively empty parking lot as well as on the road. When doing a test drive, accelerate a bit hard to see if the engine is responding normally. Also, take some sharp turns and brake hard to check the condition of the brakes and the steering. You can try driving on a broken or uneven road to check the status of the suspension. Finally, keep an ear out for strange noises as that could be a signal for engine issues.
Tip 4. Negotiate the Price
When you buy used cars, remember there’s always room for negotiation. Make it a point to know the market price of whichever used car you wish to purchase. If you find the final price unreasonable or suspect the offer too good to be true, don’t hesitate to walk away from the deal.
Tata Capital is your ideal choice to buy used cars on EMI as we offer flexible EMI options and quick disbursal of loans. We advise you to check your used car loan eligibility, before applying for a loan on used car with us. Getting a used car loan with us allows you to have a value-for-money purchase. With us, you can buy a variety of used cars on EMI- from hatchbacks to premium sedans. We provide loan for used cars at a competitive used car loan interest rate. We also offer a used car loan EMI calculator on our website to help plan your EMIs better.
So, visit our website today if you are looking for a used car loan!