A used car loan is best suited for those people who have a low credit score or need some extra funds for your current budget. If you are thinking about buying a nice used car but are hesitant about applying for a new loan, then it is time to think again. The interest rates are much lower on used car loans than on new car loans and the application process is more simple as well.
Loans for Used Cars: Benefits
Buying a used car using a loan can provide you with a multitude of benefits. One of the prime benefits that you will avow is reduced price of the car. A used car is bound to be cheaper than a new car. As a result, your principal amount of your loan will be lower. Another key benefit of buying a used car through a loan is that you can still enjoy car loan tax exemption. However, you need to remember that car loan tax exemption is only valid for cars that are for commercial purpose under Section 80E of the Income Tax of India Act (ITA).
Instant Loans for Used Cars by Muthoot Capital
You are a smart buyer who knows how to decide between the aspects when buying a car. But what if it is not in your budget? What would you do? That’s where Muthoot Capital comes in! We provide you instant approval for your loan, so that you don’t have to wait for long periods. You can use the remaining amount of the loan, after purchasing and repairing the car. So, what are you waiting for, download the application today!
Advantages of Getting Your Used Car Loan Approved before Buying Your Vehicle
It is quite common to go online and search for second-hand cars. These types of cars are at a very cheap price when you buy them, but they have been driven by several owners who may have run into some serious problems with the car. In fact, on many occasions their problems are so serious that most of these cars turn out to be non-eligible for registration or emission certificate.
Simple Buying Process
When you have pre approved car loans, you do not have to worry about the down payments, loans, interest rates, etc. while looking for the best deals on used cars. You can focus more on car deals rather than other things!
If you already have a pre-approved 2nd hand car loan, you can buy this vehicle anytime you wish to. This is because the loan has already been approved and there is no need for more paperwork or verification before you head over the counter to sign papers with us.
Option to Choose Deal as per Requirement
Pre-approved used car loans give you the freedom to visit a number of auto dealers and choose the right vehicle. It also helps you as you do not have to depend on your car dealer to help you find financing.
Know your Interest Rate and EMI
Anxious to know what you can do with a used car? Getting a pre-approved loan helps you know the cost of the loan and EMIs beforehand. Knowing the interest rate helps you figure out how much you will be paying on your EMIs so you can plan your budget before finalizing the car.