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Even when you are planning to buy a second hand car, it is not always possible that you have sufficient funds available. Depending on the cars’ condition, brand, and its make, you can end up spending a great deal of money even on a used vehicle. The best way to move forward with buying such a vehicle is with the help of a second hand car loan.
This particular financing service can give you quick and hassle-free fund generating option so that you can enjoy your second hand car. However, many people still feel that taking a second hand car loan is not a good idea since the vehicle is already used.
If you too feel the same way, then in this article, we will give you a few reasons why using personal loans for buying a second hand car can be a great alternative.
- Borrowing limit
The borrowing limit of a second hand car loan is quite extensive. Therefore, even if you want to buy a vehicle that is of a luxury range, you will be able to do so comfortably. Just because you are buying a second hand car, it does not mean that you need to compromise on its standard. With the help of personal loans, you can borrow funds up to Rs.25 lakh and use it towards paying for your second hand car. This makes for a big reason for selecting this service.
- Tenor
The next benefit or advantage of using a second hand car loan is the repayment tenor. One usually thinks that because it is a second hand car, you would get less time to repay your loan. However, personal loan eligibility allows you to apply for a tenor of up to 60 months. This way, you can not only repay the second hand car loan in full but also do it keeping in sync with your monthly expenses. In short, due to the extensive tenor, there will be no financial stress ever.
- Collateral
People feel that a second hand car loan is like every other financing service available in the country. You need to give some guarantee to acquire funds. But with personal loans, that can be used for buying second hand cars; you do not have to worry about submitting collateral. This gives you a chance to borrow finance irrespective of any collateral requirements. However, personal loan interest rates are still affordable.
- Additional expenses
Buying a used vehicle is not the only expense related to the transaction. There can be many other things that you might require after you have bought the car already. This can include upgrading its accessories or getting insurance. When you opt for a second hand car loan, you are able to deal with such expenses easily. It gives you more than enough funds to accommodate every type of requirement that you have.
- Online application
Lastly, a benefit that has made using a second hand car loan worth considering is its online application process. Nowadays, the second hand car market has been growing leaps and bounds. Therefore, you will be able to find financing services for used cars with almost every lender. Since the process is usually online, you do not have to worry about visiting a number of different offices to get funds.
Bajaj Finserv gives you pre-approved offers for financing alternative like personal loan, business loan, and home loan. These offers have been created for borrowers who want to enjoy a hassle-free loan process, which is also less time-consuming.
You can simply unlock your special pre-approved loan offers by submitting your mobile number and name online.
