What if you want to own a second hand vehicle but
don’t have enough resources, so what are your options? Simple you can finance
your vehicle, but is do you know everything about second hand car loans and
finance.
It is always recommended
to polish your skills on used vehicles and then go for the new ones – the
saying is finding an apt application in car segment of India today. Most of new
drivers prefer to opt for pre-owned vehicles before investing huge money in new
one. Though, acquiring financial help for used cars is nothing less than headache
at present. There are 2 factors that play a vital role in pre-owned car loans to
be precise its age & the model. Also, the bearer is needed to pay a hefty cost
for used car as compared to new
car. In India, people availing pre-ownedcar financing options have to pay 3% more than the amount they are required to
pay for latest cars. And, lastly, there is more chance that you may not get the
complete value of the car as loan.
You May Also Read : Used Vehicle Financing Made Easy
As per norms, used car loan is
granted only when age of the car and loan’s tenure do not go beyond 7 years in
combined manner. Thus, if you are planning to get loan for 5 years, the age of
your vehicle should not exceed two years in any condition. If you need a loan
for 3 years, than the age must not exceed 4 years and the same is applicable
for lesser years.
For used financing in India, there
are two types of financial bodies available that can help you in this cause:
banks and non-banking financial companies (NBFC’s).
You can benefit by connecting with
Organised Dealer
These days you have enormous options
available in market for you to choose from among the second-hand cars. And
along with the car many options of organised dealers are also available. These
dealers source the cars, & put them up for sale.
Moreover most of the banks &
NBFCs are at ease while financing a car through an organised dealer because of
the due careful checks done by the dealer, which reduces the financiers' risk.
What we suggest
you today is to connect with Shriram Automall, which solves both of your
problem. Shriram Automall India Limited is the leading service provider in used
vehicle industry and provides services from Parking to disposal, from
acquisition to finance and Insurance Services. Being a wholly subsidiary of
Shriram Transport Finance Company, Shriram Automall is providing customers with
all the integrated services to serve them with the best of services for used
vehicles. Having a large inventory of Used Cars and equipment, Shriram Automall
provide customers with nothing but the best
through its unique and Transparent mode of dealings i.e. Bidding Events.
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