Used Car Financing in India

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).

See Also : What To Look Out For While Buying A Pre - Owned Car

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.