Looking for a Valuable Loan for a Used Car? Here are the Points to Remember

Last Modified: 31-March-2022

Used Car Loan

Buying a car is no more a symbol of luxury but a necessity. Hiring a cab is inconvenient and burns a hole in your pocket. You do not have to leave your other family members in a car while going out. But not all of us can afford to buy a new car given its prices.

A used car is a good alternative for buying a car as you can get an almost new car at a fraction of the cost. Many customers opt for new vehicles as it is affordable and as good as new. This is why many customers prefer a used car over a two-wheeler. Last year the used car market saw 1.5 times more sales than the new car segment. Used car loans are customized for those car buyers with unique schemes and attractive interest rates. But there are a few points to remember before using a used car loan.

What are the Points to Remember While Looking for a Used Cars Loan?

Eligibility

Checking the loan eligibility criteria and the maximum loan amount you are eligible for will help you determine your budget. The eligibility criteria for loans vary between lenders. However, with Muthoot used car loans, you just need to satisfy the minimum eligibility requirements.

  • You should be a salaried/self-employed or an agriculturist
  • Your age should be above 21 while applying
  • Your age should be lesser than 65 at the end of the tenure
  • Minimum net salary needs to be 15,000 p.m. if you are a salaried individual
  • If you are a self-employed individual, you should give a minimum net profit of Rs.1, 50,000/- p.a.

Documents Required

Check for the documents required for a used car loan and furnish them before you apply for the loan. Accurate and complete documentation will aid you in speedy loan processing so that you can drive home your car sooner. Most loans are rejected due to erroneous applications. With clear documentation and a complete application, you can ensure that your loan is processed quickly.

Choose the Loan Tenure

The loan tenure is another essential factor to consider for a used cars loan. Calculate your affordability and term using the used car loan EMI calculator before applying for the loan. The calculation will give you an idea about the monthly EMIs and the number of years you need to pay for your loan. EMI calculator will give you an idea about your loan affordability. Properly planning your monthly installments and comprehending the maximum loan you are eligible for will help you plan your finances accordingly.

Online Payment Options

Digital is convenient. Websites and mobile apps help you access loan details and make payments easily with the tap of a button. Applying for loans online is convenient and hassle-free and requires minimal documentation. Install the Muthoot Capital Services Customer APP to access a bouquet of services in the comfort of your home.

Down Payment

Check for the amount of down payment that you must pay the lender before committing to it. If your lender offers as much as 95% of your road price, then you can be assured you have scored the best deal.

Read The Fine Print

Car loan providers charge a fee for processing your application. Look for the minimal processing charges and penalties. Read the fine print to ensure that you understand all the costs and penalties involved in the loan. With Muthoot Capital, you can be assured that you are paying the most nominal processing charges in the market.

Also, Read- Best Method to Calculate EMI on Used Car Loan

Conclusion

Own your vehicle peacefully by choosing Muthoot Capital which offers the best-used car loan rates in the market. Getting a used car loan is easy with Muthoot’s hassle-free loan process. All you have to do is fill out the online application, and our representative will help you through the process.

We always put customers at the forefront before anything. Our schemes are customer-centric, and we aim at affordable car loans for everyone. Our interest rates are incredibly competitive, to the application proves easy. We offer you up to 95% of the car value at a smaller down payment. WhatsApp Muthoot Capital Services to know more.

About Author
Muthoot Capital Services Limited is one of India's most progressive financial companies. It is the part of Muthoot Pappachan Group which carries a legacy & trust of more than 133 years.

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