A Guide to Second Hand Car Finance
Buying a car is an investment you make for your future. Most of us spend our savings on the purchase and plan to use the car for at least a couple of years. If you are buying a second car or have recently learnt to drive, a second hand car might be a good idea. Large number of consumers are opting for a second hand car instead of spending their money on a brand new car. Every car type and model is available in the second hand car market and the double digit growth of the industry speaks a lot for itself.
You can buy a premium second hand car at the cost of a brand new car. It will serve your purpose and you will be able to own a better car within your budget. Scout the second hand car market in your city and look for options. You will come across a number of cars that are in good condition and available for sale. If you are concerned about the cost, you need to remember that second hand car finance is an ideal option. Banks and financial institutions offer finance for the purchase of a second hand car. However, the car should not be more than eight years in age.
Once you scout the market and shortlist the cars you are keen on buying, you need to take a test drive in order to see how the car functions. You will have to check the engine, brakes, steering wheel, lights etc. Ask an auto enthusiast friend to join you so that you can make a well informed decision. Once you finalize on the car, you will have to make a down payment for the purchase. This could be a minimum amount required by the lender. Make a loan application once the down payment has been made. Any individual above the age of 21 with a stable income is eligible to make an application for second hand car finance. If you have a good credit score, your application will be approved at the earliest.
The process of application is hassle free and straightforward. You need to fill up the application form online and provide documents of identity proof, income proof, address proof and an invoice of the car you wish to buy. The application will be processed in no time and you will receive the funds in your account. You can repay the loan while you use the car. The loan can be repaid in EMIs over the flexible tenure. Compare the interest rate offered by lenders before making a decision. A low interest rate means a low EMI and a low monthly outflow.
With second hand car finance, you do not need to break your bank to own a car. Instead, you can drive home the car you have always wanted to buy and repay the loan conveniently over the long tenure. Turn your dream into a reality without worrying about the finances.
