Consider Finance For Used Cars & Own A Luxury Car With Ease - Used Car Loan Blog - Tata Capital

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Want to own a luxury car? Consider a used car loan

May 22, 2017

Minisha had always dreamed big. She had a good job, and she wanted to become a company CEO someday. She had a house but she wanted to build a bungalow for her family. She fancied going on a world tour. Driving around town in a luxury car was also on her wish-list. But she knew that these dreams would take a while to be fulfilled.

And then, the used car market opened her eyes to new possibilities. She realised that she could own a luxury car with ease. In fact, it was quite affordable, given the current market conditions. So, she gifted herself an Audi A6.

Related: Frequently asked questions before taking a used car loan

You too may aspire to own a luxury vehicle. And luxury cars are now within your reach. This is all thanks to the used car market and cheaper car loans. You can own a luxury car without burning a hole in your pocket. Read on to find out how:

Luxury cars in the used car industry are quite affordable

Minisha bought her dream car, the Audi A6. She got this at a mere Rs 9.5 lakh by buying it pre-owned. You can be a proud owner of an Audi, BMW, Bentley, Jaguar, or a Porsche. The prices of pre-owned luxury cars are quite affordable. They start from as low as Rs. 8-9 lakh if the car is more than seven to 10 years old. This is cheaper compared to the Rs 12-15 lakh you would spend on a new Honda or Maruti Suzuki.

Availability of used car loans

Lenders understand that pre-owned luxury cars are a rage among many customers. So, they offer specialised used car loans to aspiring customers. These loans are custom-made for buying used cars. They are easily available and approval is quick. You also get funds at lower margins. Some lenders even allow up to 90% finance for buying a used car.

Related: Mistakes to avoid when applying for a used car loan online

The interest rate on used car loans is low

Used car loans are available aplenty. But many people worry about the interest payable on the loan. Some fear that the interest rate could be too high. So, they may avoid buying a luxury car. Do you also feel the same way? It is time to debunk that myth. You can get used car loans for buying a luxury car at interest rates as low as 8.75% to 9% per annum. With such low interest rates, buying a luxury car has become rather easy.

To sum it up

The used car market makes it possible for middle-class people to buy the luxury car of their dreams. Affordability is no longer an issue. A used car loan with a low interest rate ensures that the EMIs are not heavy on the pocket. All you need is diligent planning, proper guidance, and knowledge. So, what are you waiting for? Go, ride your dream car and flaunt it as much as you want.