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Tata Capital > Blog > Loan for Vehicle > How to Get Second Hand Car Loan in Kolkata

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How to Get Second Hand Car Loan in Kolkata

How to Get Second Hand Car Loan in Kolkata

If you live in Kolkata, you will never run out of places to be. The coastal city has a lot to offer, from vibrant clubs and enthralling monuments to fancy restaurants and sprawling national parks.

But being one of the most densely populated cities comes with a fair share of problems, one of them being a crowded public transport system. So, what’s the best way to move about in Kolkata? Well, getting a car can help you comfortably navigate the city streets.

However, buying a new car is a significant investment and may burn a hole in your savings. The more economical option is to opt for a used car. Even so, a used car still comes with a hefty price tag. But the good news is, there’s an abundance of used car loan lenders in India.

Here’s how to get one in Kolkata.

Choose your car

The first step is to shop around for pre-owned car dealers and compare their offerings. Make sure the dealer you visit is verified and has a good sales record. You can also explore online used car marketplaces to find a favourable deal.

Additional Read: Top Budget-Friendly Used Cars Which are Fuel Efficient

Apply for a loan

Once you have found your dream ride, it’s time to apply for a loan. But before you approach a lender, check your used car loan eligibility first. You can also find eligibility related information on your chosen lender’s website. Some even have eligibility calculators, which get the job done in a few clicks.

Next, you must compare different lenders and choose one, which offers the most favourable loan terms. This might take quite some time, but it will ensure that you save money in the long term. Also, don’t get fixated on low used car loan interest rates. Choose a lender who provides a balance of convenience and savings. Lastly, don’t make multiple loan applications, as it can reduce your credit score.

Additional Read: Tips to make used car loan application process easy

Finalise the Loan

After selecting a lender, get in touch with them and negotiate the interest rates and loan amount. Also, don’t forget to ask about any applicable prepayment charges on foreclosing the loan. Once you’re satisfied with the deal, fill the loan application form.

Next, you’ll need to submit a few documents for the approval process. At Tata Capital, we ask for the following:

  • Identity proof
  • Income proof
  • Address proof
  • A copy of the vehicle registration certificate
  • Utility bills

Once you have submitted the paperwork, loan approval may take some time. Once approved, you can purchase your dream car and travel the bustling streets of Kolkata comfortably.

Over to you

Now that you know how to get a used car loan, you might be looking for one. Well, you can turn to Tata Capital to help you finance your dream car. With our range of convenient repayment options and attractive interest rates, bringing home your favourite car becomes a piece of cake. Moreover, you can rely on our used car loan calculators to help you plan the finances.

Check out our used car loan EMI calculator here to start planning.

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