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Tata Capital > Blog > Loan for Vehicle > How to Get the Best Deals on Used Luxury Cars?

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How to Get the Best Deals on Used Luxury Cars?

How to Get the Best Deals on Used Luxury Cars?

Are you a person with premium choices? Then, you must have thought of purchasing a luxury car at some point in your life.

Nowadays, purchasing a used luxury car is a smart choice, as it proves to be less expensive over time, and you can get the comfort and luxury of a first-hand car. Here’s how you can get the best deals on used luxury cars. 

1. Opt for lease returns

When you lease a car, you are supposed to pay dearly to the owner for the factors like extra kilometres driven, any damage to the vehicle, and so on. Therefore, it requires you to be extra careful about car usage. However, going for lease options offers you the benefit of getting a car in better condition as the previous owner has already taken care of any repairs or damage.

Furthermore, due to their high construction quality, used luxury cars may require less maintenance over time. So, you can make an intelligent choice by purchasing luxury cars that are previously leased.

2. Deep online research

As a new car buyer, you need to imagine a picture of the car’s features, performance, etc. However, the best advantage of being a used luxury car buyer is that you can make the decision based on previous customer reviews and reports. You can easily access the data and choose the ones with good reviews, minimum complaints, and the best performance.

So, being ready with your research homework before moving ahead with the purchase can save you money and help you get the best deal. However, when it comes to financing a purchase, you can rely on a used car loan.

3. Choose your dealer wisely

Buying a used luxury car solely based on price is not wise. You may find that different dealer offers the used luxury car at the same price, but they differ in damage, repair, maintenance, etc. So, before making a purchase decision, you should think about the dealer’s reputation.

 Once you get the price estimates from the dealer followed by the loan estimates from a lender, you can use the used car loan EMI calculator to calculate your potential monthly EMIsThis will also give you a clear idea of your interest payable in advance.

4. Go for inspection

A pre-purchase inspection is of utmost importance before you make a purchase decision. You can do it at a dealer’s place, where a professional technician checks the vehicle for any repair or hidden problems. It alerts you in advance about the problems and ensures you a hassle-free drive in the future.

5. Opt for a second-hand luxury cars loan to ease the financial burden

One of the best ways to make pre-owned luxury cars more affordable is by opting for a second-hand car loan. It allows you to enjoy the premium features and comfort of a luxury car without dipping into your savings.

With a pre-owned luxury car loan, you can repay your EMIs comfortably without affecting your financial health. 

Eligibility criteria for a second-hand car loan

To be eligible for a second-hand car loan, you must meet the following eligibility criteria-

  • Your age must be between 21 and 65 years.
  • If you are a salaried individual, you must have a minimum monthly income of Rs. 20,000 with a minimum of 1 year of work stability.
  • If you are self-employed, your minimum income must be Rs. 2 lakh per annum with a minimum of 3 years of business stability.

Remember, the eligibility criteria will vary from lender to lender.

Documents required for a second-hand car loan

When applying for a loan to buy second-hand luxury cars, you must present the following documents-

  • Age and ID proof (Aadhar card, PAN card, passport, driving license, etc.)
  • Income proof (last three months' bank statement, income tax returns, last three months' salary slips, balance sheet, profit and loss statements, etc.)
  • Address proof (electricity bills, ration card, bank statement, registration documents, etc.)
  • A copy of your vehicle registration certificate
  • A copy of your mobile or telephone bill

The required documents will vary based on your employment type and the lender.

How to apply for a second-hand luxury car loan?

If you meet the eligibility and have all the required documents, applying for a second-hand car loan becomes a breeze. Moreover, with most lenders offering online application facilities, you can submit your application right from the comfort of your home. All you need to do is follow these steps-

  • Visit the official website of the lender.
  • Navigate to the second-hand car loan page and click on 'Apply'.
  • Fill out your personal and financial details.
  • Enter the details of the luxury car you want to buy like the model, year of manufacture, etc.
  • Upload the required documents and click on 'Submit'.

Once the lender verifies your loan request, you will receive instant online approval.

Get the best used car loan interest rates with Tata Capital

Now, as you are clear with the above factors when searching for a reliable financier for used luxury car purchases, trust Tata Capital’s loans. We offer an extended tenure of 60 months, competitive interest rates starting at just 15%, flexible repayment plans, excellent after-sales service, and more.

Visit our website today and check your used car loan eligibility. 

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