Get the Tata Capital App to apply for Loans & manage your account. Download Now


Equipment Finance

Avail Digital Equipment Loans
up to Rs. 1 Crore

  • Attractive ROIs
  • Customizable Loan tenure

Equipment Leasing

Avail Leasing solutions
for all asset classes

  • Up to 100% financing
  • No additional collateral required

Tata Capital > Blog > Loan for Vehicle > Top Things to Consider If You Are Planning to Buy a Used Car This Festive season

Loan for Vehicle

Top Things to Consider If You Are Planning to Buy a Used Car This Festive season

Top Things to Consider If You Are Planning to Buy a Used Car This Festive season

The onset of coronavirus has fuelled the comeback of cars as people want control, protection, and maximum safety during this pandemic. It is no secret that the coronavirus crisis has created a high demand for used cars, especially in the last quarter. Why?

Many citizens are switching to private transport to abide by the social distancing rules, and this transition is witnessing a decrease in shared mobility. To make matters worse, public transport also came to a halt due to multiple phases of lockdown.

Their revival is still underway and rationed by the government to minimize crowding and physical contact. All of this has caused serious trouble for those who used public transport to commute to work or meet their family members living in different corners within a city.  And, this is why buying used vehicles prove to be an affordable alternative to balance the current mobility situation.

Add to it; various used car dealers are offering mouth-watering discounts on second-hand vehicles as the Diwali celebrations draw closer.  

Bring on the festivities!

Lockdowns are being gradually lifted, and the festive season is in full swing. And, used-vehicle dealers are making the most of these circumstances by giving festive offers on used cars to go along with the customer’s limited budget.

You can use this opportunity to own a car outside your budget range by purchasing a pre-owned version of the same model at an affordable price. Know that since rise in demand is slow, most dealers are rolling out several lucrative offers during this auspicious time. Utilize this season of festivities and celebration to avail compelling discounts and buy your second-hand car.

Additional Read: How to make the most of festive offers on Used cars this 2020?

Looking to Purchase a Pre-Owned Car? Consider These Tips and Tricks

Purchasing a car is a thrill of its own, and the second-hand vehicle market is gigantic and lucrative. No wonder, buyers here go to great lengths to choose a pre-owned vehicle. You can also be one of them by checking out the following pointers to buy a second-hand car of your liking.

1. Settle on a budget

If you are planning to buy a used car, decide on how much you are willing to spend and draw up an estimated budget. You must also get a brief idea about how much of the purchasing amount should be financed by a loan, dealership, etc.

If the range of cost is determined before you meet the second-hand car dealer, the search time is shorter, and the process is less tedious. In such a case, the dealer will refrain from showing you cars outside your financial limit and provide you with more affordable options to choose from.

Additional Read: Different ways of financing a Used Car in 2020

2. Choose a well-suited car

The pre-owned car you purchase should be well-suited to your lifestyle and daily needs. You might desire a sedan or a hatchback, but an SUV could more appropriate your needs.. List your requirements and get an idea of the type of car suited to your way of life. You can convey this to your car dealer to ensure a fitting purchase and make the process time-efficient.

3. Get information about the model

Once you have decided on the pre-owned car you need, make sure to go online and get more information on that particular model to familiarize yourself with its features and approximate price.

A lot of blogs and car-related websites review models and give buyer-friendly information to ease the purchase process. You can educate yourself before walking into a dealership and save yourself from bogus facts and figures.

4. Check the history of the car

Dealers of second-hand vehicles will show you various cars according to the needs put forth by you, and it is important to check the vehicle-history before proceeding with the purchase. History reports include cases of damage, accidents, repairs, etc. to give you knowledge about the nature of conditions the car has been subjected to previously.

Additional Read: How to Check for Used Car modifications and damages before buying one?

You can negotiate the price depending on the vehicle’s present and previous conditions by checking its earlier reports and papers. Do not hesitate to ask questions and enquire about the car’s history as it might save you from facing a lot of trouble in the future.

5. Inspect the car and its papers

Get the papers of the car carefully inspected by a trusted expert or mechanic to fix issues before you purchase the used car. This checking will help you in negotiating the price. Make sure to check if the numbers on the registration papers are the same as the chassis number and engine number.

Be sure to inspect the entire car including its brakes, tyres, hood, body and filters. If you find any damaged parts, report it to the seller immediately.

Additional Read: How to check and Authenticate Used Car documents before buying?

6. Compare prices

The price for a second-hand car varies with its age, condition and dealership. Check the price of the vehicle in its original state and agree on the price accordingly. This is important as the dealer might misquote the price if it was manufactured two or three years ago. If the car has been around for more than a couple of years, you can check comparative prices and protect yourself from over-paying.

7. Make sure to negotiate

When you choose to buy used vehicles, it leads to greater savings that let you purchase an elite model at a depreciated price. The price displayed by the seller need not be the final purchasing price for you. Most dealers of pre-owned cars agree to negotiate up to a certain extent, and you can use this opportunity to bring down the price to an agreeable amount. You can ask the seller for festive offers on used cars and get a good deal.

8. Take a test drive

Taking a test drive and getting behind the wheel will give you some relief before you invest in a used vehicle. You can get a grip on the car and estimate its comfort level. This test drive will make you confident in your buy and give you a hands-on experience.

9. Verify the ownership

In case you are buying a pre-owned car from an individual or through a website, it is imperative to validate the true seller to avoid fraud. If the seller does not rightfully own the vehicle, you can prevent this purchase and save yourself from legal troubles.

10. Ensure the Transferring of the RC

You will be required to submit forms issued by the RTO. You, along with the previous owner, must sign them. Upon completion, the transfer of the registration certificate will be initiated by the RTO, and you will receive the changed copy of the same within 40-45 days.

11. Get insurance

It is essential to get a valid copy of the insurance policy in your name along with the registration certificate. This transfer and the transfer of ownership need to occur simultaneously. As an alternative, you can buy a new insurance policy for the car altogether. You can take the policy from your choice of company and a price suited to your financial situation and begin your ownership on a fresh note.

12. Pre-cleaning and fixing

Cars last longer if they are properly maintained and kept in good condition. Get a proper clean-up of the used car before your first drive and try to get it steam cleaned and sanitized thoroughly. Every air, oil, transmission, and fuel filter of the vehicle requires regular oiling and cleaning.

Remember to change them because if they are not in excellent condition, the car’s performance will be affected. Make sure to replace all the fluids of your second-hand vehicle and fix any visible cracks or holes. Check the spark plugs lights and look for signs of rust.

You can purchase your second-hand car with these points in mind for a smart buy. Pre-owned cars are affordable, and they increase your savings considerably. You can make the most of these trying times by saving costs on a new car by buying a pre-used one at a much cheaper price range. This can make you a proud owner of a luxury car that could be outside your budget at its original rate.

Additional Read: Simple steps on how to safely inspect a Used car before buying in 2020

The current pandemic has caused a crucial dip in savings and income and increased the need for personal safety and health precautions. But, the onset of festivities comes with discounts and lucrative offers to draw more attention to second-hand vehiclesand their convenience. Opting for personal mobility is a popular choice at the moment, and buying a used car is a safe route.

Looking for a Car Loan?

Let’s face it! Financing the entire amount even with used car deals can drain your savings, which is why availing a used car loan makes a lot of sense.

Are you interested in a loan for your second-hand vehicle? Tata Capital offers affordable used car loan interest rates and with minimal documentation to help you make a smart financial move. Get in touch with us to receive the financial assistance you need and start your thrill ride today!

Leave a Reply

Your email address will not be published. Required fields are marked *