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Tata Capital > Blog > Loan for Vehicle > Why Tata Capital’s Used Car Loan is a Great Choice when Buying Your First Car

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Why Tata Capital’s Used Car Loan is a Great Choice when Buying Your First Car

Why Tata Capital’s Used Car Loan is a Great Choice when Buying Your First Car

Rohit was a car enthusiast. So, the first thing he wanted after getting a job was a car. But, he had just learnt to drive. So, he decided to buy a used car to first practise his driving skills. Plus, he did not have enough savings. So, he decided to buy the car with a used-car loan. He surveyed the market for the best lenders. That is when his friend told him to try Tata Capital’s used car loans. Once he visited the site, Rohit understood why his friend recommended the lender. He applied for the loan online and got the funds within no time. He then bought himself his first car.

So, what did Rohit find so great about Tata Capital’s used-car loan? Get ready to find out:

Benefits of Tata Capital’s used-car loan

  • A high quantum of loan

Tata Capital’s used-car loan provides up to 90% of the car’s value. This is the highest loan value you can get to buy a used car. The down payment can be as low as 10% of the car’s value. This makes it much more affordable for people with a small budget.

  • A good repayment tenure and low interest rates

The repayment tenure is as high as five years. You can pay off the loan in affordable Equated Monthly Instalments (EMIs). Moreover, the rate of interest is competitive and low. This ensures lower EMI payments that could be easy on your pocket.

  • The repayment schedule is flexible

Tata Capital provides flexible repayment facilities, too. These include the following:

  • Step-up EMIs: You can increase the EMIs over the repayment tenure
  • Step-down EMIs: The EMIs decrease over time
  • Bullet payments: You can pre-pay your EMIs in parts at periodic intervals
  • Ballooning option: You can pay lower EMIs during the tenure of the plan. On its completion, you can pay a larger EMI to finish it off.

Thus, you can choose the EMI option according to your choice and affordability.

  • You can find your car on the website

Tata Capital’s online website has tie-ups with more than 2,000 dealers across India. You can find your car on the website, too. Moreover, Tata Capital has partnered with Mahindra First Choice. This allows you special benefits when you choose a car online. Do you want a hatchback, a sedan, an SUV, or a luxury car? You can find your choice listed online.

  • A convenient loan application and disbursal process

Tata Capital’s online website allows you to apply for the loan online. The turn-around time of the loan is quick and fast. The loan processing is simple and convenient. You can also get the funds quickly.

  • Facility of EMI computation

What is the best part about availing a used-car loan from Tata Capital? You can compute your EMIs beforehand. You can also adjust the loan repayment tenure, the loan quantum, or the mode of EMI repayment and get your results accordingly. Choose the EMI that suits your affordability and needs.

In a nutshell

Tata Capital’s used-car loan is a great choice if you are planning to buy a used car. It offers various benefits and innovative features. It provides a high quantum of loan, low interest rates, a quick disbursal process, and flexible EMI options. What more can you ask for? Thanks to his friend’s advice, Rohit found the best used-car loan for himself. He used the loan to buy his first car. What about you?