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Tata Capital > Blog > Loan for Vehicle > Planning to Apply Online for Used Car Loan?

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Planning to Apply Online for Used Car Loan?

Planning to Apply Online for Used Car Loan?

The basic necessities of an average Indian are food, cloth, and shelter. This no longer holds good as these necessities desired an up gradation. The so-called luxurious, especially ‘a car’, has become a necessity. It is irrespective of the income that the yearning continues as there are ways and means that encourage one to do so. As it is not usually possible to buy a new car due to its high price and other additional costs, the average man finds easy and comfortable buying a used car.

Know More About Used Car Loan

What are the benefits of buying used cars?

1. Financial benefit: No doubt the stigma attached to buy a ‘second-hand’ car is not so easy to overcome. But when one calculates the savings he incurs in relation to buying a new car is huge.

2. No extra hidden costs for various accessories like the music system, windshields, and the like. A used car comes with all these accessories and the cost is not calculated separately for each of these. A consolidated price encourages one to go for it.

3. Sales tax can be less in comparison to the brand new cars. Logically, the cost of the car varies and the tax too.

4. Depreciation: This is such a monster that comes free with a brand new car. The moment the car is out of the dealer and in your hands its depreciation starts. Even if you have to sell it after 2 years, the loss you face is huge. But this already depreciated car will not pinch your pocket much even if you happen to resale it as the profit you make will exceed the loss.

How will one benefit by applying for used car loans?

First and foremost, it is no more difficult to get a loan to buy a used car. In fact, most of the banks offer good interest rates to woo the buyer. The benefit that the buyer though is that he need to pay the little amount as a down payment. The documentation process is taken care of by the dealer as he is already attached to a particular bank or banks. The buyer simply has to pick the bank of his choice with his ability to repay. This enables the buyer to invest less but get the maximum benefits.

Process to Apply

Once you decide on the car you wish to buy, talk to the bank representatives and quote the amount you wish to take as loan. You can apply online too giving your details. This will initiate the process. Later the amount is calculated that can be given as a loan, unfortunately, most of the times, used cars are financed up to 80%. This will be followed by deciding about the period of repayment and interest is calculated on the amount of money and time period. Some may even have a 0% interest rates but one has to be careful while choosing such loans as they may have some hidden costs. Once the documents required to check your authenticity to secure a loan is complete, then the amount is released and the first EMI is deducted. But many banks and financial institutions have hassle-free processing.

Benefits of Applying for Loan through Tata Capital:

In this regard, Tata Capital scores over the others. not only does it offer an easy and quick processing but also other benefits. Though a particular period of repayment is decided upon, Tata capital gives an option to repay it even earlier to the stipulated time. Moreover, if there is any other loan in your name, it allows you to top up the current loan reducing the headache or inconvenience of processing.

Last but not the least the brand name gives us all the assurance. The name says it all! So why are you still waiting, go to the nearest dealer and pick your dream car.

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