Used Car Loan - Things to Know
Should you go for a used car loan?
Often in your life, you come to a cross road. One such will be reached when you achieve a status in life, in your job and in society. Your income is more than sufficient to meet your monthly household expenses and you begin to wonder if you should trade your two-wheeler for a car. You would love to buy a brand new car but you feel the price is high. Actually, today's cars are technologically superb and they perform admirably. It is worthwhile to look at used cars as an alternative to new cars. If you do due diligence of the used car market you may be fortunate enough to get a fine used car as good as new. The major benefit is the price as new cars lose about 25% of their value in the first year itself. Yes, it is definitely beneficial to purchase a used car. To help finance your used car purchase we help you with our tailor made used car loan for you.
Tips to select best-used car loan
We urge you to look at the used car market carefully and used car lenders more carefully to ensure you get a good deal.
We suggest that you examine the following to arrive at a good deal
- You should look at the budget for your used car. You need to decide how much you can afford to pay every month to service your used car loan
- If you have taken used car loans in the past and not defaulted in the EMIs then your credit rating will be high and you can command a low rate of interest from us
- It is advantageous to go for a shorter tenure for your second hand car loan as the used car loses value every year and its resale value comes down. It is advisable to clear the loan quickly so that you can upgrade to a better car or even go for a new car
- You have to be wary of unscrupulous elements in the used car industry as they can cheat you with a bad deal - with a used car with doubtful antecedents and a used car loan with high-interest rate or larger down payment. For your benefit, we have tied-up with over 2,000 dealers across India with over 17,000 cars for you to choose from. You can make use of our online car store which is a one-stop shop for your used car purchase - both for cars and car loans
- You should decide how much you can afford to pay towards servicing the used car loan. To help you decide we provide you with our used car loan EMI calculator. This calculator helps you to iterate with different EMIs by just inputting three values - the amount of loan, tenure and the interest rate. You can change the values and within a few minutes you can arrive at an EMI that you are comfortable with
Tata Capital Tips
We give below ready tips to keep in mind before you go in for a Tata Capital Used Car Loan
- On select cars, loan is available up to 100% of the value of used car
- On select cars and select individuals, the tenure can go up to 7 years
- There are 4 EMI options to choose from - step up flexi EMI, step down flexi EMI, bullet EMI and ballooning EMI
- Our online used car store lists over 17,000 cars for you to choose from
- Used Car Loan process is within 36 hours and disbursement thereafter is very quick
We are sure you would use the tips given above to select your car from our online car store and also apply for the used car loan from that website itself.
Car Loans are brought to you by Tata Capital Financial Services Limited ("TCFSL") and are at its sole discretion. The indicative interest rates mentioned on the website only pertain to loans availed for cars which are for personal use. For loans for cars which are for commercial use, interest rates may differ. Interest rates may differ from time to time at the discretion of Tata Capital Financial Services Limited. Terms and conditions apply.
Recently there have been cases of fraud being committed under the name of Tata Capital or Tata Finance. Customers are requested to read the attached advisory and be aware of misleading advertisements in the newspapers. Click here to read the advisory and be aware of misleading advertisements in the newspapers.