A used vehicle loan can be utilised to purchase a nice used automobile. Used auto loans are available with low interest rates and up to a 7-year payback period. Certain lenders will lend up to 100% of the car’s worth. The majority of banks and non-bank financial institutions (NBFCs) provide used automobile loans. A used automobile loan is available to both self-employed people and paid employees.
Used Car Loans – Features and Benefits
- Long repayment tenure.
- The process to apply for the loan is simple and can be completed online.
- The insurance costs and depreciation rates are lower when compared to a new car.
- Minimum paperwork needs to be submitted.
- Certain banks and NBFCs offer flexible repayment terms.
Documentation
ID Proof
- Pan card
- Aadhaar card (with DOB)
- Passport
Address Proof
- Electricity Bill
- Latest Utility Bill(Gas bill, Water bill, House tax)
- Telephone / Mobile Bill
- Passport, Voter Id
- Aadhaar Card, Driving License
- Purchase Agreement
- Rental agreement, Bank Statement
Advantages of Financing a Used Car
1. Maintain liquidity by applying for a used Car Loan
Buying a vehicle in a lump sum can burn a hole in your pocket. You should always have sufficient money available. For that reason, it is better to finance when buying a used two-wheeler.
You won’t need to pay a lump sum. This will ensure that you will have sufficient reserves in your hands for any emergencies.
2. Get value for Money
A used two-wheeler will do the same job done by a new two-wheeler while being inexpensive. By taking a used used Car loan, it will be more affordable for you to buy a used two-wheeler. Not only that, the lump sum can be invested in various other things.
3. Improve your Credit Score
Your CIBIL score decides whether you will get a used used car loan or not. By financing a used vehicle and repaying in time, you will be improving your credit score.
This means that you will be able to get a pre-owned used card loan easily in the future. You can easily get business, home, and car loans in the future by improving your credit score.
How to Get Financing for a Used Car?
- Creditworthiness
Financial lenders check your CIBIL score to decide whether to offer you a loan or not. A CIBIL score is decided based on your bank transactions, borrowing, and repayment history. If you have a good CIBIL score, you can easily get a loan.
Most importantly, if you get financing for a used used card and pay the installments on time, your CIBIL score will get better. This will help you get financing in the future.
- Compare the Interest Rates
It is important to conduct your research before availing the loan. You should compare the interest rates of different lenders and see which lender is offering the best rates.
However, be careful of the hidden charges, such as documentation charges, loan processing charges, etc. Go for a trusted lender with the lowest interest rates.
- Service quality
This is a significant factor. You want quality service from the lender. You should be able to apply for a loan quickly. Next, select a lender that needs minimum documentation, disburses loans quickly, and is transparent.
Taking out and repaying a loan takes some time, and you will need transparency and high-quality service from your lender.
How to get Loans for Used Car Loan?
Omozing helps make Smart Money Moves for a Lifetime. They strive to get lowest interest rates and best terms for your Online Applications at www.Omozing.com . We’ve made business lending smarter, faster and easier by transforming the approval process from stumbling blocks to stepping-stones. This enables borrowers to not just get access to capital, but also understand what areas they need to work on in order to enhance their credit profile. Omozing ensures that Borrowers get a secure, safe and reliable application process that be tracked online.
5 Reasons to choose Omozing
1. Loans from INR 10k to INR 10 lakhs
Personal Loan Interest Rates starting from 0.8% p.m, and Loan amount ranging from INR 10,000 to INR 10,00,000. The Minimum and maximum repayment period ranges from 1 month to 48 months. CIBIL 600+ all company categories (including LLP, Self Employed, Proprietorship)
2. Cutomised Tailor Options
- Depending on your demands, we may provide quick financing of varying quantities at affordable interest rates.
- You have the freedom to utilise your loan anyway you want, whether for business or for immediate personal needs.
- Flexible repayment options depending on your specific cash flow and budget, as well as conditions that is beneficial to your position.
3. Lower CIBIL
While most lenders require borrowers to have a CIBIL score of over 750, at Omozing.com provide loans even with 600. Besides the CIBIL score, we also considers your age, employment status, and net monthly income.
4. Ways to apply
You can apply for a personal loan through us by 2 ways:
1. You can download our Mobile Application from Google app store.
2. Apply on portal using out Personal Loan link
5. Prompt Loan Disbursal
An easy online application process facilitates speedy verification and disbursal of loan. Get KYC verified from the comfort of your home and have our loan manager take care of an instant transfer of funds to your account.