A lot of people in India dream of owning a car. We collect all our savings and plan towards the day when we can finally buy our dream car and drive it off the showroom. While new cars are definitely at the center stage, the used car market has significantly grown in the recent past. There has been a considerable increase in the number of used car buyers. A recent trend in the market is buying a used car on EMI and it has been a very popular and preferred choice all across India.
There can be a variety of reasons why people may choose to buy a used car. A common reason is that used car’s are generally more affordable and may fit the budget of certain buyers. Some buyers, although, do not have the financial constraints and yet buy used cars for other reasons like getting a car to enhance their driving skills or because the particular model has been put out of production and only available in the pre-owned cars market.
Whatever be the reason, used cars are popular and buying them has become easier with easy availability of used car loans. Buying a used car on EMI was something not very much plausible even a few years ago. But in today’s time, numerous lenders offer used car loans and you can easily get one and repay back the loan in small EMI.
However, when thinking of pre-owned car loans, a very common question on the mind of most buyers is:
“Is it a good idea to buy a used car on EMI?”
Well, the answer is a yes. Used car loans are a great way to buy a used car. Although, knowing about such loans beforehand is a better and wiser choice for anyone who is willing to apply for a preowned car loan.
The Advantages of Used Car Loans
There are several advantages of used car loans which has made them a preferred option amongst used car buyers. Let us take a look at these advantages.
Get A Car From The Higher Segment
With such financing options, you can buy a high end model at a much reduced price than that of a new car of the same model. It is definitely a better choice as it helps you get better value for your money and you do not have to buy something you don’t like simply because you do not have the required funds at the time.
Get A Loan For Almost All Cars
The only restriction on used car loans is the fact that some lenders do not provide a loan on a car if it’s older than a certain set limit. Apart from that it is available for cars from almost all models, makes and brands and you can easily apply and get such loans when buying a used car.
Easy Application and Approval
Used car loans have a very easy application process with minimum documents required and some basic eligibility criteria. You can even apply for such loans online and get it approved in a very short time.
Buy A Used Car On EMI!
You can definitely buy a used car on EMI and while it may seem the interest rate for used car loan is a little higher than the ones for new cars, it is not exorbitant and is pretty affordable. Make your choice based on the car you are buying, its age and the terms and interest charges stated by the preferred lender.