Why to take a used car loan?

Dec 27, 2022 1 min read
Why to take a used car loan?

Used car loan helps you to borrow money for purchasing second-hand car and repay it via fixed EMIs with low rate of interest. Used car loans are cheaper as compared to take loans for brand new-cars. Here are 5 reasons why you should avail used car loan.

Instant approval

Used car loans comes with instant approval, once you apply for the loan, the lender will check your eligibility, cross-check your documents and approve your application quickly. It saves a lot of time.

Pre-approved Offers

If you have been loyal to one financial institution, there are chances that you already have a pre-approved used car loan. It will get the money in your account fatser and you'll enjoy several benefits that come along with it, such as minimal documentation, low interest rates, etc.

Top-up loan

These are add-ons that are offered by your existing used car loan. Top loan is offered at lower interest rate with upto 175% of the value of your existing loan. It allows freedom to utilise the funds. The only requirement is to not miss any of EMIs.

Low rates of interest

This is one of the important reason to opt used car loan. It comes with better credit score. A lower interest rate means lower EMIs .

Easy Repayment Plans

Most used car loan comes with easy replacements so that your financial stress is less, and you can pay back your loan easily. Also, it comes with different payment modes.

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