For most of us, buying a car is an extremely important financial step, but especially in times of great uncertainty, it is an expensive purchase that requires good planning. One of the most popular ways to cut your car purchase costs is to go for a used car rather than a new one.
The biggest benefit of buying a used car is that other people may suffer the most from the depreciation of the car. You can sell your car for about the same amount you paid in subsequent years. Saving and paying with cash is easier. You can also view consumer reviews and choose effective models. Another benefit is that your used car insurance can be less than one, depending on the model. New features If you are in your early 20s and pay high insurance premiums due to your age, you can save a lot of money.
This could ensure that you get the vehicle and model of your choice at a lower price. To make it easier, you can also take advantage of a used car loan that is offered by most of the lenders and banks in the market. So, if you are looking to get a used car loan, be sure to compare all loan offers to find the one with the best payment terms. Before finalizing the lender compare and check with different alternatives in the market by taking into consideration of things like interest rate, EMI, tenure period, application fees, the eligibility criteria.
Used car loans can be slightly higher than new car loan rates in some cases. For example, some borrowers may only offer these loans for cars that are younger than three years or with a maximum age of 5 years. In addition, many lenders would only finance up to 60% of the value of the used car and the balance must be paid out of pocket.
We recommend that you fully understand these factors before deciding. You want to check whether you are entitled to pre-approved bank offers or whether there are discounts on your used car loan if you are already servicing a home loan from a certain lender. Here is a list of the current used car loan interest rates offered by some of the major banks in the country.
-Canara banks offer at 7.30%
– Bank of India at 7.35%
-Punjab national bank at 8%
-state bank of India at 9.3%