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Buying an own car is big financial decision that let us to go through a spectrum of feelings. The purchase of car has become fairly simple and pretty straight- forward with a number of car loans on offer, even if it is a second-hand car that you are looking for. ShubhBank in tricity, offer a plenty of good loan options, if you are looking to buy a pre-owned car. To make a job easy for you, we are here to help you to get the best deal available in the market. Before you drive away your dream car with "Used Car Loan" here are few factors you should keep in your mind.

Negotiate the Price of Car: The best possible way to bring down the cost of the loan is by negotiating the price of the car. You should approach multiple sellers or pre-owned car dealers and check out the offers and discounts offered by them. The loan amount will drop simultaneously, if the price of your car comes down.

Check Your Credit Profile: It is always important to look at your credit report before you "Apply For a Used Car Loan". This check on your credit profile will help you understand where you stand financially and ensures that lender do not charge you a high rate of interest on your loan. Any default in your credit history will cost you in rejection of loan.

Repayment and Loan Tenure: it is good to get an estimate of how much funding you have for the down payment and what the loan quantum will be before you zero in the car you want. Your equated monthly installment is dependent on the amount you borrowed and on loan tenure.  It is beneficial to keep your quantum and tenure short. This way your interest rate costs you much lower which will be easy on your pocket.

Avoid the Extra Expenses: Sometimes dealer tends you to buy a number of accessories to enhance the look of the used car that adds up to a size able amount. It may include anything of the car’s part either exterior or interior. This will increase the cost of the car that directly increases the loan quantum resulting in high rates of interest.

ShubhBank is a popular option to look out for a used car loan as we serve you with a faster approval and doorstep services. We will allow you to borrow up the 80-85% of the value of the car with flexible loan tenure. The loan money depends upon the age and condition of the car model. The other perks include e-approval, no guarantor required, minimum documentation and attractive rate of interest. As we have listed the important factors to keep in mind before purchasing a pre-owned car, it will make you go easy on finances. Always make sure to compare the best loan options before zeroing on one. Don’t wait! Let your dream car shines your first drive with applying for a used car loan at ShubhBank.


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