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Buying a new car is a dream for many of us, and not all of us can afford to buy a new car. A second-hand car is a great option to go with because there are plenty of used cars available in the market which are in mint condition. If you can find yourself such a great car but cannot lock the whole amount required to purchase it, you can surely apply for a used car loan. The process of applying for a used car loan has become so easy that you can "Apply For Used Car Loan Online". No more do you have to wait in long lines to fill up an application before you apply where are some things that you need to keep in mind like the eligibility, the process of application, how to ensure that you are not getting ripped off.

Make Smart Choices

If you have a good credit history and find yourself having the money to pay off your debt quickly, you can even "Refinance Your Car" so that the overall internet plateau pe is kept to the minimum. Of course, you need to be doubly careful to ensure that you can pay off both the death and you are not begging yourself up to the bigger hole.

Eligibility That Needs To Be Fulfilled To Apply For A Used Car Loan:

There are separate rules for salaried individuals and businessmen or self-employed individuals. The rules are as follows:

The age of a salaried individual should be between 21 to 65 years why the age of the self-employed individual should be between 25 to 65 years.
The salaried individual must make 15000 rupees and above per month while the businessman has to make a profit of not less than 1.5 lacs per annum.
The salaried individual must be in one year of continuous employment while the businessman should be in the same line of business for not less than 3 years.
For both individuals, they must make sure that the age of the used car is not less than 10 years at the time when the loan matures.

Documents You Need To Keep 

Photo identity proof: Aadhar card, driving license, passport, etc.
Address proof: Aadhar card, voter ID, rations card, etc.
Proof of income: Salary slip, profit loss account, audit sheet, etc.
Picture: A passport size photograph
Report: Valuation of the car report

Easy Steps To Apply For A Used Car Loan Online

Go to the official website of the company from which you want to take a loan.
Enter the details requested to apply for the loan. Generally, you will be asked to enter the basic details about your contact information as well as about the car that you wish to buy.
After you have applied, the car executive shall contact you for further details.
Make sure that you submit the documents as fast as possible.
The lender will then goes to your documents and approve the loan; you shall be able to use the funds to buy the car that you want.

Thus, you can see that the process of taking out a loan for a used car is very simple, and you should look into it if you are interested.


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