HOW YOU CAN GET THE BEST DEAL FOR USED CAR LOAN

A four wheeler is the sign of individual’s comfort and luxury as well as it is has become more of a necessity these days. To get a beginner’s experience, most of the people are choosing to opt for a used car than buying a new car. If still you are short of funds and can’t afford a used car, then used car loan from ShubhBank is available at ease. We help you to bridge the financial gap and buy a second hand car. There are a few things which you should keep in mind which gives you the idea that how you can get the best deal for "Used Car Loan" when you opt it from ShubhBank.

1. Compare the best Used Car loan rates
When you want to purchase a used car, you look around for different factors such as condition of the car, the paperwork, safety feature and finally negotiate the price before you finalize the car. Follow the same process for loan also and compare the lenders lenders who offer you the best rate. Sometimes pre-owned car dealers might suggest you to avail the loan from lenders who have tie ups with them but you can choose any lender that gives you the best deal involving all the additional costs such as the processing fees, pre-payment fees etc.

2. Negotiate the price of car
The significant rule to get a good rate for your loan is to negotiate the price of used car as much as possible. If less will be the cost of the car, then you will have to "Apply For Used Car Loan" for a lesser amount. In this way you can save on loan amount as well as on the interest rate.

3. Borrow as per requirement
Ideally, you should always set a loan quantum as per your requirement. If your used car cost Rs.6 lakhs then you should avail a loan for Rs.6 lakhs only and not more even if you fulfill the eligible criteria for a higher amount. Generally, lenders finance 75-80% of the cost of the car, so when you borrow as per your requirement, you pay an interest rate only for that much quantum.

4. Check your Credit Score
The used car loan is an unsecured product where you don’t have to keep any collateral. In such cases the lenders rely upon your credit score to get an idea of your payment history. If you have paid your debts on time, this will help you to get a used car loan faster.

5. Competitive Interest Rates
Do your homework properly and look at the interest rates and calculate how much you will have to pay each month as EMI. A car loan EMI can be calculated using the EMI calculator. Mostly the interest rates on used car loan starts at 12%.

Always keep in mind the above mentioned tips and save as much as you can on your used car loan from Shubhbank. This will help you organize your funds in well manner and also get your car home without any stress.