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HOW TO GET THE BEST DEAL FOR USED CAR LOAN

   

  A car is symbol of luxury and ultimate comfort. However, in recent times, it has become more of necessity and people have to spend huge amount of money on it. Most of the people are choosing to opt for a second-hand car to get a firsthand experience than purchasing a new car. If your pocket does not allow you to purchase a used car, then you can avail used car loan from any lending institute that suits you best. This loan scheme helps you to bridge the financial gap and buy a required four-wheeler. There is a list of things which everyone should keep in mind which they can use to know that how to get the best deal for used car loan.


1.    Look for best car loan interest rate:  When you plan for a used car, you look around for various factors such as condition of the car, registration documents, safety features and at the end, negotiating the price before buying a car. Afterwards, look for the lenders who offer you the best rates while you "Apply For Used Car Loan". Do check all the additional costs involved like processing fees, pre-payment penalty, late fees etc.


2.    Negotiate the price: If you want to get a good rate for your loan, then negotiate the price of car as much as you can. If the cost of car will be less, then you will have to avail a loan quantum of lesser amount and in turn you can save money on the interest rate.


3.    Borrow as per the requirement: One should always layout a loan amount as per his/her need whether you are eligible for higher amount. Generally, lenders only finance 70-80% of the cost of the car but some lenders also finance the 100% amount. If you borrow according to your requirement, you have to pay an interest rate only for that much quantum.


4.    Credit Score: The used car loan is an unsecured loan where you don’t have to keep any collateral but lending institution will check your CIBIL score to get an idea of your payment history. When you "Apply For Online Used Car Loan" from a digital platform, they provide you the service of checking your credit score for free. If you have an impressive credit score, it will help you to get a used car loan faster.


5.    Repayment options: Do the math wisely. Look for the best interest rates and calculate how much you will have to pay at the end of each month as installment for not to jumble up with your finances. An EMI of the car loan can be calculated by using car loan EMI calculator. The interest rates for used car loan usually start from 11.99%.


Always keep in mind the above given things and save as much money as you can on used car loan. It will not only help you to manage your funds easily but also get your desired car at home without any financial stress.

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