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WHAT ARE THE BASIC REQUIREMENTS FOR USED CAR LOAN?

In recent times, with the increasing demand of the used cars, many of the financial institutions are financing pre-owned cars. Taking a used car loan is bit difficult than a new car loan as lenders offer only 70-80% cost of the used car and the interest rates are higher as well as repayment terms are shorter than new car loan. However, it sounds tough but there are ways to avail the "Used Car Loan" at smart interest rates and extended tenure. While borrowing for used car loan, one must consider the basic requirements for the loan that will help you to obtain an easy loan.

Model and type of car: Firstly, choose the model and the type of car that meets your need and fits into your pocket. Most of the financial institutions and car finance companies consider the make in year and type of the car model before disbursing you a loan. Hence, selecting a relatively newer model will help potential loan seekers to get used car loan.

Amount of the car: Once you zero in the car model, calculate the total amount that needs to be paid. If your finances or savings can afford to pay lump sum advance money, then you can avail a small loan with easy monthly installment scheme. The total amount calculation will get you an idea about the required funds for the used car.

Set your budget: After deciding on loan quantum what you required, evaluate the loan term and equated monthly installments which you have to pay for every month. The installments usually depend upon your monthly income and future savings.

Search for the best lender: As the pre-owned car market is growing by leaps and bounds, therefore, there are innumerable government and private financial institutions that are financing second hand cars in India. You can compare the available options and loan schemes either online or offline and figure out the best that suits your pocket. ShubhBank is the leading non banking finance company in the tricity where you can "Apply For Used Car Loan" at lowest possible interest rates with great benefits.

Submission of documents: All the banks and non banking financial institutions demand authorization and proofs to ensure themselves about the income stability of a potential borrower. You could be asked for the required documentation and it varies from lender to lender. Once you submit all the required papers, they make you eligible to avail the used car loan in India.

The widespread access to the internet has made easy to compare car loan interest rates. You can visit ShubhBank.com to compare the various lenders and interest rates charged by them on used car loans and make easy for you to decide the best loan scheme to make your loan journey easy. However, many lenders ensure to make the financing process as easy and secure as possible but ShubhBank is the place where you can get your dream car with a smart financial decisions that is pocket friendly for a borrower.


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