In today’s fast-paced world, owning a car is not only a luxury but also a safety precaution against the harsh outside conditions. If you can get the most value out of a used car, there is no need to spend money on a brand-new vehicle. Excellent financing alternatives are provided by a number of financial organisations for used automobile purchases.
Why Should I Opt for a Pre-Owned Car Loan?
It is recommended that one doesn’t lose liquidity over purchasing a car, hence, loans are the best option. It is better to make affordable monthly payments than dipping into your savings to buy a pre-owned car. In case of emergencies, you can rely upon the money you saved.
How Pre-Owned Car Loan Works?
For the purchase of a used vehicle, you can find financing options in almost all financial institutions. They offer attractive interest rates and comfortable repayment tenures. These companies are known to disburse 90-100% of the value of the car you want to purchase.
In Credit success, for instance, this is the workflow of a pre-owned car loan-
- Go to the online portal and click on ‘apply’
- Submit the required documents
- Wait for a swift and thorough verification process
- Your application will soon be approved
- Get funds disbursed instantaneously
- What Are The Features of Pre-Owned Car Loans?
- Loans are provided for the purchase of a variety of used cars
- Affordable interest rates and comfortable repayment tenures
- Quick and easy loan application and approval process
- No hidden charges
- Minimum documentation
- What Are The Benefits of Pre-Owned Car Loans
- When you take a loan to buy a second-hand car, you must consider the benefits you receive as there are a lot of competitors out there. Here is a list of the benefits of pre-owned car loan from credit success
You get the option to select from a wide range of used cars as credit success has an extensive presence across India.
Get up to 90-100% of the used car’s value across a range of different kinds of vehicles including hatchbacks, sedans, SUVs, and even premium cars.
Experience the best end-to-end doorstep service with your loan application and eliminate all hassle
The pre-owned car loan process is transparent and there are no hidden charges
What are the eligibility criteria for used car loans?
For salaried employees – you are required to be between 21-65 years of age, earning a minimum monthly income of INR 15,000, and having worked for at least a year in their current organisation.
For self-employed individuals – you must be between 25-65 years of age, operating in your current line of business for a minimum of 3 years, and making a profit of a minimum of INR 1.5 lakhs in a year.
What Are The Documents Required for Pre-Owned Car Loans?
To apply for a pre-owned car loan, the following documents are necessary:
Proof of identity (Voter ID, Aadhaar Card, Passport, PAN Card or Driving License)
Proof of address (Passport, Aadhar Card, Electricity Bill, Ration Card, Voter ID, Driving License or LIC Policy)
Proof of income (bank statements, payslip, audit sheet, balance sheet and the like)
Application form
Passport-size photographs
To sum it up
A pre-owned car loan will make your dream of buying a car easier and economical. credit success offers Pre-Owned Car Loans with affordable EMIs at competitive rates of interest. Fill up this application form and our representatives will get back to you.
