A used car is more affordable, as you can own it without straining your finances. Moreover, if you are a novice driver, you can get better practice with a pre-owned vehicle before upgrading to a brand-new car.
The demand for used cars in India is constantly rising. Previously, this segment was dominated by fragmented dealers; however, reputed dealers now make it easier to buy a used car without difficulties.
Moreover, lenders today offer economical used car loan rates and other terms. So, you can easily purchase a pre-owned car. However, before you buy a used vehicle, here are five questions you should ask:
- How much has the car been used?
If a car has been driven for several kilometers and has had multiple owners, you cannot be sure about how long it has been used. Moreover, there is a higher possibility of major repairs or replacement of minor parts due to wear-and-tear.
- What is your maximum budget?
You must know how much you are ready to spend before looking for a used car. Even if you are going to opt for used car finance, it is important todetermine how much you are willing to pay as an equated monthly installment (EMI). This helps you to narrow down your search and saves time.
- Does the vendor have detailed maintenance records?
Generally, when you buy from a used car dealer, the vehicle’s maintenance records should be available. However, avoid buying the car from a private owner if he or she fails to provide maintenance records.
- Have you got the car inspected by a mechanic?
If you buy from a reliable used car dealer, you can eliminate this step and simply take a test drive. However, if you are buying directly from the owner, ensure an experienced mechanic checks the car thoroughly to assess its condition.
- Is all the paperwork accurate?
Used car dealers ensure all the paperwork related to the vehicle and its transfer is complete without any trouble. Buying from the owner requires getting the title transferred in your name. Moreover, you need to do registration.Also, you have to figure out the insurance.
Buying a pre-owned vehicle is easy, as lenders like Mahindra Finance do not have stringent used car loan eligibility norms. Any Indian resident aged between 21 to 60with an adequate income to repay the loan on time is eligible for a used car loan. The financial institution requires a few documents related to your identity and address proof, registration certificate book, income proof, and insurance policy to process and sanction your loan application.
So, without any delay, visit the Mahindra Finance website now to know more about used car loan interest rates and other details.