5 reasons why a second-hand car loan is a smart decision to fund your used car purchase
Buying a car is a big step. It opens a world of freedom, convenience, and adventure. However, purchasing a brand-new car requires huge sum of money. This is where used cars emerge as a cost-effective alternative. Though it is an affordable choice but buying a used car still requires substantial amount. In such a situation, a second-hand car loan can make the process smoother and more manageable.
Used car loans or second-hand car loans are practical ways to finance the purchase of a pre-owned vehicle. With the help of used car loans or second-hand car loans, you can split the cost of your used car into small monthly instalments. Typically, used car loans come with flexible repayment terms and quick approval processes. Lenders like Bajaj Finance offer used car loans that come with simple eligibility criteria and minimal paperwork. This offering not only ensures that you have a seamless borrowing experience but also provides you with quick access to funds.
Here are the five reasons why a second-hand car loan is a smart decision to fund your used car purchase:
High-value loan amount: Dreaming of driving a car without breaking the bank? A second-hand car loan might be the key to making that dream a reality. With substantial loan amount, used car loans make car purchase easy and hassle-free. Whether you are eyeing a stylish sedan or a rugged SUV, this high-value loan has you covered. With Bajaj Finserv Used Car Loans, you can get funds of up to Rs. 77 lakh that allow you to purchase the car of your choice without any budget constraint.
Quick disbursal: Waiting around for loan approval can be a hassle. What if you could speed up the process and get your funds quickly? When you apply for a second-hand car loan with Bajaj Finance, you benefit from a quick approval process. In fact, the funds are disbursed within 48 hours* of approval. This means you can get the money you need fast and get on the road sooner.
Flexible repayment tenure: One of the best things about a second-hand car loan is the flexibility in repayment. With Bajaj Finserv Used Car Loans, you can choose a repayment tenure of up to 72 months. This means you can spread the cost of your used car over a long duration, making it easy on your pocket. Use our used car loan EMI calculator to estimate your monthly payments and make an informed decision.
Minimal paperwork and simple eligibility criteria: Used car loans are designed with straightforward eligibility criteria and minimal documentation requirements. Generally, a CIBIL Score of above 700 and meeting basic income standards are enough to qualify for the loan. You will, however, need to provide some essential documents, including KYC documents, a PAN card, salary slips, and bank account statements. This streamlined process ensures that obtaining a used car loan is both easy and accessible.
Hassle-free application process: Applying for the Bajaj Finserv Used Car Loan is easy and online. You can fill in the online application form with your basic details and submit it. Once you submit the form, a representative from Bajaj Finance will connect with you to guide you on further steps. You can also benefit from the doorstep document collection facility, which ensures that you can complete your application process without stepping out of your home.
Buying used cars is a smart, cost-effective decision, and financing this purchase with a second-hand car loan can make it even more manageable. Bajaj Finserv Used Car Loans offer high-value loans, flexible repayment options, quick disbursal, minimal paperwork, and a simple application process—all designed to make your car-buying experience smooth and hassle-free.
Ready to hit the road with your used car? Don’t wait any longer! Visit the Bajaj Finserv website or download the app and apply for used car loans today.
*Terms and conditions apply
Disclaimer: This article is published in association with Bajaj Finserv and not created by TNM Editorial.