If you are looking to purchase a car, it is a wise decision to opt for a second hand car. The popularity and demand of used cars is increasing across the country and the second hand car market is growing significantly. If you are looking to purchase a used car, you can apply for second hand car finance and bring your favorite car home. You no longer need to compromise on the car of your choice due to lack of funds. The loan is specially designed to help you purchase your dream car and there is a simple and hassle free application procedure for it.
Individuals above the age of 21 are eligible to apply for the loan. You need to follow the below mentioned steps to get a quick loan approval.
1. Visit used car markets: Never make a buying decision based on the cars available with a single dealer or pre owned car market. It is recommend to visit different car markets and shortlist the cars you wish to own. It will give you a wider choice and will allow you to pick the right type of car.
2. Take a test drive: Do not buy a car without taking a test drive. Ask an auto enthusiast friend to join you for the drive. It will help you decide whether you are making the right choice or not. When you are driving the car, check the engine, brakes, lights and overall performance of the car. You are only eligible for the loan if the car is less than eight years in age. Do not buy a car that needs high maintenance in the long run. Choose a car that has not run many miles and is in a good condition.
3. Choose a lender: Now that you have decided on the car you wish to own, you need to look for a reliable lender for the loan. Compare the eligibility criteria and interest rate offered by different lenders before you make a borrowing decision. Choose a lender that has low interest rate and flexible repayment tenure.
4. Make down payment: You need to remember that no lender will offer a loan for 100% cost of the used car. You will have make a certain amount of downpayment. It can either be the minimum amount required by a lender or you can make a higher downpayment if you have excess funds on hand.
5. Apply for the loan: You can make an online application for the loan. You need to fill up the application form and submit documents as necessary. You will be required to provide identity proof, address proof, income proof, proof of downpayment and documents of the car you wish to own. If you have a good credit score, the loan application will be approved in no time.
You can purchase a premium used car at the cost of a brand new car with the help of second hand car finance. Make a wise decision and bring home your favorite car without any financial stress.