Finding an online lender for used cards is easier if you’re looking for one. There might be more economic uncertainty if you allow your fixed assets to do the work for used cars. Today, there is growth in the used car market because of affordability and better availability. Personal loan for used car.
All types of used cars can be financed. You could avail a quick personal loan, play and shop all through one-stop solution, Buddy Loan app. Online loans are easy, fast and less difficult to avail your loan amount.
The average rate of interest begins at 11.99% p.a. Get a customizable repayment option, Buddy Loan might be one of the best options for you.
Financing a Used Car
Many lenders reconsider the case of used cars if we import it. They’re approved on a case-to-case basis to help you avail the right loan amount and estimated value.
Getting a Loan:
There are ample options to avail finances from banks and non-financial firms to buy used cars. They cater to the individuals who are looking forward for buying used cars. Many franchises or auto companies also run their own dealership.
Personal loan for used cars is one of the best options you can consider before releasing your solid assets. There are ways to increase your credit score with a car loan through pre-payment & less loan tenure.
Valuation of the Car:
Evaluating the car on the purchase history and its’ value in the market from the previous owner can help you avail the right loan amount. Estimating any used car price is difficult if it has a terrible history of accident and refurbishment.
Buddy Loan caters to your financial needs by considering your request of the loan amount with the right set of documents. Further, you can choose from the banks, lenders or NBFCs that Buddy Loan provides you with.
Loan Value For a Used Car:
When you’re considering buying a used car, the lenders expect you to provide an estimated value of the car for a down payment, not in all cases. If your car’s estimated value is well and above 65 – 80%, lenders go by the loan.
There are certain cases where the lenders provide you with the loan if it is 95% of the estimated value of the used car.
Car Loan at Buddy Loan
Quick car loan online can make many things affordable and available. Buddy Loan doesn’t deviate from the terms ever. The information is secure before transferring your details to the lender. The loans are collateral-free, 100% digital and minimal, have flexible loan tenures, higher approval rates and lower interest rates.
The Documents Required to Avail a Car Loan at Buddy Loan!
There are many steps to avail an auto loan or car loan, and one among them is organising your documents. Yes! Keeping your documents ready can bring you a ton of time to work on better things. You can consider a personal loan for buying a new car, funding for repair of the damaged car could cost you much on a single pocket. “Personal Loan for Used Cars”
Buddy Loan lists out various lenders who can disburse loans of competitive interest rates and customise your EMI options. The average rate of interest picks up from 11.99% p.a. It is easier to avail a car loan from a bank, NBFC or financial institution with the help of Buddy Loan.
The loan repayment tenure extends from 3 months to 5 years, which gives you room for adjusting your expenses and repayment schedule.
Credit Score Check:
Initially, the complete load of the loan could change your credit utilization ratio. By making the first few payments on time can bring back your credit line on track. If there is no payment history, you can easily improve your credit score.
Minimum Documentation:
Normally, a car loan is a comfortable option, if you have reasonable interest rates, inexpensive EMIs, digital and minimal paperwork and easy disbursement. It is better to have your documents handy and submitting them at the earliest can help you with the loan approval rate.
The document set varies with every bank and as a standard requirement, there are mainly 3 types of documents necessary to avail a quick auto loan.
- A Proof of Identity – You can provide a PAN card, Aadhaar card, Driving license, Passport, etc.
- For Proof of Address – Include an Aadhaar card, rental or lease agreement, Voter ID, etc
- The Proof of Income – Better get the latest salary slip, 3 bank statements of your salary account.
Also Read: How to Get a Used Car Loan in Delhi
Pre-Disbursement Documentation For Salaried and Self-Employed Individuals:
For salaried individuals: The following documents can serve as identity & address proof for Buddy Loan
- Valid Passport
- Permanent Driving license [recent, legible, laminate]
- Voters ID Card
- Job card issued by NREGA
- Letter issued by the National Population Register containing details of name & address
- Or the latest salary slips and Form 16 as income proof
- Bank statements of the previous 6 months.
With self-employed individuals: The documents below can serve as identity & address proof for Buddy Loan
- Permanent Driving license [recent, legible, laminate]
- Voters ID Card
- Job card issued by NREGA
- Letter issued by the National Population Register containing details of name & address
- Valid passport
- Latest Income Tax Returns (ITR) as income proof
- Bank statements of the previous 6 months.
Also Read: Get Approved for a Used Car Loan in Kolkata, India
Conclusion
Especially, while availing a car loan from banks or NBFCs, it is necessary to submit your documents in time. To note if you can repay the car loan on time, banks and NBFCs go the extra mile to verify your documents. Bigger loans or auto loans comprise heavy funding and hence it is always advisable to clear out any outstanding debt. Keep your credit score intact and so your organised set of documents.
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Interest rates starts @11.99% p.a. onwards
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