In a country where 70% of the population identifies itself as ‘middle-class’, buying a car is considered a big milestone. But given the inflation rates, it is becoming a challenge to buy a brand-new vehicle. And this is where second-hand cars step into the picture. If you cannot afford to pay for such a vehicle in one go, then opt for second-hand car loan options. In this blog by Car Kharido Becho 24 will be demystifying the process of getting second hand cars in Varanasi.
Why You Should Buy A Second-hand Car?
Well, the older the car, the harder it is to obtain sufficient funding to purchase the car. So, this means that purchasing a second-hand car is of no benefit. Well, that’s not the case. Here are the major benefits of opting for second hand cars in Varanasi:
- Comes with Financial Relief – The down payment on a used car is lower than a new car. The price of a used car is lower than a new car. By opting for a used car loan, you don’t have to break your long-term savings scheme like an FD to purchase a car of your choice.
- Drive carefreely – New drivers should practice driving in one of the second hand cars for sale rather than putting a dent in a brand-new car. After perfecting the art of driving, you can opt for a new car and drive it with confidence.
- Don’t worry about Depreciation Cost – The depreciation rate of a car is highest in the first 2 years of buying it. Fortunately, the owner of a second-hand car doesn’t have to worry about the depreciation costs of the car.
- Leverage in Taxation and Waiting Period – No sales tax is levied on a used car. There is no waiting period for the delivery of a used car.
- Edge over Features – The sum of money that you save to buy a brand-new car with moderate features can be used to get the best used cars for sale online that have advanced features.
Sounds great, right? Wish to know about second-hand car loans? Here’s everything you should know.
Understanding Second-Hand Car Loans
Banks and Non-Banking Financial Companies (NBFCs) provide used car loans for the purchase of used/second-hand/pre-owned cars. Before approving a used car loan application, lenders consider the age of the car and whether the model has been discontinued. The sum of the age of the car and the loan tenure of a used car loan must not exceed more than 8-10 years.
Once you have narrowed down the make and model of the car from the second hand cars for sale, here’s how you can apply:
STEP 1: Visit the bank’s or an NBFC’s website, download the car loan application form, and fill it up. You can also visit the nearest bank branch to apply for a used car loan.
STEP 2: submit it along with the necessary documents like identity proof (Aadhaar Card and Passport), age proof (PAN Card and Driving License), income proof (Form 16, last 6 months’ bank statement and payslips), and address proof (utility bills and ration card).
STEP 3: The bank will verify the details furnished by you and process the car loan application. STEP 4: Upon car loan approval, the loan amount will be disbursed to your bank account in a short period.
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