Found yourself the perfect pair of wheels? Then you’re probably fretting about how to finance its purchase. Well, there are numerous loan options available in the market today, which can help you get your dream car without draining your savings. The problem arises when you have to make hefty EMI payments on it. Lucky for you, there are various ways to lower your EMI without affecting your finances. In this blog post, Car Kharido Becho 24 will make you go through a comprehensive step-by-step guide to lower payments for a second hand car refinance:
STEP 1: Compare multiple lenders
When you’re shopping around the market for a used car loan, make sure to get in touch with different lenders dealing in second hand car refinance. This will help you compare the interest rates, along with loan tenures, repayment flexibility, and the loan amount you can get to finance your desired used car model. Look for lenders such as Car Kharido Becho 24 that offer you the most affordable terms on loan.
STEP 2: Keep an eye on your credit score & improve it
Your credit score directly impacts the second hand car loan interest you get on your loan. Lenders usually look into your credit history to evaluate your repayment capacity and finalize an interest rate accordingly. That’s why if you have a good credit score of 750 or above, you’re more likely to attain used car refinance. If not, you should ideally improve your score before applying. Pay off any pending credit dues and make sure your credit report is updated. With due diligence, you can secure a lower interest rate result and thus lower the EMI payments and reduce your loan burden considerably.
STEP 3: Opt for a longer tenure
Another way to lower the EMI on second hand car in Varanasi is to opt for a long-term loan. A long tenure will automatically reduce your monthly payments. However, this also means that you will end up paying more interest over time. Hence, before you apply for a loan, check your loan affordability with a used car refinance EMI calculator and go for a tenure that works best for you.
STEP 4: Pool in the amount to pay a bigger chunk as the down payment
Typically, lenders only finance 60-90% of the on-road vehicle cost, and you pay for the rest in the form of a down payment of your second hand car loan. At CKB24, you can get 100% financing. However, if that’s not the case, then you can make a larger down payment if you can afford it. This will reduce your principal amount on the loan and hence your EMI.
STEP 5: Go for a dealer-lender partnership
This is hands down the smartest way to get the best loan offer when buying a second-hand car. Since both the parties involved have a standing partnership, there is less risk for the lender, so you can avail of more reasonable terms on the loan. Besides, the process is also quick and seamless.
Want to buy your favorite car but have trouble arranging the funds? Well, look no further. At CKB24, you can get a quick loan at some of the lowest second hand car loan interest rates in the industry. Visit us at https://carkharidobecho24.com/ for more information. We also offer used car loan balance transfer services. Reach out to inquire further.