5 reasons to buy a used car with a second-hand car loan

High-value loans, quick disbursal facility, and simple eligibility criteria make pre-owned car loans an ideal solution for used car buyers.

Whether it is commutes, family trips or accessing essential services, owning a car has become a necessity for most of us. However, purchasing it continues to be a big-ticket expense especially a brand new one as it comes with a hefty price tag. This is where a used car becomes a more affordable alternative. The pre-owned car market not only provides you with cars at an affordable price, but it also gives you a host of options. Whether you need a sedan or SUV, the used car market offers something for everyone.

Though purchasing a used car is a cost-effective decision, it still requires a huge sum of money. In such a situation, opting for a second-hand car loan is a wise decision as it helps you with quick access to funds and convert the cost of your car into small monthly instalments. Lenders like Bajaj Finance provide used car loans that come with simple eligibility criteria and minimal documentation. 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 you should opt for a second-hand car loan to fund your used car purchase:

High-loan amount

Opting for a used car loan provides you with substantial funds that give you the required financial flexibility to purchase your desired vehicle. With Bajaj Finserv Used Car Loan you can get a high-value loan of up to Rs. 77 lakh. Whether you are looking to buy a stylish sedan or a reliable SUV, used car loans make the purchase easier and lets you bring home the car of your choice.

Quick disbursal

Pre-owned car loans often come with a quick disbursal facility as it ensures that you can purchase a vehicle of your choice without any delay. Bajaj Finance provides used car loans that give you access to funds within 48 hours* of approval.

Flexible repayment tenure

One of the significant features of used car loans is flexible repayment tenure, which allows you to spread the cost of your car into affordable monthly instalments. With Bajaj Finserv Used Car Loan, you can repay your loan easily over a period of up to 72 months. You can also use an online loan EMI calculator to evaluate your monthly instalments in advance and plan your finances accordingly.

Hassle-free process

With Bajaj Finserv Used Car Loan, you get the additional feature of the doorstep document collection facility, which ensures that you can complete your application process without stepping out of your home.

Minimal documentation and simple eligibility criteria

Used car loans come with simple eligibility criteria and minimal documentation requirements. A CIBIL Score of above 720 and meeting basic income criteria are typically sufficient for loan qualification. However, you may be required to submit a few documents such as KYC documents, PAN card, salary slips, bank account statements and more.

Opting for a used car loan is an ideal choice to fund the purchase of your second-hand car. Features such as an easy online application and high-value loans make the purchase of your car hassle-free and convenient. With Bajaj Finserv Used Car Loan, you can get asset-based financing of up to 100% of the car’s value at competitive interest rates. Used car loans from Bajaj Finance come with the additional Flexi Loan facility. When you select this Flexi Loan variant, a loan limit is assigned to you. Customers can withdraw from this limit as many times as you want. Interest is, however, charged only on the amount you withdraw and not the entire limit. You can also part-prepay your Flexi Loan multiple times without paying any additional charges.

Visit the website of Bajaj Finance and apply for used car loans today.

*Terms and conditions apply