A car offers convenience, mobility, and independence. Though buying a new car can be a big-ticket expense, opting for a used car can be a budget-friendly and a smarter alternative. Even though buying a second-hand car is less expensive, it still requires a huge sum of money. If you are looking to buy a pre-owned car and need funds, you can opt for a used car loan.
Used car loans help you to purchase your dream car without putting undue strain on your finances.
Below are five reasons to select a used car loan for financing your dream car
1. Savings remain intact
Your savings come handy if you have to manage a financial emergency. Therefore, it is not advisable to liquidate all your emergency funds for a used car purchase. In such a situation, borrowing a loan is considered as a smart choice as it provides you with the financial assistance without compromising your emergency fund.
2. Helps in managing fund deficit
Buying a car is a long-term financial goal and therefore requires good financial planning. If you are planning to buy a car, you usually start to create savings that can help you manage the initial acquisition cost. However, purchasing a car is a big-ticket expense and your savings might not be enough to fund it. In such a situation, opting for a used car loan is useful as it provides you with easy access to the balance amount that you might need to buy your dream car. You can also use the used car loan EMI calculator to help you determine your monthly instalments.
3. Access to substantial funding
Acquiring your dream car, even if it is a second-hand one, can require a significant amount. Used car loans can allow you to secure the necessary funds to purchase your dream car without any hassles.
With Bajaj Finserv Used Car Loan, you can get funds of up to Rs. 1.02 crore, turning your dream of owning a luxurious car into a reality, that too without having to compromise on your budget.
Additional Read: How to get a loan against car without ITR
4. Flexible repayment tenures
The ability to choose a repayment schedule that aligns with your repayment capacity is a boon. Depending on the lender, the payback periods for used car loans might range from a few months to many years. This adaptability allows you to select a tenure that fits your monthly budget, making the loan repayment journey less stressful.
Bajaj Finance offers used car loans that come with long repayment tenure of up to 84 months. This long payback period allows you to repay your loan in manageable EMIs.
5. Quick access to funds
When it comes to acquiring your dream car, timing can be crucial. Once you have shortlisted a car, you’d want to get the funding at the earliest to bring the car home. Used car loans offer a relatively swift disbursal of funds, allowing you to seize opportunities without unnecessary delays. This quick access to funds ensures that you can act promptly when you find the right used car, avoiding the risk of losing out due to time constraints. When you opt for a Bajaj Finserv Used Car Loan, you can receive the funds within 48 hours* of loan approval.
The Bajaj Finserv Used Car Loan offers a host of benefits, making it an excellent choice for financing your dream car purchase. Click on the link to visit our used car loan page and know more about this product offering.
