5 Steps to Get Used Car Finance

Owning a car is no longer a luxury, it has become a necessity and with the rise of the pandemic in the country, it is no longer possible to use public transport. If you have always been thinking about owning a car, now is the right time to make the move. You can own a used car at the cost of a brand new car. It is a great idea to buy a used car if you already own a car or have recently learned to drive. You can find the most premium used cars at the right cost. Do not worry about funding the purchase as you can easily own used cars with finance. There are lenders in the industry who offer the loan at low-interest rate and have a quick approval process. If you are planning to own a used car, here are some steps for you to follow.

1. Head to the dealership

The best place to look for used cars is the dealership. You must scout the dealership for all the available models and shortlist them. It is possible to find well-maintained cars at a dealership and you will also be able to get complete documentation for the car.

2. Head to the pre-owned car market

If you are not happy with the options available at the dealership, you need to head to the pre-owned car market. There are several markets across the city and you will have ample options. They have all brands and types of cars available for you. It is recommended to visit different markets to get an idea about the available models and compare the rates.

3. Take a test drive

Once you visit the dealership and the pre-owned car market, you will be able to shortlist the cars that you want to own. Keep your budget in mind and zero in on two or three cars that you really like. Now take a test drive in the car and check out the condition and performance of the car. You can also ask an auto enthusiast friend to come along. The test drive will give an idea if the car is the right choice for you.

4. Make downpayment

If you are happy with the performance of the car and if it is in your budget, you need to make downpayment for it. All lenders require you to make downpayment for the car. They will not fund the complete purchase value of the car so you need to make downpayment for the same. You can make the minimum amount of downpayment and the balance will be your loan.

5. Make loan application

Now that you have made the downpayment, you can proceed with the loan application. The application procedure is simple and hassle free. All you need to do is fill the online application form and submit documents of identity proof, address proof, income proof, proof of downpayment and invoice of the car you want to buy. If everything is in place, the loan application will be approved in no time.

You can take your stylish new car home without worrying about the finance. Several individuals across the country have bought used cars with finance and they have been able to buy premium cars at the cost of a new car. No matter the type of car you have set your eyes on, it is now possible to bring it home in no time. Ride your car in style and with pleasure on the roads without taking any stress about the finance or monthly budget.

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Hero FinCorp is a diversified financial services provider in India. We are an associate company of Hero MotoCorp Ltd.