Owning a new set of wheels is a long cherished dream of everyone across the country and everyone can’t rustle up the finances to own the car of their dreams. There is an incredible range of car loan options available in market but not everyone can afford the high monthly installments and interest rates that come with new car loan. That is why used car loan market is on the upswing and if you are looking to purchase a car at affordable price, then you’ve come to the right place, by taking used car loan from ShubhBank. Nowadays, getting a pre-owned car loan is a lot easier than it used to be. The easy availability of used car loan along with wide range of options have helped used car segment rise exponentially. We’re going to tell you all about how to buy a set of wheels with used car loan by ShubhBank. The used car loan differs slightly from new car loan and the basic difference is the age and model of the car that plays a key role in determining the financial intricacies of loan. The interest rates offered are usually around 3-4% more than that of new car loan. The quantum offered for the purchase of pre-owned car ranges between 70-80% of the value of the car.

THINGS TO CONSIDER BEFORE APPLYING A LOAN

There are host of important things to consider before “Applying For a Used Car Loan“ and the most important aspect when determining the tenets of the loan is the model and the age of the car. If the car model has been phased out by the manufacturing company, then the chances of securing a loan reduces substantially. The age of the car as well as the loan tenure should not exceed seven years. When you have zeroed in on the vehicle that you want and determined its model and other features then we will send our valuation expert to calculate the present value of the car. Then we will determine the amount of loan to be sanctioned depending upon the valuation price determined by our expert. The rate of interest usually depends upon your credit history and your relationship with the bank.

HOW TO APPLY A USED CAR LOAN THROUGH SHUBHBANK

You can easily apply it online through ShubhBank portal, offering our borrowers a fantastic range of options that are tailor made to meet all your requirements. You can zero in your choice by comparing different loan parameters such as rate of interest, documentation required, eligibility criteria and more.

• Head to ShubhBank’s homepage and choose used car loan option by Loans drop down menu.
• Compare and choose one that fits your budget requirements. You can check the various parameters that are mentioned above. Now click on “APPLY” button to “Apply For the Loan“ option you have chosen.
• After submitting your application online, we will send you an e-approval form, which is then sent to bank you’ve chosen to take out a used car loan with. You can track your loan application via SMS or email.

Applying for a second hand car loan is easier, so it’s time to rest your feet and get your own set of wheels.