In a world that relies heavily on personal mobility, cars have evolved from being a luxury to a necessity. However, owning a brand-new car can be financially daunting as it comes with a hefty price tag. In such cases, second-hand cars have emerged as a practical solution, making car ownership more affordable for many.
Though it is a cost-effective solution, purchasing a reliable pre-owned vehicle often requires a huge sum of money. This is where used car loans step in as a crucial financial tool. These car loans help in providing the necessary funds for the purchase of a second-hand vehicle. With flexible repayment tenures, you can convert the cost of your car into manageable monthly instalments.
Non-banking finance companies such as Bajaj Finance offer used car loans that come with simple eligibility criteria and minimal documentation. This product not only gives you easy access to high-value loans but also makes borrowing hassle-free with an easy application process.
Here are the five reasons why you should consider funding the purchase of your second-hand vehicle with a used car loan from Bajaj Finance:
High-value loan amount
Whether you wish to buy a fancy sedan or a reliable SUV, a used car loan provides you with a substantial loan amount that helps you bring home your desired vehicle. With Bajaj Finserv Used Car Loan, you can get easy access to a high-value loan of up to Rs. 77 lakh. This feature makes a used car loan a go-to-choice if you are looking to buy yourself a swanky ride.
Quick access to funds
Second-hand car loans usually come with a quick disbursal facility. With Bajaj Finserv Used Car Loans, you can get funds within just 48 hours* of approval. It means you get the money quickly, making it easier to grab good deals and not miss out on the perfect car.
Long repayment tenure
One of the most important features of used car loans that make it an ideal choice is the flexible repayment tenures. This helps you to divide the cost of your pre-owned vehicle into small monthly instalments over a period of time. Bajaj Finance provides used car loans with long repayment tenure of up to 72 months.
Hassle-free application process
With a seamless end-to-end online application, availing of used car loans has become more straightforward and convenient. Now, you can effortlessly apply for a used car loan from the comfort of your home. To make this process more user-friendly, Bajaj Finance provides an additional facility of doorstep document collection. This feature allows you to submit your documents to the representative who will come to your home and eliminates any need for a branch visit.
Simple eligibility requirements
Used car loans usually come with straightforward eligibility requirements. You can easily qualify for a high-value loan amount if you have a CIBIL Score of 720 or higher and meet the basic income criteria. Apart from these easy-to-fulfil eligibility criteria, you need to submit just a few documents to get approval. These include KYC documents, PAN card, salary slips, bank statements and more.
Opting for a used car loan is a smart decision to finance your vehicle purchase. The hassle-free application process and the availability of high-value loans make car purchases easier for you. Bajaj Finserv Used Car Loan offers asset-based financing of up to 100% of the car’s value at competitive interest rates, making it an ideal choice for car buyers.
Download the Bajaj Finserv app or visit the website and apply for a used car loan today.
