Know How To Avail Of A Pre-owned Car Loan

A pre-owned car loan helps you to purchase a good second-hand car. With this, you no longer have to deposit the full purchase amount of the car. You can repay the loan amount in monthly installments over the loan term. Lenders offer loans at attractive terms with fast and easy paperwork and give you a quick approval decision.

How to avail of a pre-owned car loan offline?

Visit the lender’s office from where you want to get the Pre-owned car loan online.
Check eligibility criteria.

Fill out the application form if you meet the eligibility criteria.
Necessary documents must be submitted.

Before getting the loan, discuss the interest rates, processing fees, and other important related factors.
It will be better if you get a loan takeover facility.

How to get a pre-owned car loan online?

Do a thorough research online to find out a lender. Keep in mind that the lender must provide low-interest rates with reasonable terms and conditions. Various Banks and NBFCs offer reasonable interest rates.
Choose an established lender to get quick loans.
Go through the lender’s website.
Choose an online application process to save time.
Fill out the online application form with relevant documents such as identity proof, address proof, income proof, etc. It will take a longer time to process the loan if there is any delay in submitting documents.

Eligibility Criteria:

The age limit must be from 21 years to 67 years old.
Minimum income of Rs. 22,000 per month based on your city of residence.
You must be working in the current organization minimum of a year in case of salaried.

Required Documents:

Passport size photograph
Car evaluation report
Identity proof such as Aadhaar card, Passport, driving license, voter’s ID, PAN card
Address proof such as Voter’s ID, LIC policy, electricity bill, Aadhaar card, driving license, ration card, passport
Income proof such as profit & loss account, balance sheet, audit sheet, form 16, salary slip, bank statements