Buying a used car in India is quite easy if you know where to start. It is always better to make an enquiry before actually going out and buying a used car. The market for used cars is quite huge in India and therefore, it might become a bit confusing to understand the process of buying a car.
Here are the 4 steps that will help you in getting hold of a great deal on used cars:
Step 1 – What To Consider?
It is wise not to just look at the price tag, but be sure to consider some other things like the maintenance cost for example. If something goes wrong, how much money will it take you to repair that? And what about fuel efficiency? Look also at its basic features. Used cars are affordable, but there might be considerable wear and tear. Be sure to check everything, including the engine and the brakes.
You should always consider buying a used car only after you have checked out all the details that are necessary for making the right decision. But there is one important thing that most people don’t pay heed to, and it’s very crucial for safety too: a vehicle history report.
If an accident has ever occurred with the car during its lifetime or if the car had been in any kind of trouble like being seized or impounded by the police – these things can be easily understood from this report.
Step 2 – Looking for the best deal
When you have decided on what car you want to buy, it is time for some dealerships and showrooms. Don’t go with one that offers you a very low price only because they are after your money.
The best is to find a good place where the used cars are well inspected and assured of their quality before selling them.
Here’s an important question: It wouldn’t matter if you’re buying from any dealership, would it?. But when you buy a used car in India, always try to set up with those reliable ones. Ask around friends who have bought used cars too.
If there was anything troubling about the transaction. Used cars from certified dealers also come with a certain warranty.
So, instead of buying a used car directly from a seller, you can go to used car dealerships for a better variety and a better deal.
Step 3: Securing the financials
Once you have chosen your car and your dealer, it is time to go through the financials. Despite the used car is affordable, it may not be wise to invest all your savings into the purchase. For such instances, a used car loan is the best idea.
A used car loan can be obtained from banks, non-banking financial companies and several other financial institutions. The amount you will get (principal) depends on your credit score, the loan tenure you want and the value of the vehicle.
Though such loans do come with an interest component, they are still cheaper than buying a brand new one. You can even use a used-car loan EMI calculator to plan the loan as per your budget.
Step 4: Inspecting for faults
Lastly but most importantly is the inspection of the car to check if everything works fine. Make sure that all lights work properly; have a look at whether or not any part of rubber connecting hoses have dried up or become malformed; make sure no wires are loose; examine all panels for scratches and cracks. Once again, going through trusted sources is the best idea.
So that was the entire process to buy a used car in India with the help of a used car loan. Keep these points in mind and bring home a car to make your life easier.