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Tricks of availing bank loan against a secondhand car

The pandemic has changed a lot of things and our lives in many ways. It has also changed the way we travel. So, buying a secondhand car is almost in everyone’s mind these days due to the risks associated with travelling by other means. Study says there is a growing preference of buying a secondhand car these days and we totally correlate to this new demand. However, all said and done, arranging finance to go for the same is also something to be thought of if you have not already.

Buying a used car makes sense for first time buyers upgrading from two-wheelers or public transportation, or for that matter, someone looking to buy a second set of wheels in the family.

The primary benefit is that of driving tension-free, without the fear of getting that first dent or scratch. You can even take it out for longer journeys as soon as you buy the car, since taking a brand-new car out for longer trips before the first service or inspection is something buyers avoid.

These days it is easy verify car certifications online which are thoroughly checked by a certified car engineer to make sure your purchase is hassle free. Every car undergoes depreciation but a used car has an upper hand for the same when compared to a new car as it depreciates at a slower rate than a new one.

The very fact that the used car market gets regular customers has attracted some of the car makers who have also entered the secondhand car market and deal in buying/selling such cars. Examples like Mahindra First Choice, Maruti True Value etc are in plenty. They buy used cars, refurbish them and conduct quality tests to determine and fix the selling cost. They also arrange bank finance as they have tie-ups with banks. However, this service becomes free of cost if you decide to buy the used car from them. Otherwise, there’s a nominal cost of up to Rs.2,000 to be paid for availing this service.

With considerable amount of savings along with the assurance of certification and warranty, you now get almost all the benefits in a used car that one would expect when buying a new one.

For other handy tips and pre-owned performance tests, get a copy of October 2020, Consumer VOICE digital magazine.

Divya Patwal


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