With the rising costs associated with purchasing a new car, more people are turning to pre-owned vehicles as a cost-effective alternative. The allure of pre-owned cars lies in their affordability without compromising on quality. Though it is a cost-effective alternative but still requires a huge sum of money, which may not always be readily available. This is where used car loans or second-hand car finance come into play, offering a practical solution to fund the purchase of a dream car.
Bajaj Finance, one of the leading NBFCs offers used car loans that come with simple eligibility criteria and minimal documentation. With features such as flexible repayment tenures, quick approval and hassle-free application, Bajaj Finance makes borrowing easy for you.
In this article, we will delve into the intricacies of used auto loans, exploring their benefits and how they can make your car ownership dreams a reality.
- High loan amount: Pre-owned car loans provide borrowers with the opportunity to secure a substantial loan amount, allowing them to purchase the car of their choice without worrying about financial constraints. Whether you are eyeing a compact sedan or a spacious SUV, second-hand car finance can cover a significant portion of the purchase price.
- Quick disbursal: Unlike traditional loan processes that may involve lengthy approval periods, pre-owned car loans offer swift disbursal of funds. This means you can bring home the car of your choice without any delay.
- Simple eligibility: One of the key advantages of pre-owned car loans is their simple eligibility criteria. These loans come with straightforward eligibility requirements, making it easier for a wide range of individuals to qualify for financing. All you need to have a good credit score and meet the basic income criteria to qualify for used auto loans.
- Minimal documents: Gone are the days of drowning in a mountain of paperwork. Pre-owned car loans streamline the documentation process, requiring minimal paperwork for loan approval. This not only saves time but also reduces the hassle associated with traditional loan applications. You need to submit some basic documents such as a PAN card, KYC document, bank account statement, salary slips and more.
- Flexible repayment tenures: Used auto loans come with flexible repayment tenures. Whether you prefer a shorter repayment period to clear your debt quickly or a longer tenure for lower monthly instalments, there’s a repayment plan to suit your needs.
- Competitive interest rates: Second-hand car finance comes with affordable interest rates. These competitive used car loan rates make your borrowing easy and affordable over the loan tenure.
How loan apps simplify the process
In today’s digital age, the advent of loan apps has revolutionised the borrowing experience. These apps offer a plethora of advantages, making borrowing money a swift, seamless, and stress-free experience. These user-friendly applications provide a convenient platform for individuals to apply for pre-owned car loans from the comfort of their homes. With just a few taps on your smartphone, you can submit your loan application, and receive instant approvals. Loan apps also offer personalised assistance and guidance, ensuring a seamless borrowing experience for users. Whether you’re a tech-savvy individual or someone looking for a hassle-free loan application process, loan apps have you covered.
How to apply for a pre-owned car loan using the Bajaj Finserv app
Bajaj Finance makes the loan application process hassle-free with its user-friendly app. The Bajaj Finserv app makes loan application seamless and eliminates the requirement of branch visits as you can apply for a loan while you are on the go. Here is the step-by-step guide to applying for second-hand car finance using the Bajaj Finserv app.
Download the Bajaj Finserv app: Head to the Play Store or the App Store on your mobile device and download the Bajaj Finserv app.
Activate your app: Once the app is installed, enter your mobile number to log in and activate your account.
Navigate to the used car loan section: On the home screen of the app, locate the loans option and select “Used Car Loan” from the available choices.
Provide personal details: Fill in essential personal details, including your name, PAN card information, and more. Additionally, you can specify the desired loan amount you wish to apply for. Utilise our handy used car loan EMI calculator to evaluate your estimated EMI amount beforehand, ensuring a well-informed decision aligned with your financial capacity.
Enter vehicle details: If you have already chosen your desired vehicle, you will be prompted to input its relevant details at this stage.
Complete KYC verification: Verify or update your Know Your Customer (KYC) details as required. Proceed to schedule an appointment for further verification steps.
Get a Call from our representative: Sit back and relax as our dedicated representative reaches out to guide you through the subsequent steps of the process.
In conclusion, pre-owned car loans offer a practical solution for individuals looking to finance their dream car without breaking the bank. With features such as high loan amounts, quick disbursals, simple eligibility criteria, minimal documentation, and competitive used car loan rates, these loans provide unparallelled convenience and accessibility. Additionally, the advent of loan apps such as the Bajaj Finserv app borrowing process has further simplified, making it more convenient and efficient than ever before. By opting for a pre-owned car loan, you can turn your car ownership dreams into reality and hit the road with confidence. So why wait? Explore your financing options today and drive home your desired vehicle with ease.
