Buying a used car is a smart way to save money.
1. Plan Your Budget
Think about more than just the car price. Add insurance, service costs, and monthly loan payments. Use an online EMI calculator to check what fits your pocket.
2. Choose the Right Loan Option
Banks: Lower interest but more paperwork
NBFCs: Faster and easier but may cost more
Car dealers: Quick loans on the spot, sometimes more expensive
Always compare a few options before choosing.
3. Check If You Are Eligible
Lenders look at your age, income, job type, and credit score.
A credit score above 700 can get you better deals.
4. Pick the Right Car
Lenders usually do not give loans for cars older than 10 years.
Make sure the car is in good condition with all papers ready.
5. Watch Out for Hidden Charges
Look for processing fees, early payment charges, and penalties for missed payments.
6. Think About Loan Insurance
It can help cover your loan if you lose your job or fall sick.
Make Your Car Work for You. Use it for road trips, ride sharing, or delivery gigs. Let it help you earn too.
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