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Tata Capital > Blog > Loan for Vehicle > What is the Best Way to Apply for a Pre-Owned Car Loan?

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What is the Best Way to Apply for a Pre-Owned Car Loan?

What is the Best Way to Apply for a Pre-Owned Car Loan?

Buying pre-owned vehicles has become a popular and budget-friendly choice for owning a car. But what if you don’t have cash on hand or your savings are locked in investments? Well, that’s where pre-owned car loans come in.

Applying for a pre-owned car loan is the best way to make your dream come true. However, to get the best pre-owned car loan, you need to know the documents required, the eligibility requirements, and the pre-owned car loan interest rates offered.

So let’s get started.

Benefits of Purchasing a Used/Second-Hand Car

The primary benefit of buying a used car is that you can purchase your dream vehicle at an attractive price. Another great thing is that insurance rates are lower for used cars. So, when you buy a used car, you save money on the price and the monthly insurance costs because used cars are worth less than new cars.

Lastly, various financing options are available for purchasing used cars. For instance, you can opt for a used car loan at competitive pre-owned car loan rates to buy your dream vehicle.

Second-Hand Car Loan Eligibility

To get approval for pre-owned car financing, the eligibility requirements differ depending on your employment status.

Salaried individuals:

#1 You must be between 21 and 60 years of age.

#2 You must earn at least Rs 20,000 per month.

#3 You must have at least one year of work experience.

Self-employed individuals:

#1 You must be the proprietor.

#2 You must be between 21 and 65 years old.

#3 Your business must have been running for at least three years.

#4 You must have a minimum annual income of at least Rs. 2 lakhs.

But, if you run a business in partnership, you must have a stable business status for at least three years.

How to Apply for a Second-Hand Car Loan?

Applying for a pre-owned car loan is easy. You can do it online or offline by following a few easy steps:

Step 1: Fill out the application form online or offline.

Step 2: Submit or upload all the necessary documents.

Step 3: The lender’s representatives will verify your documents.

Once satisfied with your submitted details, they will approve your pre-owned car loan request. Then, within 24 to 36 hours of submitting your documents, the sanctioned loan amount will be disbursed to your account.

Documents Required

To get a pre-owned car loan, you’ll need to furnish some standard documents. These include:

#1 Photo id proof

#2 Income proof

#3 Copy of salary slips for the last three months

#4 Address Proof

#5 Copy of Vehicle Registration Certificate

#6 Copy of telephone or mobile bill

#7 Copy of signature along with proof

But depending on your employment status, you might need to provide additional documents for a pre-owned car loan.

Summing Up

If you want to apply for a used car loan, consider Tata Capital. We offer a hassle-free application process with competitive pre-owned car loan interest rates and a loan amount of up to Rs 50 lakhs. Plus, we offer flexible repayment terms to fit your budget.

Get your dream car home! Apply today.

Apply For Used Car Loan

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