{"id":7980,"date":"2023-08-28T15:31:09","date_gmt":"2023-08-28T15:31:09","guid":{"rendered":"\/blog\/?p=7980"},"modified":"2024-03-20T16:22:04","modified_gmt":"2024-03-20T10:52:04","slug":"common-mistakes-to-avoid-while-getting-a-used-car-loan","status":"publish","type":"post","link":"https:\/\/tata-blog.osian.dev\/blog\/loan-for-vehicle\/common-mistakes-to-avoid-while-getting-a-used-car-loan\/","title":{"rendered":"Common Mistakes to Avoid While Getting a Used Car Loan"},"content":{"rendered":"\n

Buying a car is not only a\nfinancial but also an emotional decision. People upgrading from\ntwo-wheeler or buying a car for the first time often want to be doubly\nsure about their driving skills. Hence, used cars become their first testing\nground. <\/p>\n\n\n\n

Know More About Used Car Loan<\/a><\/div>\n\n\n\n

To buy used cars could be a task\nfor many due to financial constraints, but not with a used car loan. If you\nhave zeroed in on your favorite car from the pool of second hand cars and are\nlooking for a used car loan in India, you first need to understand the common\nmistakes that loan seekers often make, and avoid them. Here are some of them:<\/p>\n\n\n\n

Longer tenure, low EMIs<\/strong><\/p>\n\n\n\n

No! The mistake that most of the\nused car finance seekers make is opting for a second hand car loan with a\nlonger tenure. You may see the short-term benefit of easy EMIs but in the long\nrun, you end up paying much more above the set budget. The ideal way is to keep\nthe loan tenure short but within your comfort zone. This helps to put a brake\non the unnecessary interest outflow.<\/p>\n\n\n\n

No down payment, shopping car at zero rupees upfront<\/strong><\/p>\n\n\n\n

Another trap most of the finance\nseekers fall into is driving away with a car with no down payment. The offer\nmay appear irresistible, but it will only increase your EMIs later. It directly\nmeans that either your EMIs will get larger or your tenure. Either way, you end\nup paying more interest in due course of time. <\/p>\n\n\n\n

Additional Read<\/strong>:- Quick Tips While Buying a Used Car <\/a><\/p>\n\n\n\n

Not comparing the used car loan options<\/strong><\/p>\n\n\n\n

Used cars were rarely financed\nearlier, but the situation is different now. With the influx of several finance\ncompanies in the recent past, the customer is again the king. You have an array\nof options to choose from when going for a preowned car loan. Compare interest\nand terms and conditions of multiple loan providers before zeroing in on a\nparticular company.<\/p>\n\n\n\n

Going beyond the budget<\/strong><\/p>\n\n\n\n

Your set budget could be tinkered\nwhen you get into a conversation with the salesperson. Often, you get carried\naway by the \u2018advice\u2019 or \u2018only for you\u2019 scheme of the marketer and end up opting\nfor a vehicle priced higher than your set budget. The increased amount may look\nslightly more than your limit, but it leads to unnecessary lengthening of the\ntenure or increased EMIs.<\/p>\n\n\n\n

Financing the add-ons and accessories<\/strong><\/p>\n\n\n\n

Financiers often offer to\ninclude car accessories and other add-ons in the loan amount. No, they are not\nempathizing with you. It is their way to earn more interest from you. If you\nbuy into such schemes, the amount will be added to your overall loan, and EMIs\nwill increase accordingly. <\/p>\n\n\n\n

Additional Read<\/strong>:- What do People Look for When Buying a Used Car Online? <\/a><\/p>\n\n\n\n

Make sure you are extra careful when in the used car market looking for loan options. Buy second hand cars with the assurance of Tata Capital and its attractive interest schemes for used car buyers.<\/p>\n\n\n\n

Apply Now<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

Buying a car is not only a financial but also an emotional decision. People upgrading from two-wheeler or buying a car for the first time often want to be doubly sure about their driving skills. <\/p>\n

Read More<\/a><\/p>\n","protected":false},"author":1,"featured_media":7981,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[27],"tags":[],"class_list":["post-7980","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-loan-for-vehicle"],"yoast_head":"\nCommon mistakes to avoid while getting a used car loan - Tata Capital Blog<\/title>\n<meta name=\"description\" content=\"Getting a car is a big step &first time buyers need to double check things before purchasing. 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