Wednesday, December 13, 2017
 

4factors to keep in mind to purchase a used car with a used car loan

Purchasing a car often indicates that you have reached somewhere financially in your life. In this case, you will have plenty of choices to consider. Additionally, you will also have a choice of opting for a brand new car or a used car.

Research has indicated that even though you can meet the expense of a new car, it is always best to go for a pre – owned car. So if you are planning to go for a used car, here are a few factors you need to bear in mind before you make the purchase:

Safety First: With a used car, you may be compromised on the kilometres the car may have travelled. However, you must not compromise on the safety features. Ensure that you do a detailed check to verify if the vehicle is up to mark, especially with the sturdiness of the body. Ensure it has the ability to respond to crashes and accidents. Once you have zeroed into a used car, ensure that you calculate the appropriate amount for the used car loan. If these factors are not up to the mark, re – calculate your loan to an amount that will allow you to purchase ad – on to improve the safety of the vehicle.

Look for the right size: The size of your car is another factor you need to keep track of. After all, you don’t want your family squeezed into a small car, or opt for one that is large, but economically a waste. Additionally, when considering the size of the car, it will also reflect on the used car loans. For familial uses, you can opt for a small hatchback. You can easily go for a bigger car when you know your needs, and your affordability would rise to a suitable value.

Keep track of the paperwork: Before you make the decision to purchase a car, you first need to check the original documentation and service records. You can request the owner of the car to hand over the car’s RTO tax receipts, insurance papers and the original purchase invoice. Additionally, don’t forget to obtain a finance NOC, especially if you are applying for a used car loan. Do check for the state where the car was registered. Look out a registration that indicated DRC, which means a Duplicate Registration Certificate, as it indicates a possible history of a misdemeanour.

Take a mechanic along for verification: You may have experience with an automobile, but a mechanic will get you a detailed insight into the conditions of the vehicle. A trusted mechanic’s judgement will assist you in your decision-making process, especially when it comes financing the purchase through used car loans. It won’t matter if you’re purchasing the used car from a normal owner or even from a used auto dealership. All you need to ensure that your car is in top shape before it transferred to your ownership.

Neha Sharma is a finance student who loves to write in her free time. She has spent considerable time researching about the used car loan. Through her work, she provides valuable information on the different factors to keep in mind to purchase a used car with a used car loan.
 

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