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29 Mar
  • Editorial Team
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Introduction

There was a time when owning a car was considered a status symbol. Today, however, a car is a necessity. Public transport is only getting crowded, the cab services only costlier and the distance between workspace and home is increasing with better job opportunities springing up on city outskirts. From dropping kids to school quickly, commuting comfortably to the office, to visiting friends and relatives regularly, the reasons to own a car are galore. But not all of us have savings or budget to buy a brand new car. However, there is an easy way to fulfill this requirement – opting for a fully functional pre-owned car. Because of its affordability and the huge range of vehicles available, buying a pre-owned car gives you the opportunity to drive home your favorite four-wheeler. The icing on the cake is the easy loan process offered by Hero FinCorp makes the whole process extremely convenient.

Things you must know about used cars

Before we dwell on the many advantages of buying a used car via pre-owned car loans, here are things you should know. The market of pre-owned cars is expanding at a great pace and in fact, is giving a tough competition to the new car market today. Another significant cause propelling the trend is the easy availability of Pre-Owned Car Loans. Several financial institutions offer attractive terms to the customers. Just like it’s crucial to choose the right car for your family, it’s equally vital to opt for the right lender who understands your requirements and constraints.

Hero FinCorp's Pre-Owned Car Loan has made many customers happy car owners via its simplified and transparent process. It offers the best interest rates.

The Relevance of Second-Hand Cars

  • Affordability:

There’s a sizeable price gap between a used car and a new one. Once a car is sold and goes out of the showroom, its price gets reduced that very moment. Simply put, you pay much less for the same car if you buy it after it has been used for one or two years.  

  • More Car Choices:

The growing market with multiple players also leads to a huge pool of cars to choose from. Customers can have more choices with a variety of manufacturers, model, engines, colours, kilometres run, manufacturing years, etc..   

  • Cheaper Process:

A brand new car comes with added charges like GST, shipping charges among others. There is no need to pay these additional charges while buying a used car. The insurance rates are lower for a used car and the certification process can be done easily.

  • Less Tension:

You are more carefree while driving a used car as opposed to stressing out over not getting a dent in your new car. You will always think twice before taking your new car in narrow lanes and will lose your calm over a little scratch or a flat tyre. Driving your own car should be a matter of joy and not an unnecessary heartache.

  • Slow Depreciation:

Used cars are already past the maximum depreciation stage and depreciate rather slowly as the car ages. This means that you can sell your pre-owned car almost at the rate you bought it in next few years.

  • Easy Finance Options Available: 

While there are sites selling certified used cars, there are many financial institutions with loan amount being sanctioned up to 80% of car’s market value.     

Here’s how Hero FinCorp solves your Pre-Owned Car Loan problems:

  • Easy documentation process and eligibility criteria:

Our process of documentation is as easy as it gets. We require KYC documents like Aadhaar, PAN card, address proof, age proof, car valuation report, registration, and insurance papers to evaluate the loan amount and for the verification process.

Both salaried and business owners are eligible. While salary slips work as income proofs for the former, latter can submit bank statements.

  • Quick and hassle-free approval

If you have a decent credit history while meeting the other eligibility terms, you will most likely get the loan. The loans are sanctioned for both certified and non-certified cars of different models. The whole process from application to disbursal of loan is done in a hassle-free manner and sometimes as quickly as in 48 hours.

  • Low and attractive interest rates:

Our rate of interest is among the best in the market and we offer attractive discounts to past or existing Hero FinCorp customers.

  • Cost-effective repayment options

We offer flexible tenures and multiple repayment options like PDC, NACH, ECS, etc. Customer’s convenience is our priority.

  • Flexible and negotiable terms and conditions:

While we sanction loans from Rs. 50,000 to Rs 5 lakhs, the loan tenure can go up to 5 years.

  • Countrywide reach:

If you feel like visiting us, we are present in over 1000 cities and towns across India and have around 2400 touchpoints.

A used car offers great value for money and can be bought by paying very low EMIs. At the same time, it offers the same benefits as a new one. Especially for the first timers, a pre-owned car is a practical choice for many reasons. So, get ready to drive your dream car home soon. 


 

Did You Know

Disbursement

The act of paying out money for any kind of transaction is known as disbursement. From a lending perspective this usual implies the transfer of the loan amount to the borrower. It may cover paying to operate a business, dividend payments, cash outflow etc. So if disbursements are more than revenues, then cash flow of an entity is negative, and may indicate possible insolvency.

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