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If you are buying a pre-owned car, now is a great time to buy. With various brands rolling in new models or facelifts, almost-new cars have started turning up in the pre-owned car pool. So you could actually get your hands on a car which may have clocked just 15,000-20,000 km. Also, since the overall road condition in India has vastly improved, you are likely to find cars that are much better in overall condition than yesteryears.
Now that you have decided to buy a pre-owned car and decided to fund the purchase with a loan, let’s come to the question that many buyers struggle with. Should you take a personal loan or a pre-owned car loan to buy a pre-owned car?
Both personal and used car loans have their own pros and cons. However, on careful examination, the latter is more ideal for purchasing a used car. The reasons for this are the low used car loan interest rate, the larger loan value of up to Rs 50 lakhs, and flexible repayment terms. On the other hand, if you take a personal loan to buy a used car, the maximum fund value of Rs 5 lakh may not be enough to get you a car with modern features.
Disclaimer: This post was first published on 13th November 2021 and has been updated for the latest information, freshness, and accuracy.
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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