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18 Oct

Top Factors Why Going For A Used Car Is A Wise Option

  • By Editorial Team
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Car price hikes, new product launches, model upgrades, and easy financing have resulted in an increase in the number of used cars in the Indian market. A number of buyers in the market are those upgrading from a two-wheeler or public transportation to a pre-owned car. Those wanting to own a second automobile in the family have also been found to opt for a used car. While these reasons point to the affordability that comes with pre-owned cars, it is important to do your research well, before you choose one.

Why opt for a used car?

People opt for used cars for a variety of reasons. The following reasons are found to be driving factors in buying pre-owned cars:

  • It is cheaper:

They say that the value of a car comes down as soon as it hits the road. The value of a car depreciates quickly during the first three years of its purchase. Although used cars are cheaper than new ones, their value depreciates slower than a new car. They are more affordable making it a viable option for those with financial constraints.

  • It offers more variety:

With the average ownership of automobiles coming down significantly and the introduction of new makes and models of cars, the number of people wanting to sell their cars to go for a new one has increased. As a result, the used car market gets loaded with a variety of cars that can be appealing to serious buyers.

  • It comes with warranty:

Getting a certified used car gives you a warranty on parts as is with new cars. Besides, insurance for these cars is cheaper.

  • Options for financial assistance:

With more lenders in the market offering financial assistance for used cars, it has become easy for enthusiastic drivers to get used-car loans. Eligible applicants can get their dream car valued by a used car dealer, which is an essential step in availing finance for the car. It is important to go with a certified and reputed dealer lender before going for used car finance.

Those who do not want to spend money on car valuation by a dealer or expert can rely on the online tools provided by most reputed used car dealers. This gives you an approximate value of the car in question. However, the car’s accident history, maintenance and service records, etc. will remain a mystery without verifying these directly.

Hero FinCorp Advantage

Hero Fincorp offers used car loans for residential Indians above the age of 18. Salaried professionals with a minimum of 2 years’ employment and at least 6 months with the current employer can avail these services. Business owners with a minimum of 1 year in the industry are also eligible to apply.

We offer loans at attractive interest rates for amounts of up to INR 50 lakhs. Our documentation process is easy and hassle-free, and the application is generally approved within 48 hours with proper documentation and photographs. We extend finance for both certified and non-certified used cars with multiple repayment options and for flexible tenures of up to 5 years.

A used car is the best option for all types of buyers and if you maintain it well, you are highly likely to retain it for a good number of years. You can always sell it later without having to lose a significant amount in the deal. Ample research and reliable lenders can help you buy your ‘new’ pre-owned car.

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Did You Know

Secured/ Unsecured Loan

A secured loan is a type of loan, where the debtor pledges a property, vehicle, gold or any other asset as a collateral for getting the loan. The lender can seize the collateral in case of default in such loans. In case of unsecured loans however, only the borrower's credit-worthiness is taken into account. Such loans usually require higher credit ratings and charge a higher rate of interest as well.

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