Owning a car may seem expensive, but second-hand car loans could make it affordable. This video dives into the essentials of financing a pre-owned car.
First, you'll learn how used car loans could help you afford a car of your choice for a considerably lower price. With the car as collateral, you can pay manageable EMIs over time.
Next, the video explains some of the loan terms usually available. You could get funds for up to 80% of the car’s value. Interest rates typically start from around 10%, while loan tenures range from 12 months to 5 years.
Then, we’ll discuss the documents you could need for your loan application. These include your ID and address proof, income details, car registration and insurance documents, and so on. You'll also discover eligibility criteria like age, income, and credit score requirements.
Additionally, the video covers factors like the loan-to-value ratio, interest rate comparisons, and the importance of inspecting the car before purchase. Finally, we’ll see how second-hand car loans could make car ownership more affordable but tend to have higher interest rates.
With careful research and planning, second-hand car loans might help you hit the road sooner! Stay tuned to Academy for more insights into used-car loans.
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