Second-Hand Cars are popular for multiple reasons in India. One major reason is that the cost is less when compared to new cars. This helps a customer in fulfilling their dream of owning a car and also save money in the process.
This dream gets fulfilled with a second-hand car loan. Banks and NBFCs in India will offer attractive schemes to customers with the lowest interest rates. But getting that deal is not very easy. Hence today, we will give you certain pointers on how you can get the best-used car loan in 2019.
- 1.Clear all your dues:
Perhaps the most important point you must take note is to clear all your pending dues. It might sound funny but paying off all your dues is the first step you take in improving your credit score and being financially responsible.
- 2.Improving and maintaining a credit score:
After clearing all your dues, your main task must be to improve and maintain a good credit score. That 3 digit score helps Banks in giving you an amazing deal with the lowest interest rate.
- 3.Clear errors from your credit report:
What people don’t do usually is check their credit report and find for any errors. If there is an entry that has been wrongly shown, that impacts your credit score in a bad way. Once you get it rectified, your credit report will show improvement and your credit score will increase.
- 4.Research and choose your car model:
We purposely kept this as the last pointer purely because the first three will help you get the best deals on all kinds of loans. Working on them will help you get the best deal in the first place. Next, you will research and find a car model that fits your needs and budget requirement. Look for models that are less than 10 years old if you’re looking to resale it.
Here’s how you can get the best second-hand car loan in 2019. Keep note of these points and work towards bettering your credit profile.