All You Need to Know about Used Car Loans

Learn about the features and benefits of a used car loan to fund the purchase of your favorite car.

In a world that thrives on mobility, the aspiration of owning a car is no longer reserved for the privileged few. Used cars have emerged as a lifeline for individuals looking for a reliable vehicle without the financial burden of purchasing a brand-new car.

Though buying a used car is a cost-effective option, it still requires huge funds. In such cases, used car loans become a go-to choice for many as you can split the cost of your car into small monthly installments.

Bajaj Finance, a prominent non-banking financial company (NBFC), provides hassle-free eligibility requirements and minimal documentation for its used car loans. This offering not only ensures a seamless borrowing process for the customers but also offers quick access to substantial financing.

Here are the 5 reasons why used car loans are a perfect financing solution for second-hand car purchases.

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  High-Value Loan

With used car loans, you can access a huge sum of funds, giving you the flexibility to purchase your desired vehicle without compromising on budget. Bajaj Finance offers a high-value loan of up to Rs. 77 lakh for your used car purchase.

• Simple Eligibility and Minimal Documents

Bajaj Finance offers used car loans with simple eligibility criteria and minimal documentation for salaried and self-employed individuals. You can qualify for this loan product if you are an Indian citizen between 18 and 80 years* with a CIBIL Score of 720 or higher. Additionally, you must fulfill the basic income criteria and submit just a handful of documents, including KYC documents, bank statements, salary slips, etc.

• Quick Disbursal

Pre-owned car loans usually have a quick disbursal process. This feature allows you to purchase the car of your choice immediately. With Bajaj Finserv Used Car Loan, you can get disbursal within 48 hours* of approval.

• Easy Online Process

The process of securing a used car loan is streamlined and user-friendly. It comes with a simple online application and provides funds without any hassle. Bajaj Finance offers used car loans with an easy online application and a doorstep document collection facility. This hassle-free process allows you to apply for a pre-owned car loan without leaving home.

• Longer Repayment Tenure Options

A pre-owned car loan usually comes with a long repayment tenure. These flexible tenure options allow you to spread the cost of your car into affordable monthly instalments. With Bajaj Finserv Used Car Loan, you can spread your car’s cost over up to 72 months.

Opting for a used car loan is an excellent decision when financing your vehicle purchase. Features such as a hassle-free application process, high-value loan, and quick disbursal make it a perfect financial solution for borrowers. With Bajaj Finserv Used Car Loan, one can avail of asset-based financing of up to 100% of the car’s value at competitive interest rates. Bajaj Finance also offers a unique Flexi Loan facility that allows you to withdraw from a sanctioned loan limit as many times as you want. You can also part-prepay whenever you have surplus funds at no additional cost.

Don’t wait to bring your favorite car home. Apply for a used car loan today!

*Terms and conditions apply

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