Regardless of bad roads, parking problems and everyday traffic woes, every Indian thinks fondly of owning a car. With sharply increasing fuel, maintenance and insurance costs, more and more Indians are opting for pre-owned cars. A Bajaj Finserv used car loan is a sure ticket to fulfilling your desires of owning a car and sharing a pleasurable ride with your family.
The Indian automobile market is inundated with used cars as manufacturers race to launch new products, update existing ones and used car loans become more accessible. The used car market is flush with pre-owned cars that provide unbelievable value for your money. Of course, you need an expert eye to find a great offer and getting a bad deal is also not uncommon.
The numbers speak for themselves showing how sales of used cars outnumbered those of new ones in 2018. According to a Society of Indian Automobile Manufacturers (SIAM) report, close to 40 lakh units of used cars were sold in India in 2018, compared to 36 lakh new cars. The report also confirmed the fact that first-time buyers usually prefer buying a used car over a new one. Approximately 60% of the 40 lakh used car buyers were first-time buyers.
With instant approvals and pre-approved offers, Bajaj Finserv used car finance at Finserv MARKETS is a smart, quick and affordable way of owning your much-awaited first car.
Advantages of Buying a Used Car
1. Get more value for your money
Do you know that sedans lose close to 40% of their value in the first year? (Note that this sort of depreciation is exceptional and not the norm. Cars that have less resale value usually depreciate the fastest). While the first owner takes the hit of value depreciation, a used car owner benefits from an incredible deal.
The car depreciation rate table below shows the usual depreciation of car value after it leaves the showroom. Incredibly, the car loses 5% in value as soon as you drive it out of the showroom.
Car Depreciation Rate Table
Used Car Finance: Get More Bang for Your Buck
2. Better reliability than before
Gone are the days when buying a used car meant depending on the honesty of the seller. With car selling and buying platforms such as Cars 24, Mahindra First Choice, Maruti True Value, Car Dekho and more providing 16-point inspection and certified pre-owned cars, used car buyers don’t have to rely on the seller or their luck to find a good car.
Organized car sellers also take care of RC transfers, RTO formalities and other documentation so that buyers and sellers don’t have to worry about such work.
3. Easy availability of used car finance
Easy availability of used car finance at competitive rates and favourable terms from top banks and Non-Banking Financial Company (NBFC) such as Bajaj Finserv used car finance have made it faster, easier and cheaper for first-time car buyers to realise their dream of owning a car.
How a Bajaj Finserv used car loan works?
Step 1 – You can select a used car from a dealer or private vehicle owner. With Finserv MARKETS, you will get a detailed diagnostic report of the car you want to purchase so that you can make an informed decision.
Step 2 – Next you apply for the loan and our representative will collect the documents required for used car loan from your home, and take care of all the RTO formalities.
Step 3 – Once the loan is approved, which is very fast at Bajaj Finserv used car finance, we’ll pay the car’s price to the dealer and you can take your prized possession home.
With Bajaj Finserv used car loans at Finserv MARKETS you also get car servicing, insurance renewal and car accessory benefits. Additionally, you can get a car wash voucher worth Rs.3,000 and other amazing cashback.
Tip: You can get very lucrative finance deals on fixed deposits up to 90% of the car value at lower interest rates. They can be repaid in convenient EMIs from 12 to 60 months.
Things to watch out for when buying a used car
- Avoid shady and unauthorized dealers
- Go for certified cars
- Learn about the resale value of the car you are buying
- Never buy a modified car unless you are a car mechanic or engineer
- Don’t buy repossessed cars
With all this knowledge you can start hunting for the right used car for your family. Rely on Finserv MARKETS to help you with the financing part.
Finserv MARKETS, from the house of Bajaj Finserv, is an exclusive online supermarket for all your personal and financial needs. We understand that every individual is different and thus, when you plan to achieve your life goals or shop for the gadget of your dreams, we believe in helping you Make it Happen in a few simple clicks. Simple and fast loan application processes, seamless, hassle-free claim-settlements, no cost EMIs, 4 hours product delivery and numerous other benefits. Loans, Insurance, Investment and an exclusive EMI store, all under one roof – anytime, anywhere!