The image painted of a used car is generally of a used crack box that is a difficult drive. This picture is deceiving what used cars in today’s date actually are. Today, used cars are utility vehicles that are not only affordable but also good, usable condition automotive. The look and feel of a new car can lure you to get one, but there are a number of reasons why investing in pre-owned cars are better than going for a new car.

Undoubtedly, pre-owned cars are cheaper than the brand new ones. This is because the value of the car depreciates when it has been on the road. Though the performance of the car still remains the same for the first few years, the price one has to pay is considerably high for a new car.  The value of a new vehicle can drop 11% on the drive home

The customisation cost incurred in a used car is way less than that of a new car. You don’t have to settle for expensive dealership add-ons when buying a used car. You get the freedom to install your own accessories from the desired dealer at a lower cost.

The odds won’t let you own an unused car of a specific model whose production terminated years back. A used or pre-owned car gives you the window to choose the desired model from the batch of cars a dealer might have.

It is easy to get over 100 per cent finance cover at a low used car loan interest rate from the modern day NBFCs.

Now that you know the benefits of having a used car, you might be looking for finance options for the same. Getting your dream car financed is not a difficult affair now. There are a number of options in the banking and NBFC sector that will help you drive home the car you always wanted. If you think that getting a pre-owned car loan is difficult, here is what you need to know to get the car financed:

You can get a vehicle loan if you are over 18 years of age while applying for the loan and under 65 years, at the end of its tenure

You should be a salaried employee or a self-employed individual, with at least 1 year of professional experience

If you are applying for a loan, your earning should be minimum gross income of Rs 20,000 per month

The used car loan interest rate depends on your credit score

Once you fall under the set of eligibility criteria, calculate your credit score with vehicle loan calculator to avail the loan. The procedure and documentation are quite simple. While the banking sector demands lengthy procedures and hefty paperwork, digital lending companies have made it simple for you. You just need a few documents to make sure your application is processed smoothly. These documents are:

Completed application form

A recent passport-size photograph

Identity (ID) Proof (any one): Aadhaar card, Passport, Voter’s ID, Ration Card, Driving License, PAN card or Government ID (for government employees)

Address proof: Any of the above ID proof or your last 2 months’ utility bills

Address proof: Any of the above ID proofs or your last 2 months’ utility bills

Income proof

Salaried individuals: Latest Form 16, last 3 months’ salary slips or bank account statements with salary credits

Self-Employed individuals: Copy of the most recent Income Tax Return form

Vehicle RC cop

One of the most reliable financial solutions is Clix Capital that provides second-hand car loans. It is a customer-friendly organisation that believes in simplifying client’s borrowing experience. Once you apply for a loan, the company will get in touch within 24 hours of application to understand the requirements. After assessing the entire scenario, the company gauges the rate of interest to be charged. There are various factors that come into play, i.e., your application, age, income, etc. Once the loan is approved, the company directly transfers the funds to the dealer’s account with your consent. It also ensures a receipt consent from the receiving party to mark the transaction as done.