4 Tips to Get a Good Used Car Loan Deal

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used car loan to split the cost of the vehicle in easy EMIs. Offered by leading banks and NBFCs, used car loans are a specific type of financing designed for purchasing pre-owned vehicles. One of the leading NBFCs, Bajaj Finance Limited offers used car finance that comes with simple eligibility criteria.

Your credit score, also known as the CIBIL Score, is an evaluation of your creditworthiness. This score is created based on your credit repayment history. A lower credit score indicates a track record of poor debt management, potentially leading to loan application rejection or higher interest rates imposed on your loan.

By maintaining a healthy credit score, you improve your chances of securing a used car loan with favourable terms and competitive interest rates. Your CIBIL Score range spans from 300 to 900. However, if you have a credit score of 720 or higher, it will be easier for you to get a used car loan at better terms.  Every lender offers loans with different terms.

However, it is essential to compare these terms to make an informed decision. You must explore options from various banks and NBFCs, to find the one that offers the most favourable terms as per your creditworthiness. Careful consideration and comparison can potentially save you money in the long run.

Check if you have a pre-approved offer with a lender that you already have an existing relationship with. Many banks and financial institutions offer pre-approved loan offers to their existing customers. By exploring this option, you could potentially be able to get a used car loan with favourable terms.