The whole idea of buying a brand new car is quite enthralling, but have you ever spared a thought about how much you really have to spend on claiming full ownership of it? The automobile industry is evolving rapidly. So, car prices are progressing mostly towards the higher end. So to speak, owning a new car at the present date has become a high-value purchase for a common man, not affordable by many. If you too are looking to own a car, but a little hesitant on burning a hole in your pocket, you may definitely consider buying a used car with a car loan. More and more modern cars are making its way to the used car market now, so why not own a car without shelling out a fortune for a long-desired asset? Moreover, car loans and car loan interest rates shall also work in your favour if you purchase a used car. Let us reassure, buying a used car makes more sense for people who are upgrading from two-wheelers, or are second-time car buyers.
1. Save Money – Buying a used car means that you have to pay a lot less than what you would have paid while buying a new car. The value shall depreciate depending on the year of the car’s manufacture and the number of years of being in use. In fact, if you have a specific budget in mind you can also get a upgrade in purchase. For instance, if your budget is 5 lacs, and you are willing to buy a year-old Maruti Suzuki Swift, you may be able to get a two-year old Hyundai i10 at the same price! Isn’t that a great deal?
2. Drive without any worries – The worries related to saving your brand new car from scratches and dents are nowhere near you when you drive an old car. You may drive around for longer hours as soon as you purchase a used car. You may not want to take a risk of doing the same with your new car without proper inspection. Sometimes, while commuting to places with narrow lanes or potholes, you may even prefer leaving your new car home and take the public transportation, won’t you?
3. Get certified cars with warranty – Do not be afraid of falling into the trap of cunning car salesmen. Now, you also get certified cars with a warranty period from various trusted car dealers selling used cars.
4. Cheaper Insurance – If you are using your car loan to buy a used car, you might be able to cover your insurance charges within the same! The costs related to buying new car are higher, so your car loan amount also rises sharply. But in this case, you do not have to pay any additional charges for insurance, etc. You can simply use your car loan to cover the entire expenses of the car. You might as well be lucky if the car is already insured. In that case, the insurance would just be transferred to your name.
So, buying a used car with a car loan shall benefit you in all ways. Not only do you benefit from an attractive car loan interest rate and pay off the car loan without any financial burden, but also drive around the city absolutely hassle-free!
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