Having your own car is a goal that most of us have. Whether you wish to buy a luxury sedan or an SUV, your car is often considered a symbol of your aspirations, style, or adventure.
However, given that a vehicle is usually a long-term commitment, you may want to stretch your budget and get your hands on a car that you will continue to enjoy even after a few years.
This is where you can consider a used car loan as a financing option to fund your car purchase.
If you are planning to apply for a used car loan, you must keep these 4 factors in mind that affect your eligibility criteria.
- Credit score: Your credit score is a significant determinant of your eligibility for a used car loan. Lenders use your credit score to assess your creditworthiness. It also helps in evaluating the risk of lending funds to you. If you wish to get a used car loan from Bajaj Finance, you must have a CIBIL Score of 700 or higher.
- Age: Another important eligibility parameter for used car loans is your age. If you wish to go ahead with Bajaj Finserv Used Car Loan, you must be between 18 and 80 years* of age.
- Employment and income: Lenders want assurance that you have a stable source of income to repay the loan. Therefore, a steady job and a higher income can enhance your eligibility.
To be eligible for our used car loan, you must fulfil the following income criteria:- If you are a salaried individual, you should have at least 1 year of experience and a minimum monthly salary of Rs. 20,000.
- If you are a self-employed individual, you need to submit an ITR proof for the last 2 years.
- Vehicle age and condition: Another factor that affects your used car loan eligibility is the age and the condition of the vehicle in which you are buying. If you are applying for Bajaj Finserv Used Car Loan, your second-hand car should not be older than 12 years.
Now that you know the factors that influence your used car loan eligibility, you can manage them and ensure that your used car loan application is approved without any roadblocks.
Before applying for a loan, it is advisable to shop around, compare offers from different lenders, and choose the one that best aligns with your financial situation. So, whether you are eyeing a sleek sedan or a rugged SUV, remember that the road to your dream car is paved with careful financial planning and wise choices.
Click on the below link to know more about our used car loan.
