Purchasing a well-maintained used car can be a wise and cost-effective option given that the market value of a car depreciates over time. However, even if you choose this low-cost alternative, you will still need to make financial arrangements to purchase your used car. A used car loan can be an excellent way to fund this major purchase without having to deplete your savings.
Making a down payment before taking out a used car loan is always a smart move. It helps to reduce the loan amount you borrow, which ultimately results in a lower cost of borrowing. In addition, a down payment gives you the ability to negotiate a better deal with the seller, which could further reduce the cost of your used car.
However, gathering enough funds to make a down payment may not always be possible. If you are looking to buy a second-hand car without any down payment, used car loans with zero down payment can be an option you can explore. Many financial service providers offer zero down payment used car loans.
Bajaj Finance offers used car loans of up to 115% of the car’s value, helping you to buy the car you desire without making a down payment.
Here are a few additional benefits of availing our used car loan
High loan amount
You can secure high-value funding of up to Rs. 1.02 crore with our used car loan. You can also benefit from the convenience of doorstep assistance throughout the loan application process, including document collection and registration certificate transfer.
Minimal documentation
Our used car loans come with straightforward eligibility criteria and minimal documentation requirements. You will need to submit a few essential documents, such as KYC documents, PAN card, salary slips, and bank statements.
Additional read: All you need to know about used car loan
Quick disbursal
One of the biggest advantages of our used car loan is the quick disbursal process. The loan amount is deposited to the bank account within 48 hours* of loan approval. This allows you to purchase your car without any delay.
Flexible repayment tenure
Our used car loans have a repayment tenure of up to 84 months. You can repay these loans over a long period of time without straining your monthly budget.
