Buying a Used Car? 5 Things to consider before buying one

1. Consider your needs before buying a car

Before you decide to follow through with a purchase of a second-hand automobile stop and consider your needs. Address the main function it will serve. Do you need a car to commute to work or something that can transport a family of 5 with great ease? Will you travel on the highway or utilise it to carry equipment and gear that requires added boot space? It is important that you know the main usage of your car before buying anything at an attractive price.

2. Set a budget and scout funding options

Once you have decided which car best suits your need, you can start looking for options to fund it. You may not be willing to put a large amount from your bank account towards its purchase. So, consider taking loan from Bajaj Finserv, which offers you affordable interest rates on Used Car Loans of up to Rs.25 lakh. You can also benefit from a 24-hour disbursal and 45% lower EMIs with the Flexi Loan facility. It is best for you to have an idea of the transaction method, whether you are going to pay through bank loan, dealership, cheque or other means. Ensure that your budget accounts for additional charges and spare parts.

3. Do your homework

Research the model, make, year and prices of the car. Check reviews and see if the chassis and engine number match the one in the registration papers. Examine the brakes, tyres, filters, alignment and anything else that may require work. Do not hesitate to negotiate with the seller to get a better deal as you may save a substantial sum. Pop the hood and check for signs of damage and rust.

4. Check the necessary documentation and go for a test drive

Make sure you check all the paperwork such as insurance, RC copy and the vehicle history report. Be sure that the car has not withstood any major damages, as that could become problematic in the long run. Ask for a test drive and ensure that everything is working fine. Check if the lights are functioning and if the fuel pipes are fine along with checking the soft furnishings of the car.

5. Get an opinion from a trusted mechanic

Lastly, before you follow through with your purchase get an expert opinion. Request the seller to allow the car to be examined by a recognised professional. Your trusted mechanic can tell you about damages and repairs and the overall condition of the car especially when your untrained eye doesn’t notice them. You are then in a better position to negotiate a better price for yourself after determining the value of the machine.

With these simple steps you can safeguard the purchase of your very own second-hand car. For an affordable second-hand car loan, check your pre-approved loan offer from Bajaj Finserv today!