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

  • Highlights

  • Determine the function your car will serve and your budget

  • Check for faults, damages, cracks and test drive it

  • Ensure you have documents like insurance and RC book ready

  • Bajaj Finserv offers Used Car Loan up to Rs.25 lakh at nominal interest rates

Buying a car is always exciting, no matter whether it’s your first or not. In the midst of your purchase journey, remember that when you buy a second-hand car, it pays to be extra cautious. If you make a less than stellar choice when selecting a car, you may end up spending more on the maintenance than you did to buy it. Be sure to select a car according to your usage so ensure that it will last you for years to come.

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For a little bit of direction when it comes to buying a used car, follow these tips before you sign the dotted line. After all, safety comes first whether it is on road or during your purchase.

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.

Bajaj Finserv Personal Loan for Pre-owned Cars

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.

Additional Read: Everything About Loan for Used Cars

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!

Additional Read: Apply Personal Loan For Used Cars Online
The content of this document is meant merely for information purposes. The personal loan features mentioned in this article are subject to updation, completion, revision, verification and the same may change materially based on policy revisions. For more details, please visit our Personal Loan terms and conditions page here.

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