In today’s world, a car has become more of a necessity than a luxury for many people and families. With the demands of modern life, like commuting to work, travelling with family, and getting to various services, owning a car is almost essential. However, buying a new car can be expensive for some people. This is where used cars come in, providing a more affordable option. Used cars offer a practical way for people to own a reliable vehicle without the high cost of a brand-new one. So, is it good to buy a used car? It can be a smart choice for those looking to save money while still getting the transport they need.
Financing your used car is also simple with Bajaj Finserv Used Car Loan. It offers large loan amounts, giving you the flexibility to choose the car that suits you best. With flexible repayment options, you can easily manage your monthly budget. The process is quick, with fast approval and minimal paperwork, making it a hassle-free way to finance your pre-owned car.
Additionally, you may already have a pre-approved used car loan waiting for you. Check your pre-approved used car loan offer and take the first step towards owning your car today.
3 reasons why you should opt for a second-hand car
1. Cost savings
- Lower purchase price: Used cars are significantly cheaper than new ones.
- Avoid early depreciation: New cars lose up to 40% of their value in the first few years.
- Better value for money: You can often afford a higher model or variant for the same price.
2. Wider variety and availability
- More choices: The used car market offers a wide range of brands, models, and features.
- Find discontinued models: You may find older models that are no longer available in showrooms.
- Flexible options: From hatchbacks to SUVs, there is something for everyone.
3. Lower insurance costs
- Reduced premiums: Insurance for used cars is generally cheaper.
- Lower IDV (Insured Declared Value): This leads to smaller premiums.
- Affordable ownership: Combined with lower EMIs, this makes used cars more economical.
Things to check before buying a second-hand car
We have already discussed the second-hand car buying process and how to go about it. Now, let us look at what you should check before finalising your purchase.
Go through the points below to understand the used car inspection checklist.
1. Used-car test drive
You should check the following things while test-driving a used car:
- Drive the car for at least 5 km to get a feel of its overall condition.
- Start the engine and ensure it runs smoothly without any strange noises.
- Check the gear shifts – they should be smooth and without jerks.
- Steering should be stable – there should be no vibrations, and it should turn easily.
- Test the brakes – the car should stop smoothly without noise or pulling to one side.
- Listen for suspension or chassis noise – any unusual sound could mean wear or damage.
- Check wheel alignment – drive in a straight line and briefly release the steering. The car should not drift to one side.
- Inspect for oil leaks – park the car in a well-lit area and check under the vehicle.
- Check fluid levels – engine oil, brake fluid, coolant, and transmission fluid should be at proper levels.
2. Pre-purchase car inspection
Once you are satisfied with the car’s driveability, inspect the vehicle thoroughly:
- Check the exterior for dents, scratches, rust, chipped paint, or cracks in the windscreen.
- Inspect the tyres for wear and ensure they have enough tread depth.
- Open the bonnet and check the battery condition and the engine bay for any visible damage.
- Open and close all doors, the boot, and the bonnet to ensure they function properly.
- Operate the windows to check for smooth movement.
- Check the odometer reading and confirm it matches the seller’s claim.
- Inspect the interior for damage and test all features like AC, music system, seat belts, and infotainment.
- Test all electrical components including headlights, tail lights, indicators, interior lights, and wipers.
3. Document verification
Before finalising the deal, verify the following documents:
- Registration Certificate (RC): Ensure the details match the vehicle and owner information.
- Car insurance certificate: Check if the policy is active and review any past accident claims.
- PUC certificate: Confirm the car has a valid Pollution Under Control certificate.
- Road tax receipt: Ensure there are no pending road tax dues.
- No Objection Certificate (NOC): If the car was financed, check for an NOC from the bank confirming loan clearance.
Doing a pre purchase car inspection gives you peace of mind and helps you make a smart, informed decision.
After ensuring that the car meets your expectations, the next step is to secure your financing. Why delay? Check your used car loan eligibility to determine how much you can borrow instantly.
How to finance your used car easily
While used cars are more affordable than new ones, they still require a good amount of money. Not everyone can pay the full amount upfront. This is where a used car loan from Bajaj Finance can help.
Bajaj Finserv Used Car Loan offers a simple and convenient way to finance your car. Here is why it is a great option:
- Get high loan amounts
- Enjoy flexible repayment options
- Quick approval process
- Minimal paperwork
You can check your used car loan eligibility online in just a few steps. If you are eligible, you can also view your pre-approved offers and plan your purchase better.
