At one point in your life, you would have definitely dreamed of getting your own car. However, reality strikes and you realize that cars cost a lot. Even if you are able to afford a car, you may not buy it. The reason is that you would rather same the funds for any emergency, and it makes perfect sense to not spend all your saving on a car. However, you can avail a car loan to fulfill your dream of owning a car. Still, you may hesitate because of the car loan interest rate. But, have you consider a used car loan? No, well here are some benefits on loans for a used car:
Loans for Used Cars: Benefits
Buying a used car using a loan can provide you a multitude of benefits. One of the prime benefits that you will avail is reduced price of the car. A used car is bound to be cheaper than a new car. Therefore, the principal amount of your loan will be lower. As a result, your car loan interest rate will also be lower. Another key benefit of buying a used car through loan is that you can still enjoy car loan tax exemption. However, you need to remember that car loan tax exemption is only valid for cars that are for commercial purpose under Section 80E of the Income Tax of India Act.
Instant Loans for Used Cars by PaySense
If you decide on buying a used car then you should not apply to a bank for the loan. The reason is that many banks and NBFCs do not provide loans for used car. Additionally, you may not be able to get a loan approved for the entire amount of the car. Furthermore, since you are buying a used car, it means that the price and demand of the car is dependent on time. You don’t want someone else getting to the car first and offering the asked price to the owner. So, the best place of a used car loan for you is PaySense. PaySense not only provides instant approval but you can also use the remaining loan amount, after the purchase (if any), to repair the car. So, what are you waiting for, download the mobile app and decide you amount.
Apply for Loans of upto ₹5 Lakhs easily using your phone or laptop, and pay back on low EMIs