The bustling capital city of India, Delhi is a vibrant city. Delhi saw a complete revamp as it prepared for Common Wealth Games in 2010. The roads were widened, new flyovers were built and infrastructure saw a fast paced development. This development also saw a steep rise in the vehicles on road and consequently expansion of new and used car market. Now, in Delhi it is common for a family to own more than one vehicle whether it is a car or a scooter. Cars are preferred mode of transportation for mid to long distance. They are also chosen over scooters by women.
Advantages of Used Cars
There are many reasons why used cars are so popular in the Capital city:
- If a brand new high end car is out of budget, then used car becomes the next best option which not only suits the pocket but also accomplishes the dream of owning a premium segment car.
- If a family has a need for multiple cars, then used cars can be a very economical option as new cars are far more expensive than the used once.
- If one already has a regular sedan but requires a smaller car for short distance city running, then used small car happens to be a great option.
- Used cars are tried and tested and in case of diesel cars used cars tend to have a better mileage.
- With rise of professional set ups like Mahindra first choice and Maruti true Value that specialise in refurbishing old cars, used cars have now become more popular and reliable.
- These were the main factors behind growing popularity of used cars. It is also easy to secure loan for used car. The only difference between used car loan and new car loan is that in case of former, a valuer from the lending agency comes to determine the value of the car. It is the value of car based on which loan is extended by the loan agency or bank. In case of new cars, the loan amount is completely based on the price of the car.
Prime Features of Used Car Loans at Letzbank
At Letzbank we offer loan for used cars at attractive rates and terms and conditions. Loan is available for an amount of up to Rs. 12,00,00,000 with rates starting at just 13%. The loan tenure offered is between 60- 84 months. There is NIL processing fee when you avail loan from SBH. Some lenders like HDFC, Axis and Kotak levy flat processing charges ranging from Rs. 3500 to 5500 irrespective of the loan amount whereas others like ICICI bank and State Bank of India charge 0.50% to 2% on the loan amount. These known names make your loan processing hassle free, smooth and guarantee a reliable customer support after loan approval and disbursal. Some of them also allow part advance payment and zero foreclosure charges which can help you save your precious hard earned money significantly.
You can also use our eligibility calculator before applying for loan. Your credit score can be a big help in securing a used car loan so get yours today on our absolutely free Experian credit score calculator. Not happy with your credit score? Do refer to our useful credit score guide which gives you important and practical tips on how to improve your credit score. So visit Letzbank today and get a loan to buy that dream car because dreams are meant to be fulfilled!