Purchasing a car is a big financial commitment. There is no doubt that most people need to save up for a long time or take out a loan (and then fumble around to pay the bank back) in order to finance their very own car. The recent spike in GST has only added the burden on the average citizen in Chennai on the hunt for an affordable car. That’s one reason that more people are open to the option of second-hand cars, particularly if it is their first car.
Once you have decided that it is time for you to pull up and socks and purchase a car of your own, the first thing you must do is research your options. The options are huge and you could be overwhelmed. Your research should include the type of car that is best for your needs, what must be avoided, which dealer is best, etc. Additionally, it would be great if you can talk to friends who are experts in this particular field and have purchased used cars before.
WHY GO FOR A PRE-OWNED CAR LOAN?
Here are some of the reasons that you should go for a second-hand car instead of a first-hand one:
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Skip the steepest depreciation
Many people would argue that purchasing a car is not a great investment. That is because cars depreciate in value very quickly. The steepest depreciation happens in the first two years. So if you go for a second hand car, you will be skipping this and letting someone else take the hit.
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Cost Effective
The huge difference in price has to be the most obvious reason that people choose used cars. Even if you have a modest budget, there is a good chance that you can get a better model car if you go for a second hand rather than a first-hand. What’s more, in the little budget that you have, you can also get added bonuses like a sunroof, which would not be possible with a new car.
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Reliability
Unlike what it was a few decades ago, second hand cars nowadays are built to last. As long as they are maintained well and handled with care, they should last a very long time. Manufacturers now offer longer warranty periods because of the high quality standards they uphold.
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Certification available
Once you find a well reputed, certified dealership, the rest should be much easier. That’s because a certified dealership will thoroughly inspect the cars and mend any issues it may have, both mechanical and cosmetic. The certification will also check off any major accident that the car may have had. In Chennai there are numerous reliable dealerships that you can check out before narrowing down on one. Make sure you keep your eyes and ears open because you never know when a sweet deal for a car will turn up.
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Practice makes perfect
Instead of heading out with a brand new car when you are a new driver, it makes more sense to practice your skills on a second hand car instead until you become an expert at driving.
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Easy financing
Getting a loan approved, particularly from Qbera, for a pre-owned car is easier than ever before. The Down-payment and EMI would in fact be cheaper for a used car than for a new car. Now what’s your excuse? Go ahead and park your very own car in that garage.
BENEFITS OF FINANCING YOUR PRE-OWNED CAR WITH QBERA:
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No collateral
The second hand car loan that you can avail from us is a type of personal loan which means that it is unsecured and thus you do not need to put up your car as collateral. This will save you time, money and effort when you finish the repayment.
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Up to 100% financing
You can fund the complete expense of your new car with Qbera; even the down payment.
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One day approval
No waiting. Application, approval and disbursement of your funding can be done in just a day!
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Interest Rate
The APR charged by Qbera is between 14-24%, which is on par with the current market rates.
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Fees and other charges
We offer some of the most competitive rates when it comes to fees and other charges for second hand loans. The processing fee is a mere 2-3% (this will be based on the amount borrowed). Other charges like prepayment charges, late payment fees, ECS/cheque bounce charges and special service request charges are as per the RBL norms.
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Complete support
Taking a personal loan from Qbera means that we are committing to support you the way you deserve. We are available anytime between 10AM – 6PM IST on weekdays and 10AM to 1PM on weekends, for any queries that you may have while making your decision and long after. The Qbera staff can be reached via whatsapp at +91 89719 28484, by chat on the website or you can email us.
HOW TO APPLY FOR A USED CAR LOAN IN CHENNAI VIA QBERA:
Getting a second hand car loan via Qbera in Chennai is as easy as buying a dosa. It’s a simple five step process:
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Simply log on to Qbera.com and fill in the loan application form (which takes just about 5 minutes)
- Upload your bank statement on the website.
- Receive an offer from us within 4 hours
- A representative will come to you, at your convenience, to collect the documents
- The amount will be transferred to your account in less than 24 hours
Documents Required for Used Car Loan:
- Bank Statement
- One photograph
- 3 cancelled cheque leaves
- Income proof
- Aadhar card
- Pan card
- Address proof
USED CAR LOAN ELIGIBILITY CRITERIA:
- Should be employed with a minimum salary of Rs. 20,000
- Should have a minimum credit score of 625
- Applicants must be between the ages of 23 and 55
FAQS ON USED CAR LOAN:
- What are the documents that I will need?
We will check whether you are employed and just a few other details. These are the documents you will need to keep ready while applying.
- Bank Statement
- One photograph
- 3 cancelled cheque leaves
- Income proof
- Aadhar card
- Pan card
- Address proof
- How can I reach the Qbera staff if I have any doubts?
We can easily be reached on the phone anytime between 10AM – 6PM IST on weekdays and 10AM to 1PM on weekends. The whatsapp number is +91 89719 28484. You could also chat on the website or you can email us. If you leave a message, one of us will definitely respond to you within 24 hours.
- What is the loan amount that I can take?
You can avail between ₹25,000 and Rs. 10 lakhs as a Used Car loan.
- What is the processing fee that will be charged?
The processing fee is a mere 2-3% (this will be based on the amount borrowed).
Interest Rate & Other Charges
Interest Rate
|
11.99% to 35.99%
|
Processing Fee
|
1% to 5% of total loan amount
|
Loan Amount
|
₹1,00,000 to ₹15,00,000
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Loan Tenure
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12 to 60 months
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Step 1: Online Application Form
Get approved instantly
Fill out our online application form by answering a few questions about yourself, your employment, your education, expenses and needs. This process would take no longer than 10 minutes.
Step 2: Connect bank account
Submit your bank statements
Connect securely to your bank via netbanking and submit bank statements as part of the easy loan application form. Alternatively, you can upload bank generated pdf bank statements.
Step 3: Loan term
Choose your Loan Term
Using our proprietary Credit Scoring Algorithm we determine your loan eligibility in real-time. Our algorithm uses the information about you, to determine your future potential and help you get the best rate instantly.
Example: A
loan offer of
₹2 lac, for a
tenure of
3 years at an
interest Rate of
16.6% (on a reducing principal) and a
processing fee of
2.5%.
Translates to:
- Processing Fee deduction of ₹5000 (2.5% of 2 Lacs) from loan amount, thus, the amount credited to your account will be ₹1.95 Lacs
- EMI of ₹7091 per month
- Total payable amount in 3 years = 36 times ₹7091 = ₹2,55,276
- Total Interest paid in 3 years = ₹55,276, hence, annual interest paid = ₹18,425 (which translates to an effective flat annual rate of interest of 9.21%)
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