Finance your next company car using a Used Car Loan
Whether you are looking to add to your fleet of company cars or you want toupgrade your existing car to a luxurious model, buying a pre-owned car could be a prudent option. Since used cars offer good value for money, it’s not a bad idea to gift more options and luxury to yourself and your employees in the form of a ‘new’ second hand car.
Used car markets have grown exponentially in recent times. A study reveals that the used car market in India will grow at a CAGR of 12.5% from 3.94 million units in 2016, to 7.1 million in 2021. Buying a used car for your company also reduces your capital expenditure, and the saved amount can be used for further reinvesting into your business.
Just like a new car, you can you can purchase the used car with a ‘Used Car Loan’. Lenders have started providing used car loans at affordable interest rates and easy documentation. Used car loan penetration in India increased by 15% during the last financial year.
Here are few of the many reasons why purchasing a second-hand car and financing it with a used car loan can be beneficial for you.
- Lessen your burden
It's more affordable than a new car but you may still need to shell out lakhs of rupees for buying a second-hand car for your company. A new Honda City can cost you around Rs 12 lakhs whereas a used car of the same model can be bought for around Rs 8-9 lakhs or lower, depending on its mechanical condition. Availing a used car loan can reduce your burden of paying cash upfront, and you can easily purchase your car without straining your finances.
- Easy payout options
With affordable interest rates and flexible payout options, you can easily pay-off your used car loan. You can customize your loan tenure and calculate your monthly installments (EMIs) to repay the loan without any burden on your finances. You can choose to pre-pay the loan amount anytime during your tenure to close the loan account.
- Easy Disbursal of Funds
With minimum documentation and simple online application process for used car loans, you can get easy and quick access to finance your ‘new’ pre-owned car. Also, with minimum eligibility criteria and no guarantor required, availing a second-hand car loan becomes hassle-free.
Best deals with certified partners
Many financial institutions like Reliance Money have tie-ups with certified pre-owned car dealers allowing you to get the best deals while availing used car loans from these institutions. You are also assured of best quality cars as the dealer conducts extensive tests on the car and certifies them before putting it up for sale. You can choose from a wide range of cars and get your loan approved at once.
It is preferable to opt for used car loan financing instead of paying cash upfront. Reliance Money offers used car loans with attractive features and flexible tenure options to help you drive home the dream vehicle for your company.