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Owning a car has become a necessity given the hassle one faces while using public transport services. However, it is a significant investment and paying for a new car upfront can strain your budget. This is where a used car loan comes to your rescue where you can easily own our next car without disturbing your savings.
This blog will take you through the benefits offered by used car loans to help you decide whether to go ahead and apply for one.
Advantages of used car loans
The following are some of the best used car loan benefits you can enjoy when you choose IDFC FIRST Bank as your finance partner.
1. High Loan-to-Value (LTV)
One of the key benefits of used car loans with IDFC FIRST Bank is the ability to avail a high percentage of the value of your vehicle.
IDFC FIRST Bank lets you pay for up to 100% of the value of your desired car while taking a repurchase loan, which means you do not have to pay the down payment from your pocket.
2. Competitive interest rates
A car loan is as good as its long-term affordability. IDFC FIRST Bank’s used car loans interest rates are offered at competitive rates starting at just 11.99% per annum so you can own a car without incurring excess interest. These rates keep your monthly repayments affordable throughout the loan duration.
A smart loan doesn’t just put you behind the wheel—it puts you on the road towards financial freedom.
3. Flexible repayment tenures
With IDFC FIRST Bank, you can select a repayment tenure of 12 months to 84 months, which means you can easily find a used car loan plan that aligns with your finances. Having a longer tenure helps you lower your EMIs and easily manage your expenses.
4. Minimal documentation requirements and a digital process
Speed and ease are two characteristics that distinguish IDFC FIRST Bank. The whole used car loan process can be done online in a few simple steps, which saves you the hassle of multiple trips to a branch.
You can get an instant sanction of up to ₹15 lakhs within just 15 minutes, making sure that you gain access to funds at the precise moment when you need them.
5. Zero foreclosure benefits
Used car loans often come with a foreclosure charge if you wish to close the loan before the loan tenure ends. However, with IDFC FIRST Bank’s used car loans, you enjoy zero foreclosure benefits where you can close your loan anytime without incurring any extra charges.
This facility makes it easier for you to manage your loan and own your dream car at the same time.
Conclusion
Going with IDFC FIRST Bank for a used car loan is more than borrowing. It's a better approach to balancing affordability and flexibility. From quick approvals and compelling rates to refinance options and high LTV ratios, the benefits of a used car loan from IDFC FIRST Bank place you in the driver's seat when it comes to comfortably managing your finances. With the right strategy, you can drive home your desired vehicle and stay in budget.
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.