As reported in ‘India Used Car Market By Vehicle Type, By Sector, By Sales Channel, By Fuel Type, Competition Forecast & Opportunities, 2012 – 2022’, India’s used car market is projected to reach up to $66 Billion in the next 4 years. Now, that’s a massive number. So what could be the reason for such a massive boom?
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Growing Market for Used Cars in India
One reason, we believe, for this is the rise in the number of urbanized salaried individuals. Auto manufacturers are now opting to set up their own used car network across the country. Slowly, but surely, we have started accepting the non-demeaning status of a used car. It is no more an old, unwanted piece of depreciating machinery. Car owners have also matured. When you go looking for a used car, the vehicles are now no more an eyesore.
Auto car manufacturers can also retain the trust of their users by providing excellent after sales services for their older vehicles. Online platforms such as Quikr, Carwale and OLX also promote used car market by allowing car owners to reach a larger audience. Whether you just started working for the past 6 months or have been a veteran in your company, a second hand car is not a poor option anymore.
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Used Car Loan
I met a friend, who recently purchased a brand new Tata Tiago on a secured Loan. He has been working for the past 6 years and drove a second-hand Maruti Wagon R. When I asked him about the reason for him to shift from a used car to a brand new one, his answer was short – “My first second-hand car made me appreciate the brand new one”.
I was surprised at this because, usually one would hear an individual rave about the brand new car features, comfort, etc. But, my friend valued those less, for him the car was a mode of conveyance that helped him reach work faster, without enduring the scorching sun or pelting rain. It helped him avoid petty scratches and rowdy drivers, and that gave him the confidence to go for a brand new one.
He also mentioned that because he had bought the older car via a used car loan, it was easy for him to get accustomed to managing a loan. His first loan was a used car loan, so that also helped in paying off his EMIs promptly without any defaults. This improved his credit profile before he jumped up a notch to get a brand new car secured loan.
It is now super easy to apply for a used car loan. If you have the income (we know you do), and the easy part of driving a car, you can easily get your first car inside your garage; thanks to a used car loan from Loan Singh. A brand new car might go above your budget or you might have never driven a car before and would want to learn. For both of these reasons, a used car loan is perfect. If you have already applied for a used car loan, then the only thing left to do is visit a used car dealer, choose the second-hand car you want and transfer the cash to the dealer. This way you enter the showroom walking, and exit it steering your second-hand car.
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Used Car Loan with Loan Singh
Good conditioned used cars don’t remain unsold for too long. So, the best option left for you to get quick funds is a fast digital lending platform. Enters Loan Singh…
At Loan Singh, everything from application to disbursement happens online. With only Aadhaar, PAN and Bank statement/netbanking credentials, you can apply for a Personal Loan and pay for your emergency requirements. Having no collateral requirement gives a personal loan an advantage over a secured loan. A personal loan can also be availed for a number of purposes such as purchase of household appliances, electronic gadgets, purchase of gold, holiday travel, home improvement, job relocation, medical expenses, home renovation, purchase of second hand vehicles, marriage, etc.
The loan amount for a personal loan at Loan Singh can range from Rs.50,000- Rs.5,00,000. The repayment is done via EMIs, with interest rates on a reducing balance method. The personal loan tenure can be from 3 to 36 months.
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5 Reasons Why a Used Car is Relevant
A second-hand/used car comes with its own set of advantages compared to a brand-new one. Let’s look at 5 reasons why a used car can be a good investment to take a personal loan for.
- No Extra Charges
When you go for a brand new car, you don’t just pay for the value of the car. You also pay added charges such as preparation fee, processing fee, GST, advertising fee and shipping charges. These additional charges take a heavy toll on your wallet. For a second-hand car, you don’t pay for these additional charges.
- Multiple Choices
When you visit a used car dealer anywhere in India, you won’t just find Maruti Suzuki’s used vehicles. You can also choose from Honda, Tata, Hyundai, Mahindra, and many other car brands. You can easily choose the best and pay via the second-hand car personal loan you already have availed from Loan Singh. You might also stumble upon a used car that is not even in production anymore.
- Affordable Pricing
The price gap between a used and a new one is huge. You could argue that the interest rates on new cars are less, but the one-time amount you pay (inclusive of a new paint job, top-up of engine oil, coolant, complete interior & exterior wash, and more) for the second-hand car goes easy on your budget. Nothing, a personal loan cannot afford.
- Less Stress
If it is the paint getting chipped-off on gravel, the tyres getting punctured or some other driver goes-off with your car mirrors from the opposite side, you don’t feel much when this happens with a second-hand car. That is why a used car is perfect to start learning to drive from scratch. This way you don’t face sleepless nights and it goes easy on your pocket as well.
- Depreciated Value
New cars, as soon as bought, lose a portion of their value immediately. The moment a new car is purchased, it is not new anymore and will be sold as a second-hand. New car owners go through a plethora of emotions when the new car starts acquiring wear & tear going over Mumbai’s potholes or Goa’s beachside terrain. In the first year, since purchase, new cars lose as much as 40% of their initial value. For a second-hand car, however, there is much less depreciation. You will lose less money over comparatively long time and will avoid the hit the first owner took, when you go for a second-hand car.
About Loan Singh
Loan Singh is a digital lending platform that prides in providing an unsecured online loan to salaried individuals. You can apply for instant funds with instant approval. An easy emergency loan can be availed in the form of a personal loan, which is not a bank loan. You receive a low personal loan interest rate. This instant loan, which is basically a quick loan, can be paid via easy EMI and can be availed for a number of loan purposes such as:
- Home improvement loan/Home renovation loan
- House repair loan
- Marriage loan/ Wedding loan
- Medical loan
- Second-hand car loan
- Second-hand bike loan
- Second-hand vehicle loan
- Consumer durable loan
- Vacation loan
- Shopping loan
- Smartphone loan
- Debt consolidation loan
- Credit card refinancing loan
- Job relocation loan
- Travel loan
- Festival loan
- Shopping loan
You can calculate your easy EMI using our personal loan EMI calculator. We accept bank statement, PAN, and Aadhaar for instant loan pre-approval. A bad credit score or credit report errors can lead to personal loan rejection. Personal loan defaulter consequences can also ruin your credit score. Improve your credit rating by avoiding EMI repayment default. The ‘Loan Singh Blog’ is one of the best finance blogs in India.
Loan Singh is not an anonymous digital lending platform. We are present on almost all leading social media platforms. All you need to do is look us up. Some social media platforms you can find us on are:
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- Loan Singh Pinterest
- Loan Singh on Instagram
- Loan Singh Blogarama
- Loan Singh Google Review
- Loan Singh Medium Blog
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