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As India is gradually emerging from the COVID lockdown, the way people are commuting is visibly changing. To maintain social distancing and personal safety, Indians are leaning towards private transport modes rather than public ones. At the same time, they are careful about their spending habits. So, naturally, the demand for used cars is increasing. While a used car loan can meet this demand quickly, it is important to bag a low interest rate to repay the loan conveniently.
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Looking for an affordable used car loan interest rate? Here is what you should know
Used cars are less expensive and come with a warranty. • Used car insurance premiums are lower. • You can select from a variety of models. • Used car loans are offered by numerous lenders.
Used car loans are readily available. • The loan amount as well as LTV is high. • Easy documentation and simple loan procedure. • Affordable interest rate and flexible repayment term.
Try and keep your credit score in good shape. • Compare lenders and choose the one with the lowest interest rate. • Make a large down payment and keep your loan amount low.
To get the best deal on a used car loan, evaluate your budget and conduct some research on lenders.
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