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General Blog

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Buying cars in India by taking a loan


Car selling and buying is such a big business these days; people unlike older generations like to have their own vehicles. Hence, every family does almost have one car per person. This scene has tremendously increased the demand for new as well as used cars. For the younger ones, parents do like to buy cars but they often look out for cars that are pre-owned. Today, with lot of facilities and competition, used car Bangalore 1 lakh are available for the people who are looking to buy used cars.

Why buy a used car

Used car market is huge globally and the demands for used cars keep growing at stupendous rate. If you are looking to save some money, then buying a used car can help you save a lot of money and at the same time getting a better and bigger car that wouldn’t have been possible if you bought a new car.

Loan opportunities for used car buyers

A lot of companies are venturing into loans, gold loans, share market loans, etc. hence the demand for loans is increasing too. The used cars are now available at the buyer’s choices, rates and discretion since they have hundred of options to look for before making an actual buying decision. The research has shown that the new cars depreciate almost by 20 percent if they are driven too often, the rest of the car depreciate by a mere 10 percent in the first year. So that means a total value for the car is depreciated by a good 30% in the first year of ownership itself. A rightly used car may demand a higher price and its possible for the owner to buy drive and sell it by making a loss in its equity value. The key value that determines the cost of the car is the actual value of the car.