Reasons to Choose Hero FinCorp Used Car Loan Online

Buying a car is not only a financial but also an emotional investment. However, most premium vehicles come with a higher price tag. Therefore, many prefer to purchase a used car. It is a cost-effective option that allows you to own a premium car at a fraction of its original price. Further, you can borrow a Used Car Loan to buy your selected car without paying its cost upfront.

The demand and popularity for used cars have increased significantly. Lending institutions like Hero FinCorp offer Second-Hand Car Loans to purchase used vehicles with effortless financing. Here are the top reasons for choosing a Hero FinCorp Used Car Loan.

What is a second-hand Car Loan?

A Used Car Loan is a type of financial support you can borrow to purchase a second-hand vehicle. At Hero FinCorp, you can borrow up to 90% of the car’s on-road price and repay it in easy and equal installments in up to five years. Since second-hand vehicles are cheaper than their new versions, they require a lower loan amount, and there is minimal risk of depreciation on the vehicle. Typically, these loans have quick approvals and flexible repayment terms. Hero FinCorp’s Used Car Loans have simple eligibility criteria, require minimal paperwork, and offer fast approval.

Perks of Buying a Used Car

The automobile industry continuously evolves, and car prices rise yearly. Once a luxury, buying a car has gradually become a necessity for Indian families. However, those who need help to afford a new vehicle often choose a pre-owned one. It is cheaper than the latest variant and has minimal depreciation risk. Here are a few reasons to switch to buying a used car:

A Wider Variety Fits into Budget: When you purchase a used car, you can accommodate a wider variety of models within your budget. Since your capacity to buy a new vehicle will be restricted due to finances, you can look for better models in the pre-owned car market. You can use a loan to find a perfect match without financial strain, depending on your requirements.
Higher Value, Minimal Depreciation: Second-hand cars have a slower depreciation than new models. That means you can retain a higher value over time than a brand-new car purchase. Moreover, a new vehicle loses its value by around 10% immediately after leaving the showroom.
Save Money and Upgrade to a Better Model: Buying a used car means saving a significant amount on your purchase. You can use the saved amount to choose a better model with your desired features and looks. Since these cars require less investment, you can look for a vehicle in the higher segment.

Reasons to Borrow a Used Car Loan from Hero FinCorp Online

Here are the top five reasons why a Second-Hand Car Loan is a smart decision to finance your used car purchase:

High-Value Loan Amount

Do you want to purchase a car without disturbing your budget? A Used Car Loan from Hero FinCorp can be the right financial support to turn your dream into reality. A substantial loan of Rs 50,000 to Rs 50 Lakh makes your purchase easily affordable and hassle-free. With a high LTV ratio of up to 90%, you can cover all the expenses related to your car purchase, including documentation, repairs, upgrades, etc. Whether you want to buy a rugged SUV or a stylish sedan, this high-value loan amount lets you purchase the car of your choice without any financial constraints.

Quick Approval and Disbursal

If you find your desired car in good condition, ensure you secure it without letting a lack of funds hold you back. If your lender takes a long time to approve and disburse the loan, you may lose the car deal, and it may get sold. Therefore, you need a loan company that provides the necessary funds quickly. When you apply for a Used Car Loan at Hero FinCorp online, you can benefit significantly from the quick approval process.

Flexible Repayment

Repayment flexibility is one of the best things about Second-Hand Car Loans. With Hero FinCorp, you can opt for a repayment tenure of up to five years. It spreads your car’s cost over time, making it easy on the pocket. Use a Second Hand Car Loan EMI Calculator to calculate your monthly EMIs and choose a tenure with affordable installments.

A longer tenure means smaller EMIs but higher interest outgo. On the other hand, a shorter tenure means bigger EMIs but less interest outgo. The trick is to choose the shortest possible tenure with EMIs you can easily adjust into your monthly budget.

Simple Eligibility Criteria

Hero FinCorp has designed Used Car Loans with straightforward eligibility criteria. Fulfil the following conditions to apply for a Used Car Loan online at Hero FinCorp:

Nationality: Indian
Age: 18-60 for salaried and 18-65 for self-employed individuals
Minimum Work Experience: One year for both salaried and self-employed individuals
Minimum Income: No minimum income criteria for Hero FinCorp

Minimal Documentation Requirements

You must provide a few essential documents to apply for a loan online if you fulfil the eligibility conditions. The documentation requirements may vary for salaried and self-employed individuals. Some standard documents required for a Used Car Loan include:

Car’s registration certificate
Identity proof
Address proof
Age proof
Job or business proof
Signature verification proof
Income proof
Occupation proof (for self-employed)

Applying for a Used Car Loan at Hero FinCorp is easy and online. Fill out an online application form and provide basic details without leaving home. Buying a used car is a cost-effective solution, and funding its purchase with a Hero FinCorp loan, the NBFC offers loans with repayment options, minimal documentation, and a simple application process. All these make your borrowing experience hassle-free and smooth.

Disclaimer: The information provided in this blog post is intended for informational purposes only. The content is based on research and opinions available at the time of writing. While we strive to ensure accuracy, we do not claim to be exhaustive or definitive. Readers are advised to independently verify any details mentioned here, such as specifications, features, and availability, before making any decisions. Hero FinCorp does not take responsibility for any discrepancies, inaccuracies, or changes that may occur after the publication of this blog. The choice to rely on the information presented herein is at the reader’s discretion, and we recommend consulting official sources and experts for the most up-to-date and accurate information about the featured products.

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Adam Regan

Deputy Editor

Features and account management. 3 years media experience. Previously covered features for online and print editions.

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