Are you thinking of buying your first car, but facing budget constraints? Or, are you looking to buy a second vehicle for your family’s needs? In either case, a used or pre-owned vehicle could be your best bet.
MoneyTap's line of credit to use as your used car or vehicle loan can be your saviour in these situations and get you closer to your car purchase easily. The entire application process and disbursal is done quickly and in a very transparent manner at MoneyTap.
Are you thinking of buying your first car, but facing budget constraints? Or, are you looking to buy a second vehicle for your family’s needs? In either case, a used or pre-owned vehicle could be your best bet. MoneyTap's line of credit to use as your used car or vehicle loan can be your saviour in these situations and get you closer to your car purchase easily. The entire application process and disbursal is done quickly and in a very transparent manner at MoneyTap.
Used Car & Vehicle Loan Interest Rate and Eligibility
Rate of Interest
Varies from 13% to 24.03% pa
23 or above
Minimum Salary Required
Starting from ₹ 3000 to ₹ 5 lakh
₹ 499 plus GST
MoneyTap’s Features and Benefits:
Instant approval of a credit line of up to ₹ 5 Lakh in real-time
Withdraws can be up to your approved limit or even as small as ₹ 3,000
Interest is charged as and when you use the funds
Enjoy 100% cash withdrawal with the credit card and get rewards
Repay your spends in flexible EMIs of 2-36 months
As far as documentation is concerned, all you need is an ID proof and an address proof
I recently got my licence and I was super eager to buy a new car, then I realised it would make better sense to get a second-hand car until I was confident enough. I found a good deal online for a second-hand car but the owner would only take cash, so I got a credit line from MoneyTap, withdrew the amount and bought the car. I have an easy EMI scheme for one year, and next year I'm buying a brand new car!
Need better interest rates on used car/vehicle loans
Need better repayment plans
Need to make an immediate down payment
Approved used car loan limit is lower than expected
The monthly EMIs on vehicle loans are too high
Buying a vehicle, especially a car is definitely a big decision and an even bigger investment. However, investing all your savings into one big purchase might not be the most preferable option. In such cases, you have two choices; opt for an auto loan or a personal loan. While an auto loan is the most obvious choice, when it comes to financing your used car or vehicle, a personal loan from your line of credit, will give you more flexibility. Here’s where the MoneyTap app can help you.
Why Buying a Used Car or Vehicle on Personal Loan Makes Sense?
Buying a used vehicle on a personal loan allows for more leeway when it comes to the final loan amount.
A personal loan amount is not dependent on the valuation of the used vehicle or car you plan to purchase, so you can finance the entire amount through it.
The loan approval process for personal loans takes lesser time than one for a used car loan.
Your auto loan amount is highly influenced by your credit score.
You don’t have to jump through hoops to get the loan approval on the vehicle or car of your preference.
Auto loans for used vehicles have strict repayment rules and require the loan to be fulfilled within a specific duration which is dependent on the original invoice date, while personal loans will have different terms which are often more flexible.
You will not be required to pledge any collateral as security against the personal loan.
Tips on Buying a Used Car or Vehicle on EMI:
Get the vehicle and its papers inspected thoroughly to ensure it is in top condition.
Don't forget to transfer the vehicle’s Registration Certificate (RC) in your name.
Calculate the actual cost of ownership which includes the cost of the used car or vehicle, the running costs, paperwork charges as well as repairs and maintenance charges.
Make sure you have your insurance and related paperwork in place and protect yourself from unforeseen costs such as auto loan processing fees.
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With MoneyTap’s line of credit you will have money available instantly 24x7 to use anytime, anywhere. Click below to experience its power.