Knowing which second-hand car to buy and how to make sure that it is in good condition could prove to be tricky. It is important to understand how you can evaluate second-hand cars online and secure a well used car loan to make the payment.
The task may seem daunting, but you need to go through the checklist and make sure it ticks all the right boxes if you know what to look for. Here is a guide to evaluating and buying used cars online.
What to Look for When Buying a Second-hand Car?
Some important factors separate a good buy from a long-term liability when buying a used car.
History of Ownership
Check all the documentation to ensure everything is accounted for. Also, check the odometer readings, so you know how many kilometers the car has run.
An Intact Exterior
Dents, scratches on the body, paint coming off from parts all lower the car’s value. Make sure to inspect the body of the car thoroughly to spot any of these issues.
Inspecting the Engine and Running Parts
If you don’t have a good understanding of a car’s engine, you can take a mechanic to help you inspect it. The engine is a key component of the car, and if it is not running well, you could end up paying a large sum towards maintenance in the future. If you are already opting for a used car loan, you don’t want to end up paying additional money to fix the car as well.
Pay Attention to the Service Records and Warranty Papers
It is good to have a car’s service records so that you can make sure it has been serviced at regular intervals. If the intervals are too long, it can cause lasting damage to the engine and reduce the vehicle’s lifespan.
Make Sure to Test Drive
This may seem like an obvious factor, but it cannot be missed. You want to make sure you get a feel of the car and have a comfortable driving experience. Make sure all the parts inside the car, such as the clutch, accelerator, brakes, gearbox, and the buttons and levers on the side of the steering wheel, are functioning properly.
Check for any unusual sounds coming from the engine or other parts, as this may be a sign of damage. Wheel alignment is also an important factor. See if the car veers towards any one direction when you try to keep the steering wheel straight. If it does, you will have to spend some money to get it balanced, and this will need to come out of the overall cost of the car.
Securing a Used Car Loan for Buying a Car
A used car loan can help you extend your budget to fit a well-priced car that provides you with the most bang for your buck. Banks and financial institutions can extend loans up to 95% of your car value. You can even get facilities such as flexible EMI repayment options and quick disbursal along with competitive used car loan interest rates to make your purchasing decision easier.
Make sure to check your used car loan eligibility before checking for a used car online to know what budget you should be looking at.
Get the Right Set of Wheels
A used car makes for a smart buying decision since it costs much lower than a new one. As long as you know what to look for, you should be able to get a good used car for a fair price. A reliable used car loan EMI calculator can be useful to help you factor the monthly payments into your budget.