NEWS & ADVICE : CAR LOANS
Used Car Loan Melas in India
By Neelima Shankar
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The basics of getting a used car loan remain the same, but the entire documentation, verification and other loan related activities can be done on the spot. One peculiar characteristic of all such used car loan melas is that the price of cars quoted in any such events is non-negotiable. Banks have their own reasons for being rigid in this regard. "The effort we put in to verify the credentials, get the vehicle tested and valued help us reach a price which is pretty fair and leaves little room for negotiation." said a bank executive at one such loan mela.


Used car loan is different from a new car loan in more than one aspect. The used car loan covers around 70% to 80% of the determined value of the car and the rest has to be paid by the borrower as the down payment. Many banks provide loan at on-road prices for new cars, but there is no such thing as an on-road price for a used car. The buyer will also have to pay for the road tax, insurance, registration charges and any other fees for the used car. The tenure of a used car loan is around 3 years varying from bank to bank and depends of the year of car manufacture. For example: ICICI bank offers a used car loan for vehicles which are not older than 7 years so if your model is a 2003 one you can get a loan tenure of 3 years, the closer the value of car model to current year the larger will the used car loan tenure be. The interest rates offered for a used car loan are also higher having values like 14% to 18% depending on various parameters such as the car model, year of manufacture, car condition and loan tenure. The other thing that makes a used car loan costlier is the processing fee charged on such loans. Varying from bank to bank this processing fee can range from 1% to 3% of the total loan amount. It is usually waived in case of new car loans.


Used car loans though have terms, which look pretty harsh when compared to a new car loan, but the very fact that one can enjoy the ownership and luxury of a car at a huge discount, makes a used car very popular and a used car loan mela the first choice for all such buyers.

 


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(Comments Posted : 5) Post Your Comments
1. Hello to all those who receive a legitimate loan have always been a big problem for customers who have financial problems and need a solution. The issue of credit and collateral is something that clients are always worried about when looking for a loan from a legitimate lender. But ... we've made that difference in the lending industry. We can arrange for a loan of the range of $ 10,500. At $ 9500,000,000 as low as 2% interest please respond immediately to this email: (carlosfinancialcompania@yandex.com)

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JOSE PEREZ (Posted: Sep 12, 2017)
2. Hello to all those who receive a legitimate loan have always been a big problem for customers who have financial problems and need a solution. The issue of credit and collateral is something that clients are always worried about when looking for a loan from a legitimate lender. But ... we've made that difference in the lending industry. We can arrange for a loan of the range of $ 10,500. At $ 9500,000,000 as low as 2% interest please respond immediately to this email: (carlosfinancialcompania@yandex.com)

Our services include the following:
Debt Consolidation
Second mortgage
Business Loans
Personal loans
International Loans
Loan for any type
Family loan
ETC

No social security and no credit check, 100% guarantee. All you have to do is let us know exactly what you want and we will surely make your dream come true. (LOAN COMPANY). SI says when your banks say NO. Finally, we finance small-scale lending company, intermediaries, small-scale financial institutions because we have unlimited capital. For more details on how to get a loan, contact us, please respond immediately to this email: (carlosfinancialcompania@yandex.com)
JOSE PEREZ (Posted: Sep 12, 2017)
3. DEAR SIR/MADAM,

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HELP THOSE WHO ARE IN NEED AND IN FINANCIAL PROBLEM,BY GIVEN OUT LOAN
TO ANY,INDIVIDUAL,COMPANYS AND SOCIETY THAT NEED MONEY TO DO BUSINESS.

THE AMOUNT OF THE LOAN HAS BEEN SIGNED AND APPROVED BY THE CHURCH
COMMITTEE THE SUM OF £900,000.00 WHICH YOU HAVE THE PRIVILEGE TO LOAN
£50,000.00 TO £1,000.00.YOU ARE TO RETURN THE LOAN WHICH IS GRANTED TO
YOU IN 4 YEARS AGREEMENT.

IF YOU ARE INTERESTED KINDLY CONTACT BISHOP JOSH WITH THE INFORMATION
BELOW.

NAME: BISHOP JOSH
Email: loanbusinessinvestment@gmail.com
STAY BLESSED.
REV.Stephen Jett
REV.Stephen Jett (Posted: Oct 31, 2016)
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