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 used car loans.
Your auto loan amount is highly influenced by your credit score.
You don’t have to jump through hoops to get pre-owned car loans as per your preference.
Auto loans for used vehicles have strict loan 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.
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.