Being able to own a car is no longer an impossible dream. Loans are easily available to fund your purchase. Furthermore, you may opt for a used car as there are several certified dealers. However, considering some important factors before finalizing your purchase is advisable. Here are six factors you must consider while selecting the right used car or pre-owned vehicle.

1. Financial availability

The first and most important factor you must consider is the amount you have available for making the purchase. Even if you are going to apply for a used car loan, you need to have some amount make the down payment. Lenders will take into account your income to determine the loan amount. Therefore, knowing your budget beforehand will prevent financial difficulties in the future.

2. Vehicle usage

Another factor you must think about before purchasing the car is your usage. Based on your usage you may choose from different types of cars, such as a hatchback, sedan, utility vehicle, or luxury model.

3. Engine type

After determining your usage, you may choose petrol, diesel, or compressed natural gas (CNG) variant. A car with a diesel engine may be fuel-efficient when compared to a petrol engine car. However, the former requires higher maintenance and including these expenses while determining your budget is important.

4. Insurance

Having insurance for the car is compulsory. Opting for a reliable and reputed insurer is important to ensure your claims if any are processed quickly. Moreover, if you do not make any claim, you may transfer your no claim bonus on your previous vehicle to the newly purchased car. Therefore, it is crucial you review the policy document before availing of insurance.

5. Deals and offers

You may come across special deals and offers especially during the festive season. Although these may seem like cost-efficient, you must clearly understand all the terms and conditions of the dealer before you purchase the car.

6. Accessories

Most cars are fitted with accessories, such as stereo and air-conditioning. You may want to further include additional accessories, such as Global Positioning System (GPS) and Bluetooth. These may increase your expense and you must determine your budget as these add-ons are not generally funded through a used car loan.

Owning a car is a necessity in today’s world. There has been a steady increase in the demand for new as well as pre-owned vehicles. Therefore, manufacturers are regularly launching newer models. There are several individuals who purchase a new car within a short period of time. This has increased the demand for used cars in the market. This enables you to easily find a well-conditioned and reliable pre-owned car. However, taking the aforementioned factors into consideration will help you select the right vehicle.

Following image shows the papers that one must get from buyer on buying the used car

Papers like NOC, Registration Certificate for used car

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