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Tata Capital > Blog > Loan for Vehicle > Buyers Guide For Second Hand Cars

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Buyers Guide For Second Hand Cars

Buyers Guide For Second Hand Cars

Second hand cars are emerging as a preferred option for most first-time car buyers. This is evident from the fact that the market for second hand cars is growing three to four times as compared to the new car market.

Know More About Used Car Loan

While there are tons of options to choose from, you must be vigilant while purchasing a second hand car. Here is a helpful guide for those who are planning to purchase used cars:

Do your homework

Extensive preparation is key when purchasing a used car. You must research as much as possible to finalize the kind of car suitable for you. You can also consult your family members to zero-in on the type of car. Around this time, you would also have to fix a budget. If the cost of the car is exceeding the budget, then approach Tata Capital to help finance your used at affordable rates.

Important things to consider

It is highly recommended that you choose a car with a thoroughly documented service history. You could also interact with the service center or the insurance provider to find out about any previous accident damages.

Most certified used car sellers conduct a comprehensive check and replace defective or worn out parts. Therefore paying a premium and purchasing your used car from such sellers is a good idea. Some dealerships may even offer additional warranties and other deals. Try avoiding certain discontinued models and lightly used cars.

Check out the car

If you have a friend who is an expert on cars, then it is best to take your friend along. Otherwise, take a dependable mechanic who can offer unbiased advice. Insist on getting to see the latest image of the car before visiting the seller. Scrutinize the car’s original documentation and review the car’s service history. Documents to be verified include:

RTO tax receipt – This is just a one-time tax which should be paid by the original owner.

RC Book – Check the state of registration and whether DRC appears. DRC stands for Duplication Registration Certificate.

Insurance – Verify whether the insurance is third party or comprehensive. Also, find out the expiry date of the insurance policy.

Original Invoice of the Car – Details of the chassis and engine numbers can be found here

Finance NOC – This can be used to cross-check with the finance service provider to confirm that NOC is genuine and no loans are outstanding

Find out the VIN

Finally, check the VIN (Vehicle Identification Number) of the car. This is to prevent the seller passing off an older car as a new one. The VIN will reveal the month and year of production. You should find this stamped either on the engine bay or somewhere around the passenger compartment.

If you’re looking for used car loans, then contact Tata Capital to help you out in this regard.

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