The Indian used car market is huge and it is expected to grow at a compounded annual growth rate (CAGR) of 15.12% until 2025. This segment is witnessing a boom driven by the increase in the demand for luxury cars.

Owning a used car can help you achieve your dream. However, you need to be cautious, as hidden damages can become expensive issues. You need to take some precautions while purchasing a used car: 

• Buy from a reputed dealer

Check the dealer’s credibility and background to ensure it has been in business for a few years. You should also monitor the inventory available, and if you see scrapped cars, possibly, the dealer may have refurbished them to hide defects and damages.

• Check the vehicle’s history

Verify that the seller’s details match the information on the registration certificate to ensure the vehicle is not stolen or involved in any illegal activities. Also, make sure that the details of the model, make, license plate, year, and color are the same as mentioned in the registration certificate.

• Review the car’s condition

Even if you are buying the car online, do not make your decision without checking its condition and taking a test drive. Thoroughly screen its interiors and exteriors to make sure that you do not face any problems in the future. 

• Ensure the odometer is not rolled back

While inspecting the car, ensure there are no scratches or cracks around the odometer. Additionally, if the conditional wear-and-tear appears to be more than the total kilometers driven as seen in the odometer, then it is quite likely that the seller may have tampered with the odometer, to give you the impression that the car has not been used much. 

• Get an inspection from an experienced mechanic

You may not have the required knowledge to do a complete inspection. Take the assistance of a mechanic to ensure that the vehicle is in good condition.

The easy availability of used car loan makes it possible to own your desired vehicle. Leading non-banking financial companies (NBFCs) offer such loans through a quick procedure.

Financial institutions like Mahindra Finance require minimal documents and offer affordable used car loan interest rates and flexible repayment tenure. So, you can pay the equated monthly installments (EMIs) on time without any financial distress.

You can check the used car loan eligibility norms and charges on the lender’s website. You can also benefit from special online offers and deals, especially during the festive season.

Mahindra Finance provides funding at competitive used car loan interest rates. Visit its website to know more!