Better ways to fund that second-hand car
A top-up on an existing home loan, a personal loan or one availed of through dealer-lender tie-ups may be more cost-effective borrowing options
Though used cars may fit into your budget, financing them through used car loans may be a bit costly
As state governments gradually lift the lockdown, many office goers would want to avoid public transport and prefer to commute in their private vehicles. Many of these buyers would prefer second-hand cars due to budget constraints and because they may use the vehicle only until the threat of covid-19 looms large. According to a study by online classifieds portal OLX, of the people planning to buy a car in the next three to six months, 54% would prefer a pre-owned vehicle. The study, which the company undertook between April and July, covered over 3,800 respondents.