Buying a car is a dream harboured by many but with rise in prices of all commodities it is becoming difficult day-by-day to turn this dream into reality. If you are well off financially then you can always opt for a brand new car with new technology and modern gizmos but for those of you who are on a stringent budget it is better not to stretch your budget by leasing to get a high tech car. In such a case it is better to buy used cars while is still in top notch condition that drills a smaller hole in your pocket. On the other hand if you are planning to sell your car the first thing that the seller has to do is carry out a proper car valuation.
After a home, a car is typically the second most expensive purchase anyone makes and settling on a new vehicle is not a decision that one can take hastily. It is a daunting task for first timers to sell car, be it by online mode or to dealers. The biggest boon in the second hand car evaluation process has been the introduction of the various used car valuation sites which provide a vast variety of expert opinions with just the click of a mouse button. There are other benefits that make buying a pre-owned car a popular practice, such as lower rate of depreciation, easy finance options, and hassle-free documentation along with clean history. There are plenty of resources online, which can offer detailed information on how to settle on the car sale value. There are a few car valuation sites which also allow you to sell your used car with immediate funding. With the use of this calculator you can get a quick estimate for the resale value of your car or get a fair idea of what a dealer or prospective buyer will offer in exchange of your old car. Various such used car calculators are available online, as provided by different automobile portals, which has made this task much simpler. Within a matter of 10 seconds you can complete this tedious task. Used car dealers provide a wide range of multi brand used cars across different segment. Each dealer has their own showrooms stocked with a range of different used cars of all brands and prices. They aim at giving you a comfortable motoring experience and provide you with numerous services including buying, selling, exchange, finance/ loan and insurance. To sell used car one needs guidance which is aptly provided by the expert reviews. They give tips as to how one can ensure maximum returns by the sale of the used car. Car variant, year of manufacture, extent of usage, condition of the car and the presence of extra gizmos are some of the factors that must be considered to evaluate your used car. They also give proper guidance about the various car dealers over the city. Car maintenance is also an important factor that one overlooks often. Expert reviews gives proper information on prospects such as using the right engine oil, changing brake pads, tips to find the right mechanic, car maintenance guide etc. Once all factors are taken into consideration and the car is test driven one can just hand over their keys to the dealer and get the estimated value on spot.
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Buying a car is a life milestone for everyone who could shell out those huge amounts of money all at once to buy their dream car. With growing times, changing demographics and emerging car loan lenders, for a majority of the people all around the world, owning a car today is no longer a luxury, but in fact a necessity made possible by taking a car loan. Although it is a object of great usefulness but to some extent owning a car has become a status symbol for most people. Hence people are running to buy cars with the newest gizmos. But with newer technologies and lesser resources, the cost of cars are on a rise, often making it extremely difficult for the average individual to purchase their vehicle outright only using ones savings. In today’s world you can buy used car without being looked down upon. You can put up your used car for sale to car dealers or even opt for the online mode for a more direct approach.
One can opt for new or used car loan depending upon the need and the kind of car requirement. Although, most people prefer a car loan over new cars the second hand car price for loans is lesser. Most banks have reasonable EMIs within flexible tenure options to offer on Car loans. Most of the time lenders will be very quick to offer a secured loan even with bad credit, because of the fact that the vehicle is used as collateral if the borrower fails to pay. People with a very low credit rating may be able to take advantage of this loan by paying all the monthly payments on time. By doing this they will be able to begin restoring their credit score. Used car sales have become so prevalent all over the world that the market price for used cars has reached the lowest anyone has ever seen. As a result of this the banks have pulled back on the car loans which they previously shelled out happily. When lenders/ bank repossess cars, they resell the vehicles and use the proceeds from the sale to recover as much of the unpaid balance as possible. However with the decline in the value of used car the lenders are recouping only a smaller share of that balance. As a result the banks have to face an overall loss over the car loans in case the borrower is unable to make his/ her payments. According to global figures banks are recouping only 51% of the unpaid loan balances on average in recent years which previously stood at 65 %.Not only that the banks are estimating a further drop in the loan recoupment to about 30% in the next few years. Thus banks all over the world have restricted the amount they sanction on car loans and some have gone to the extent of putting a halt to the process altogether. |
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December 2017
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