Buying a second-hand car is a convenient way to save money and also have your personal mode of transport. If you want to avoid paying the entire amount in one go, apply for a second-hand car loan from Hero Fincorp. It would reduce your financial stress as you may be having other regular expenses as well. Want to save further by reducing your total EMI (equated monthly instalment)? Read on to know how you can get a Hero Fincorp Second Hand Car Loan at a low-interest rate.
There are certain ways to reduce the interest on second-hand cars and those include the following:
Â·Â Â Â Â Â Â Â Â Increase the down payment amount
This is a simple process to start with. You pay more amount of down payment initially which would lead to a reduced loan amount and low overall interest amount. But, for this, you need to have sufficient funds at hand while you complete the purchase process. Take care to see that your fixed expenses do not get affected in the process and you are able to undertake the burden of this additional amount.
Â·Â Â Â Â Â Â Â Â High credit score
This is one important factor for any type of loan that you may apply for. The higher your personal credit score, the easier it would be to obtain a second-hand car loan, and that too at a low-interest rate. Lenders usually prefer a CIBIL score of more than 750. So, if your score is between 750-900, you can negotiate with the lender for a low-interest rate, compared to the one that he is currently offering.
Â·Â Â Â Â Â Â Â Â Compare interest rates
You can visit the website of the lender for discounts on your Hero Fincorp Second Hand Car Loan interest rate. Sometimes there may be seasonal or festive discounts. There may also be discounts if you complete the entire loan transaction process online. Although there are no fixed rules related to discounts, you can ask the lender regarding them and also about the percentage of discounts available.
Â·Â Â Â Â Â Â Â Â Loan repayment term
This is an important way to reduce your overall interest amount. You will find that if you choose a shorter repayment period, you have to pay a lower amount of total interest compared to that attached to a longer repayment period. Lenders usually associate a long repayment period with a higher risk of non-repayment or default on loans. So, they increase the interest rate to minimise the risk. Before applying for the loan amount, use the loan EMI calculator to select a loan duration that would give you the lowest interest amount. But that may lead to a higher amount of EMI during repayment. You have to weigh different factors accordingly.
While buying a second-hand car loan, take some steps to reduce your Hero Fincorp Second Hand Car Loan interest rate. This would lead to savings of a significant amount of money from your pocket. The interest amount is responsible for the overall increase or decrease of your EMI amount.
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Hero FinCorp Limited
09, Basant Lok, Vasant Vihar, New Delhi – 110057
Email Id: Corporate.Care@HeroFinCorp.com
Website – https://www.herofincorp.com/