Today, the used car market is facing difficult times. The production of new cars has increased manifold and these cars hit the market very quickly. Prices for new cars are also down. They have very easy on the pocket. All of these factors is the demand for classic cars only in the niche.
Used cars with special equipment and special value of a celebrity or have a very good question. In addition to these vintage cars are also in greatApplication.
Loan may be eligible for old vehicles, the following conditions:
1. The car should be road worthy. It must be in good working order.
2. Title documents for the car are clear and legally permissible.
3. Spare parts and service stations are easily accessible and the car has its unique character - or is in possession of antiques or a celebrity (it should have a market).
4. The applicant, the loan has a good credit rating. CreditGuests of the applicant must not be evil.
5. The applicant must have an adequate income, or should have a good economic value.
6. Vehicles must be purchased from a reputable dealer used cars with the terms and conditions are normal or warranty in case of purchase by individuals, must have a certificate issued by a consultant out of a car / engineers regarding their condition , market value, the life expectancy of the vehicle, etc.
7. EMI or repayment of the loan is not generallyexceeds the lifetime of the vehicle or 5 years whichever is lower.
Billed at the rate of interest is generally higher than new car loans.