However, there is an affordable way you can consider, available in the form of financing a best used luxury car in Trivandrum. This comes for a drastically lower price tag. The used car financing system available, allows more people to buy their dream cars and pay out EMIs with marginal interest rates to the bank. In hindsight, there are some pointers in buying used luxury cars that need to be assessed. 

As a leading used car dealer in Trivandrum, allow X Drive to help you out with the whole story of financing a used car, and what are the things to observe before opting for such schemes.

Benefits of financing a used luxury car

Let us understand how and why financing a used car helps your cause in buying a luxurious car of your choice:

Excellent design quality

Luxury used cars are known for their supreme design quality and excellent works of art. The price tag of these cars also includes the cost of finishing quality and sublime user experience. From high-quality leather seats to technology-aided driver-assist programs, each of these features increases the price by a large manifold. Additionally, best used luxury car dealers in Trivandrum have supreme quality engines that have greater durability than the budget cars.

Lesser depreciation

For new cars, the rate of depreciation is steep. This varies from 20-50% in 5 years of ownership of the vehicle. However, in the case of a luxury used car, you can cut the cost of purchase and avail the offer of financing for a far lesser deal.

Certified Pre-Owned Programs

The idea of a Certified Pre-Owned Program allows for warranty coverage on used luxury cars. However, a car with a CPO tag comes with a higher price tag than the ones without it. However, the long-term assurance of having an extended warranty allows for easy and hassle-free financing.

Financing options: A brief outlook

Now that you’ve got an idea of the factors and benefits of financing a used luxury car can provide. Let us have a look at some of the best financing options provided by the best used car dealers in Trivandrum:

Bank Loans

One of the biggest takeaways of buying a used luxury car is the value it brings in. Buyers are willing to pay EMIs and avail of several used car loans that are available to take. 

Depending on one lender to another, the rate of lending coverage can sometimes go as close as 100% as offered by several banks on certain car models. In comparison to a new car, lending via loans is comparatively less for a second hand luxury car in Trivandrum. Here is how a used car loan is a great way of financing:

• Payment flexibility and choices: Used car loans are flexible. Buyers can set the payment terms and start repaying according to their financial goals. 
• Higher loan amount: In comparison to a budget-used car, a luxury car costs more. Therefore, new luxury car buyers can make the most of the opportunity and avail a higher loan cap for their proposed car.
• Plethora of loan options: With the premium used cars in Trivandrum’s market booming at a great pace, there are quite a few renowned bank lenders offering competitive loan options for used luxury cars as well. Other factors allow you to fetch a better interest rate including low debt-to-income margins, higher CIBIL scores, and long repayment plans.
• Faster processing time: Most of the dealers offer you easy bank financing options that say quick processing time. This is apparent as used luxury cars have 0 waiting time and banks process faster loans to ensure you take possession of premium used cars in Trivandrum, sooner than later.

NBFC

Much like banks, NBFCs or Non-Banking Financial Companies are known to offer more competitive loans in comparison to traditional banking sectors. Some of these NBFCs offer interest rates coming as low as 9.25 to as high as 16%. However, like conventional loan criteria, the amount dispersed by NBFCs depends on the valuation of the vehicle, depreciation, and conditions of the vehicle at the time of purchase. In the end, the biggest takeaways of financing from NBFCs is they provide loans based on the borrower's ability to repay with more flexibility.

Dealer-based finances

Some of the leading used car dealers in Trivandrum offer a comprehensive financing option for luxury used cars. In all cases, these dealers have tie-ups with leading banks and financial institutions to provide finance schemes of different types. The biggest takeaway from availing the services of a dealer-based finance is on being a one-stop avenue for completing the entire transaction without availing outside lenders. 

Personal Loan

Personal Loan stands as the final method you can use to purchase your vehicle. In contrast to dedicated car loans, personal loans have a higher interest rate. Moreover, a personal loan is easy to secure as issuing the same can be at any of your usages.

To Conclude

Financing options are used widely, for both new and used cars, to access the country. For used cars, check out for the type of financing that you feel comfortable paying, and the one coming for a reasonable repayment interest rate. For more information, contact X Drive, leading used luxury car dealer in Trivandrum today, and we would love to help you find your dream luxury car.