When you opt for a Used Car Loan, there are a number of things you must bear in mind to ensure you are receiving a quality vehicle. Both certified sellers and grey market dealers sell used cars. So, how do you distinguish between an authorized seller and one that is probably illegal? Here’s what you should know:

➤ Car Papers – Used cars are sold everywhere but a certified and trustable seller will sell you a car with the required paperwork. However, you must ensure to check the car papers and have them inspected so that you are certain that you are receiving a fair and honest deal. So what are the things you must inspect? First of all, you must check that the engine and chassis number of the vehicle match with the one mentioned on the original registration papers. Second, make sure that you inspect the insurance papers to see previous damages, if any to the vehicle. Third, check the brakes for any abnormality. Drive the car at 40-45 kms/hr to see if you can hear any awkward noises or disturbances on the brakes when applied and the performance of the car in general. Last, but not the least; check the tyres, an old car will have worn out tyres and examine the condition to see whether you would need new ones and negotiate on the cost of the used car with the dealer, if needed.

➤ After-sales service – A reliable and certified used car seller will provide you a consistent service that will continue even after the sale is made. As used cars are prone to wear and tear, a steady after-sales service will assist you with any problems that may arise with the used vehicle once you start driving it regularly. Such a service is unheard of at a grey market used car transaction as the seller does not take ownership of any service once the sale is made.

➤ Banks Rely On Certified Re-Sellers – If you are looking to finance a used car, it become highly important that you choose a certified used car seller. Banks usually have a list of trusted and reliable sellers for used cars and buying from them makes it a lot easier on getting a used car loan approval from the bank.

➤ Better Interest Rates – A reliable and certified used car dealer usually have direct tie-ups with banks to drive their sales and provide their customers with easy access to finance. This can also help you with a much better interest rate for a used car loan.Such a proposition will not happen when you buy a used car from a grey market as the risk involved is high and banks will not provide you finance for such dealings that have insufficient paperwork.

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