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4-step guide to buy a used car in India

Planning to buy a second-hand car?

Doubtful if you should?

Well, go for it! Used cars are affordable, have lower depreciation, require lower insurance and come with a warranty, which makes them as good as a new one! It all depends on your selection process.

The market for used cars is massive and growing rapidly. However, the second-hand car industry is semi-organised in India, making it difficult to rely on roadside car dealers. You have to keep a thousand things in mind, viz. documents, insurance, car loan interest rate, and what not. If you do not want to be taken for a ride by car dealers or owners, it is advisable to consult someone who can help navigate you through the process.

Here are some quick tips for buying a used car:

Step1: Select your seller carefully

Before you decide on anything else, the first step is to decide from whom you want to buy the used car. Three options prevail in India: you can buy it from an individual, a broker or a franchised pre-owned dealer. If you know the seller, then the first option is undoubtedly the best! Alternatively, you could buy from a small-scale used car broker. However, make sure you negotiate the quoted price and check the car thoroughly, as they are often in hurry to close deals. Lastly, if you buy from the other players in the market, it might cost you more, but you won’t have to worry about the condition of the car. So don’t rush, think about your priorities, and decide accordingly.

Step2: Do your homework diligently

  1. Select a model:

This step involves extensive research. If you’re interested in a particular make, ask a couple of owners about the pros and cons of owning it. Inquire about the running and maintenance cost so that you know its affordability in the long run. Once you have finalized a model, move to the next step.

  1. Negotiate the price:

Research online and offline about the rates of the car you want to buy so that you can negotiate. However, do not forget that rates vary as per the manufacturing year, the condition of the car, and even colour.

  1. Learn the features:

It is not just about money; you must also be familiar with the features of the car so that you can spot missing components and accessories while you are inspecting the car. Oh, yes that’s the next step!

Step3: Inspect the car thoroughly

Get the car inspected by a trusted mechanic so that you can get the problems fixed by the owner or negotiate before you close the deal.

  • The performance of the car depends majorly on the engine. Any engine-related damage is going to cost you more, so make sure it is working perfectly. Also, get the air, fuel, transmission, and oil filters changed.
  • Take a test drive to check the brakes. Try driving at slow and high speeds and see if there is any vibration or strange noise. Also, see if the car gets pulled in one direction.
  • Minor dents and scratches are no big deal. However, ensure that it has not met with a major accident before.
  • Take a look at the interior once and make sure steering, seats, door handles, etc. are in good condition. Check if the electric equipment like air conditioner, music system, and power windows are working fine.
  • The last, but certainly not the least, don’t forget to examine all the tires.

Step4: Do the paperwork comprehensively

The first step is to get the ownership transferred in your name. Transfer the Registration Certificate (RC) in your name and then check for other papers. Even when the RC is in your name, if the insurance isn’t, it gets nullified. So make sure you transfer the insurance policy in your name or get a new one. See if the car has had any accidents and check NCB (No Claim Bonus) – the higher the NCB, the better. Ensure there are no pending loans on the car that you are buying. Check the required forms for the same. Get all the other required documents like a valid Pollution Under Control (PUC) certificate, road tax receipt, car purchase invoice, the NOC, etc.

Bonus Tip:

Don’t forget to check for used car loan interest rates beforehand if you’re planning to take a loan to buy the car. Get your car washed and quick fixes done before the first drive so that you are all set to flaunt your smart purchase!

Tips to run an auto-rickshaw business efficiently

How to implement an idea into real business can be learnt from books, but how to run it efficiently and keep growing cannot be learn from textbooks. It is from the real-life experience that you learn to tackle the challenges and expand the business. All the successful people in the world did not become famous overnight. It requires careful planning, strategising, and re-strategising.

Auto rickshaw business is no different. As an auto rickshaw driver, you must follow certain things to run your business even better. Here are some strategies from the real-life experience of auto rickshaw drivers that are worth noting down:

1. Pay attention to appearance

A little extra effort on the looks impacts the first impression. Most drivers clean their auto rickshaws daily. If you clean yours, you are not doing anything different. In this fast-paced competitive world, you must be unique to be noticed. You can decorate it up with lights, stick interesting posters or paint it in an attractive way to make it different from the rest.

2. Have a multi-directional approach

Never say no to any passenger, even if it is for a small trip. It is like saying no to your income. Just accept whatever comes your way and keep working. Some of the auto drivers are now also tying up with Ola and other companies to increase the number of trips. Keep working and have multiple sources of income.

3. Stay close to your competitors

There are times when a commuter is waiting for an auto for hours and no one turns up. On the other end, there are times when you a commuter is waiting and multiple autos turn up. So, make sure you follow a driver so that if he denies the trip, you can grab the opportunity then and there.

4. Learn the art of negotiation

Auto rickshaw drivers in our country make the most of the specific instances like peak hours, late night, and rainy days, when the consumer demand is quite high. Also, they convince customers to take an alternate route. So, make sure like other auto drivers, you negotiate well and convince commuters for a certain rate even before the trip starts.

5. Be transparent

Make sure your rickshaw is well-equipped with meters so that you can keep your commuters updated about the necessary details like distance, waiting time, and charges. These things are important for commuters to know the total charge of their trip.

6. Help comrades

You must be having friends from your union or some drivers who take up trips in the same territory as yours. Make sure you help your friends and stay with them through thick and thin. Accompany them in everything; be it as small as sharing a cup of tea during the boring hours to as big as staging a protest.

If you already drive an auto, make sure you implement above tips at the earliest. However, if you have not yet started the business, you can consider taking three-wheeler finance and then buy an auto rickshaw for yourself. There are a lot of options for auto loans in the market. So, make sure you get the best one and get going!

Top 4 maintenance tips to keep your three-wheeler in top condition

Today, banks are giving the utmost importance to three-wheeler buyers due to which they have come up with three wheeler loans and auto loans. So, if you are planning to buy one, take a quick look at three wheeler loan interest rates before you purchase.

With more automobile companies venturing into three-wheelers, Indian roads will soon witness even more three-wheeler vehicles like auto rickshaws, tempos, and trucks. They are one of the best modes of transportation for goods as well as passengers. It requires low investment and low maintenance cost, making it one of the most cost-effective medium. However, poorly maintained three-wheeler will not last longer than the usual and will have high maintenance cost. On the other end, if a three-wheeler is maintained properly, it will be more dependable, durable, and safer.

Regular service and maintenance will increase the efficiency of the engine and eliminate all the problems that could cost you high. Here are some of the maintenance tips for your three-wheeler:

1. Inspect engine oil regularly!

When it comes to three-wheelers, the functioning of an engine depends mainly on engine oil. Ensure that the oil level is as per recommended level. Moreover, don’t get carried away by low prices and use cheap oil. It will only degrade your engine and increase maintenance cost. 2T oil is recommended for auto rickshaws in most cases. It gives an easy start, cleans the engine, and helps in low maintenance. It lessens the deposit formation, rusting, and fouling of spark plug. However, there is a fixed ratio of oil and fuel. So, make sure you add the right amount of oil.

2. Drive at an ideal speed

The engine of a three-wheeler must we warmed up enough before taking it at high speed. So, it is a good practice to drive it at an ideal speed i.e. 35 to 40 km/h. Driving it at such a low speed will ensure the longevity of your auto rickshaw.

3. Check tyre pressure regularly

Inadequate amount of air pressure in tires may lead to serious problems while driving. For better performance and smooth riding, it is important for an auto rickshaw to have an optimum amount of air in tires. So, make sure you keep an eye on the tires regularly and make sure it has got sufficient amount of pressure.

4. Check braking system periodically!

The braking system is one of the most important systems in three wheelers. Keep a regular check on it. Quite a few times, the dust gets accumulated in the brakes which hamper its functioning. So, make sure that there are sufficient braking fluids.

Make sure you keep in mind the above-mentioned tips and tricks to maintain your auto rickshaw and put them into practice. Maintaining your three-wheeler will make it not only more dependable and safer vehicle, but it will have less chance of breaking down and high value at the time of sale. Moreover, it will be a cleaner and environmental-friendly vehicle, contributing towards the greener world. Take care of your three-wheeler and it will take care of you!

A guide to choosing the right two-wheeler loan

To most Indians, a bike is not just a machine made up of a motor and two wheels! For many, it’s their lifeline. Almost every Indian dreams of a bike at some point in their life. This has fueled the growth of two-wheeler industry in India.

Most bike buyers prefer taking a two wheeler loan; the low-interest rates, flexible repayment options, easy documentation, and quick approval have madetwo wheeler loans one of the fastest-growing industries in India.

When you consider getting a bike loan for the first time, a lot of questions may come to mind: will I be eligible? How do I apply? What documents will I need? For how much amount can I apply? What will be the interest rate? How much EMI will I have to pay? And so on…

Here are some of the most important things you must consider before you apply for a two wheeler loan:

1. Get the best interest rates

Your eligibility depends upon your city, salary, residence type, age, employment status, and credit score. If you have a good credit score, you can bargain more. Choose a payment that is not too heavy on your pocket so that there is no undue stress or financial burden.

2. Look for additional offers

It is a wise idea to buy it during the festive seasons. Look for additional offers like a free gold coin, zero processing fees, free insurance, etc.

3. Do not over-borrow

Check your financial status and see how much you can afford. The best way to do that is to check your monthly income. Ask yourself how much of your income can you use to pay off the loan. It is advisable to think long-term, so think till how long you can keep paying off the loan. It is always a good idea to keep some money aside for emergencies. You can also use a bike loan calculator to check how much salary you can allocate to loan. Try our EMI calculator

4. Have a repayment plan

It’s never a good idea to drag a loan for many years or you could end up losing more money. Check if the loan allows clearing off the debt as soon as possible. Go for a plan that includes flexible EMIs and grace periods so that you never miss an EMI. Also, it is advisable to make a high amount of down payment so that your repayment amount and tenure is less.

Bonus Tip:

Some documents have phrases you might not understand. Make sure you get help in understanding the confusing clauses before you sign it. Also, check what the existing customers have to say about the customer service. This will help you choose the right lender for your two wheeler loan.

The Benefits of Two-Wheeler Loans in India

A huge chunk of the population uses two-wheelers in India to commute on daily basis. Increase in traffic has made reaching schools, colleges, and offices on time a daunting task, making two-wheelers one of the most preferred modes of transport for Indians lately. With the increase in the number of people wanting to travel quickly and safely, the demand for two-wheelers has skyrocketed, and so has the need for two-wheeler loans.

Buying a bike or scooty on EMI is one of the easiest options today. Here are some of the benefits of getting a 2 wheeler loan:

1. Affordable: Low interest rates, processing fees and documentation charges!

The two wheeler loan interest rate depends upon income, bike specifications, etc. However, in the recent past, due to high demand for two wheeler loans and increasing number of players in the two wheeler finance market, the interest rate trends are falling, making it affordable for most individuals. Moreover, the processing fees and documentation charges are low. In addition to that, there are a lot of special offers and discounts available for various categories like special low interest rates for women customers.

2. Easy and quick: Easy application and quick processing!

Gone are the days when people had to stand in long queues at banks and offices for hours to apply for loan and wait for more than a month to get it approved. Over the last few years, there have been a lot of improvements in the loan application and approval process. Unlike other loans, loan application process for two wheelers is quick, easy and customers can also apply for it online. Moreover, once the application is done, the processing time can be as low as 2 to 3 working days. Also, the documentation is minimal, making most people eligible for the loan. Therefore, the entire procedure of loan application, processing and sanctioning is just a matter a few days. Customers also have the benefit of repaying the amount in smaller installments.

3. Increasing rural penetration

Even in the rural areas, where there are very few banks, customers have a lot of options to get loans. People living in rural areas, who have low credit score or have been rejected by banks can access non-banking finance companies (NBFC), which makes it convenient for such borrowers to purchase a bike on EMI.

4. Low financial burden and high CIBIL score

One of the biggest benefits of a two-wheeler loan is to not face any financial dilemma. As the bike loan comes with nominal monthly fixed interest rates, it is easier to pay every month. This is an ideal option for the young professionals, as it is a good opportunity for them to build a good CIBIL score.
Do not perceive a loan as a burden – its purpose, after all, is to take that financial burden off your shoulder. Make the most of the two wheeler loan and solve most of your financial problems

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