The fast-paced modern day lifestyle, lack of time and far-flung destinations necessitates a car for conveyance. Thus, more individuals are investing in a car. Whether you want a budget or a luxury car, a used car loan helps you in buying any car of your choice.

Here’s a look at the four most common and popular types of cars which can be bought using a used car loan.

  1. Hatchbacks

If you are on a tight budget, a hatchback might be your preferred choice. A hatchback is a 5-seater car which has four doors and a rear door opening upwards. The rear door accommodates the boot of the car used for storing luggage. A hatchback is the most affordable type of car and is popular in the Indian auto market. In fact, with the launch of newer and attractive hatchback models, the demand for hatchbacks in India has increased.

  1. Sedans

Sedans are cars which are longer than hatchbacks and have an extended luggage space. However, like a hatchback, they cannot accommodate more than 5 people. Based on their size, sedans are further subdivided into various categories. There are mid-sized sedans, compact sedans and so on. Moreover, the price of a sedan depends on its size and brand. The Indian auto market finds many takers for sedans and so sedans of all sizes are very popular in India.

  1. SUVs

Sports Utility Vehicles (SUVs) are usually referred to as family cars as they accommodate up to 7 people. However, SUVs are primarily designed for rough terrains and are called all-terrain cars. They give an extremely smooth ride on mountain tracks and off-roads. Though SUVs are tough cars, they are popular among Indians for varying reasons. One, they are very affordable. Two, they accommodate the whole family together. Finally, they are stylishly designed and so appealing to the eye.

  1. MUVs

Multi Utility Vehicles (MUVs) are designed like vans. The cars are extremely durable, stable, reliable and have attractive looks. MUVs have a bigger chassis, have a larger luggage space which doubles up as extra seating space, accommodates 7-8 people and are cheaper than SUVs. MUVs are called so because they serve various purposes. They can be used to transport more people at the same time, carry more cargo and are also fuel-efficient.

So, what is your preference? Do you like a hatchback, a sedan, an SUV or an MUV?

With a used car loan, you can buy any car of your choice. A used car is already cheaper. Despite, if your budget constraints your desire to own a pre-owned car, avail a used car loan. You can get financing up to 80% of the car’s value. Moreover, the interest rates are competitive and affordable. You just need to have a minimum basic monthly income and be more than 21 years old to get a used car loan.

So, choose your favourite car from among the different categories of cars available in the market. Pick a hatchback, SUV, MUV or sedan and avail a used car loan to buy the used car of your choice. So, what are you waiting for? Buy your car today with a used car loan.

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