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If there’s one thing that post-pandemic office goers in India have realised, it is the importance of having a personal vehicle to have hassle-free commuting every day. Now, this doesn’t necessarily mean that you have to buy a new fancy car. Like millions of Indians, you can opt to purchase a second-hand car in great condition.
On an average, a second-hand car starts at around Rs 3.5 lakhs. The car model, usage, condition, year of the model, and company of the car are some foundational factors that decide the final price of the car. Apart from this, you might want to upgrade or remodel your car. This can cost you anywhere between Rs 10,000 to Rs 1 lakh and upwards, solely based on your needs and the condition of the car. Additionally, if you buy a second-hand car through an agency or a platform, you might have to add a fee to this purchase.
If you are just kickstarting your career or don’t have the liquid cash available, can you still get a second-hand car?
Absolutely yes!
You can finance this purchase easily through a quick Loan. You could also opt to purchase this via EMI and use a credit card to pay for your car.
Most Second-Hand Car Loan interest rates start at 14%. You would also have to clear necessary credit score checks to land a good loan deal. Personal Loan interest rates average to interest rates of 12%-18% if you have a good CIBIL score, else it goes as high as 30%. Credit cards might be a viable option but if you miss payments, you might end up paying a 40%-45% interest rate.
Taking a Loan Against Mutual Funds.
With Yenmo’s 10.49% interest rate LAMF, the entire process becomes all that easier. You see, Yenmo doesn’t need credit checks to determine your interest rate. And with an interest rate much lower than the standard, you can definitely pay off your loan more easily.
To take a LAMF, you will pledge your Mutual Funds through Yenmo. Now, this doesn’t mean that Yenmo has authority over your funds. Your Mutual Funds can still grow the way they are, and you can reap the benefits of their compounding while paying your loan off.
Cash crunches are real, and you might even have some months where paying your loan might put you in a sticky situation. Instead of missing any payments and getting a penalty, you can simply opt to pay for the interest only. Pay the principal for those months when you have the cash to pay the loan amount.
Purchasing a car isn’t usually a one-day job. You might need money at different stages for this, and all you need to do then is withdraw according to your current needs from Yenmo’s loan against mutual funds account.
Nothing screams stepping into adulthood like getting your first car. It doesn’t matter if it's a brand new or second-hand car, your first car will always be special. Make this journey memorable and stress-free by opting for a LAMF.
Want to start? Check out the Yenmo app today.
