With used car loan interest rates becoming ever more attractive, many are moving towards the purchase of preowned cars and are applying for second hand car loans. That said, while considering used cars, a large segment of the population tends to focus only on one factor – fuel economy. While fuel efficiency is something that’s very important, it should never be the only factor that you take into consideration. There are certain other things that you should also put some thought into. Here’s an in-depth look at some of the other factors.
1. Safety equipment
With the number of car accidents taking place in a year going up on a steady trajectory, it has become essential to focus on the safety equipment that a used car comes with. When you’re shopping for a used car, always make sure that you choose one that’s loaded with safety equipment like airbags, ABS, EBD, and ESP even if it means paying a little extra. If you’re on a tight budget, dial back a few years and look for slightly older cars with adequate safety equipment. Such cars would easily fit within your budget.
2. Brakes and transmission
The engine is not the only component of a vehicle that undergoes wear and tear. As a matter of fact, more than the engine, the brakes and transmission of a used car are the ones experiencing significant wear and tear. And so, when checking out a used car, make sure that the brakes and the transmission are in good shape. Look for screeching noises while braking and gear slippage since both of these indicate wear and tear of the brake and transmission components.
3. Service records
Another major factor that you should consider while shopping for a used car is the vehicle’s service records. A used car’s service history gives you ample information about the car, how it has been used, and a detailed report on the repairs done. It is never a good idea to purchase a car with little to no service history since it would mean that the car either hasn’t been used regularly or hasn’t been serviced properly and on time. Similarly, also exercise caution when dealing with a car with an extensive service history since it may mean that the car had to be repaired multiple times due to extensive damage or defects.
4. Tyre wear
Since tyres are the link between a car and the ground, they speak a lot about the vehicle. One good look at the tyres can give you plenty of information. For instance, if the front tyres have excessive wear on just one side, it may be indicative of either problems with the steering or wheel alignment. And if the car has been run for quite a long time with either of those problems without rectification, it may lead to more serious problems such as with the axle and the suspension.
When shopping for a used car, remember to first focus on more pressing things before coming to the fuel efficiency factor. That said, before taking a used car loan to buy a preowned vehicle, always make sure to check your used car loan eligibility to ensure that you’re qualified to apply for the loan.