Unlike earlier times when availing finance for a used car was either very expensive or very slow, today you have some leading financiers in the business. While Citibank, Maruti Countrywide & Kotak Mahindra are already aggressive into financing used cars, many other Banks such as ICICI and HDFC and several other Finance Companies are gearing up to enter this market with attractive and customer friendly finance schemes.

For financiers, ‘Used Cars’ have always been a high risk asset and they are more cautious while disbursing finance. Thus most lenders have identified and take exposure only on certain segments of borrowers and cars. Thus if you are falling in the right segment, buying a car can be easier than driving one.

Easily financed Cars

As a used car is an asset that has already depreciated, most lenders would want to finance younger cars – 1 to 3 years old. You could get finance for older cars that are in good condition but the extent of finance would be lower, you may have to shell out as much as 50% of the cars market value as down payment.
Financiers are also comfortable while lending for cars that have a reasonable resale value and a higher demand. Thus you could avail finance for a smaller car like the Maruti 800 or a Santro more easily than a bigger and expensive car like a Skoda or a Toyota.

The extent of finance is usually limited from 50% to 80% of the cars market value. The market value of the car is assessed by the financier’s approved valuation expert.

Loan Eligibility

Salaried employees and Self employed individuals – Almost every lender financing for used cars rates the salaried employees as the premium customers. With growing disposable incomes many salaried People today can consider buying a used car and would get a green channel with all financiers. The documentation process for loan approval is simple and fast.

The finance charges for used cars are higher than that for new cars but the buyer can surely get more comfort by buying a better car than his budget would allow him. Most buyers with limited finance resources end up buying cars that make them regret their initial decision. A badly used car turns out to be very expensive – high running costs and frequent trips to the garage. Even disposing such a car becomes a problem. With finance schemes you can buy a much better car and this would prove more economical.

Some Luxury car rentals provide cars in exchange for fee for a fixed number of hours or days. In many cases, driving distance is limited beyond which customers are expected to pay for extra miles. Hiring a luxury car is most likely going to cost you more than renting a standard car. The insurance will also be higher being that these cars are most expensive and more limited in their amount. However, by doing careful shopping and asking for special offers and discounts, it may not cost you your life’s savings. Luxury car can make your holiday or business trip that much more enjoyable by providing you with style and comfort. Most people rent luxury cars for a variety of different reasons. Some people want to customize their own vehicle and are getting ideas from their rental car. Others rent a luxury vehicle for special events like weddings, anniversaries, and birthdays. But you do not need a special occasion to rent a custom luxury car.

You can rent a luxury car for a date with a new girl or just a night on the town. Renting a luxury car is an excitement way to spice up any evening. You do not have to worry about high car payments or the daily upkeep of a luxury vehicle. Instead of you can just go have fun with the car for one evening. Spend some time calling around and checking the prices from various different companies. Once you have found a company that looks like they are the best one for you make sure and check with the Better Business Bureau and other local groups to verify the reputation of the rental company. There are some illegal companies, which can get you into a trouble if you are caught driving one of their vehicles. So do your researches carefully and only rent from well-known luxury car companies. If you desire to cruise the streets in style on your vacation or you want to project that classy image on your next business trip luxury car rentals could be the answer you need.

• Loan to Value of the Car (LTV).
• Age of the Borrower (There is a minimum and maximum age limit).
• Tenure of the Loan.
• Employment Period (balance years in service for the person borrowing).
• Collateral Requirements (normally the Car for which the loan is taken is kept as a collateral with the financier).
• Deviation from the norms, if any. (Sometimes, few Deviations are done from the set norms depending upon the credit risk assessment of the loan officer).

Renting a car proves to be rather easy through car rentals. All you have to do is to choose the right car rentals and the right car rental agent, offering the right rate. Car rentals provide you with a wide choice of cars to choose from for your rental needs, with corresponding fees. When hiring a car, it is better to make arrangements for a car rental before you make a visit to the place, so that you get a good rate for your car. Car rental rates change a lot, to go up and down according to the year and season. So it is better to hire a car when the rates are best, and if you have to make cancellations to your bookings, it is possible by calling the agent.

People prefer using car rentals today than using buses and cabs. The main benefit of renting a car lies in the fact that you can move freely according to your liking, without having to worry about the time and place you intend to visit. However, there are some points that have to be remembered when using a car rental to hire a car.

The first thing is to remember to negotiate on the amount you have to pay for renting the car. Don’t accept the first rate the car rentals offer; accept it only after some negotiations. The car rental rate is usually decided on after taking into consideration the mileage rate and traveling area. Always ask for available schemes and discounts before using the services of the car rentals. And most important of all, when choosing a car from the car rental, look for any scratches, dents or problems that exists in the vehicle and report it to the agent. Otherwise, you will be charged for that damage cost.

Driving a car from a car rental is very convenient to the tourist and business person in a new place; however do make sure that you have a valid driving license and a copy of the insurance policy of the vehicle you drive to avoid possible legal hassles when driving the vehicle.

It is not that only people traveling to a new country or business people use car rentals. Car rentals provide vehicles for people who cannot buy a car to use. Some people need car rentals to rent a car for a weekend getaway and others to impress someone. Then there are some people who visit the car rental to drive something different for a few days. Whatever the reason for using a car rental, do remember that most car rental companies don’t rent cars to drivers under the age of 25. So if you fall under this age, you may need to have an older friend or family member to sign the contract for you.

On completion of the finance contract the lien of the financier can be removed on submitting Form No.35 (notice of termination of the finance contract/agreement) which is issued by the financier along with a letter from the financier to the RTO stating their ‘No Objection’ for the termination of their lien.

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So that members get the best rate on the day, National will be constantly price shopping Club National rates against the competition. To ensure you always benefit from great rates, they will change often and therefore will not be published. In national car rental, we understand that the rent a car service is a serious commitment of excellence, professionalism, and quality. So their goal is to bring you the peace of mind counting with suitable, efficient, safe and personalized service. Their isthmus presents very unique characteristics, such as the size of the territory, safety for travelers, and scenic beauty that make our car rental services, the best choice for the tourist to discover it. National car rental that brings you support around the world.

You can usually hire cars at airports, bus and railway stations or travel and tourist agencies, but car rentals can be found also in the city centers. In Europe It’s popular to hire a car when on vacation, that means Mediterranean countries, that are very popular for its tourism, have higher demand for rent a car services. Every country generally has at least one national car rental. Payment for a Car Rental: Average car rental prices per day range from 40$ – 200$. People are worrying about paying rental, you can pay everywhere with one of your credit cards also debit card will be ok, but American Express, Visa or MasterCard credit card is preferred. If you still do not have own credit card, you can apply for it using one of online credit card applications to get it.

The original owner (Transferor) who is selling the car must inform the RTO with which the car was registered about this transfer, by sending a letter with information about the new owner (Transferee) within a period of 14 days. In case the new owner falls in jurisdiction of another RTO, then the owner has to inform this RTO by sending a similar letter. On receiving an acknowledgement of receipt of the letter from the RTO, the seller (Transferor) is indemnified of all legal, tax, traffic, criminal and other liabilities pertaining to the car. The seller must also take a delivery note signed by the buyer (Transferee).

The following documents have to be submitted to the RTO to affect the transfer of ownership of the car -

• Form “TCA” – Intimation of transfer by Transferee (buyer)
• Form “TCR” – Intimation of transfer by Transferor (seller)
• Form No. 29 – Notice of transfer of ownership of vehicle.
• Form No. 30 – Report of transfer of ownership of vehicle.
• Valid Insurance Policy.
• PUC Certificate.
• Address proof of the Transferee (the buyer).
• Evidence of payment of all taxes up-to-date.
• Form No. 28 – Application for NOC and grant of certificate. (If the buyer falls in the RTO jurisdiction of another state, then form no. 28 – the NOC. from local RTO is required.)

New cars which are to be registered outside the jurisdiction of local RTO need, a certificate of temporary registration (CRTM) issued by the RTO in whose jurisdiction the Dealer is located.

In most Indian States’ RTO – Temporary Registration is valid for a period of 14 days, within which period the Permanent Registration Number for the car has to be obtained from the relevant RTO office.

The following documents have to be submitted to the RTO office –

1. Invoice – (photocopy)
2. Sale Certificate (Form No. 23) – (original)
3. Insurance Cover note/Policy – (photocopy)
4. Proof of Address – (photocopy of ration card, telephone bill, etc.)
5. Certificate of Sales Tax payment- (original)
6. Receipt of Octroi payment – (original)
7. Financier’s letter – (original) Note: For cars purchased on loan, the financier’s letter addressed to the RTO is required to endorse the financier’s lien on the car.
8. PUC certificate issued by the manufacturer (Form No. 22)
9. Application for New Car Registration (Form – 20)
10. Pencil imprint of Chassis No.
11. PAN/GIR No. issued by the I. T. Authority. (Every individual and company who is buying a car is required to furnish the PAN / GIR No. In case of failure to produce the same the buyer is required to make a declaration by submitting Form No. 60 to the RTO.)

For cars registered outside city limits, Octroi is not applicable. The dealer however obtains a CRTM (certificate of temporary registration) from the local RTO, to enable the owner to transport the car to the RTO office for obtaining the permanent registration number.

Vehicle Registration: No Person can legally drive any motor vehicle if it is not registered in accordance with the Motor Vehicle Act (MVA) and Central Motor Vehicle Rules (CMVR). Every motor vehicle has to be registered with the RTO under whose jurisdiction the owner of the vehicle normally resides, or has a place for conducting business.

1. Form No. 33 – Intimation of change of address to be recorded in the Certificate of Registration.
2. Address Proof.
3. Form No. 28 – If the new address falls in the jurisdiction of another RTO then an N.O.C. has to be obtained from the original RTO.

If the car is to be used in another state for a period exceeding one year, a new registration number must be obtained.

When the owner transfers the car to another state, the following documents are to be submitted -

• Form No. 27 – Application for assignment of new registration mark on removal of a Motor Vehicle to another state.
• Form No. 28.
• Form ‘FT’.
• Address Proof.
• Valid Insurance Policy.