Jeeps are, undoubtedly, the most popular and fun vehicles out there. If you are a sun-lover or off-road enthusiast, you would love the 4x4 technology of a Jeep, taking you through beaches, mountains, deserts, and anywhere where paved roads do not exist. They allow you to show off your wild, adventurous side as you drive through the mud or go for an extended family trip. Moreover, a Jeep's updated safety features and reliability keep everyone safe during adventures.
So, you want to buy your favourite Jeep, but the new one is just too pricey? For you and many others, the used car market always stays busy. If you have a limited budget but want to get your hands on a worthy Jeep, here is your complete guide to buying a second-hand Jeep under 1 Lakh down payment.
Importance of Buying Second-Hand Vehicles
While buying a brand-new vehicle is exhilarating, purchasing a used car under 1 Lakh down payment and financing the rest through a used car loan has advantages. Most importantly, it increases affordability while keeping your savings intact. While a new car starts depreciating as soon as it leaves the showroom, a used vehicle depreciates slowly. You may also save money on the RTO charges, road taxes, one-time registration fees, etc., that the first owner must have paid already. The insurance premiums will be smaller than those for a new car, further adding to your savings. So, buying a second-hand vehicle rather than a new one is prudent for many reasons.
Benefits of Buying a Second-Hand Jeep Under 1 Lakh Down Payment
The best thing about buying a used Jeep under 1 Lakh down payment is that its price is relatively lower than the new vehicle. Thanks to its robust body, it needs less maintenance with fewer extensive repairs over its lifetime. Like any other vehicle, the value of a Jeep depreciates over time, but the depreciation rate is slower with a used one, making it easier to resell. The repair cost is low, making it a lucrative investment.
Moreover, the Jeep has powerful engines that increase its strength and capability to pull different things. A better braking system ensures safe drives whether you use the vehicle for transporting heavy equipment or off-roading. Previous owners must have customised them to fulfil their specific needs. You can look for one with your desired accessories to save money on their installation.
Factors Contributing to the Popularity of Second-Hand Jeeps
Over the last few years, second-hand jeeps' popularity has grown tremendously in India. The major factor contributing to this increased demand is the shifting consumer demand. Since India is a price-conscious market, buying a second-hand open Jeep under 1 Lakh down payment provides better value than a new Jeep that loses 30% of its value in the first year.
Reduced ownership period is another factor increasing the demand for used Jeeps in India. Today, most four-wheeler owners do not keep a vehicle for more than 3-4 years on average, directly translating to the increased demand for used vehicles. The introduction of online platforms has organised the used car industry to a great extent. As a result, purchasing a used vehicle has become safer, easier, and more convenient. These players inspect and even provide warranties on used cars, increasing demand for used Jeeps in the four-wheeler market.
Researching Different Jeep Models Available in the Market
While looking for a Jeep under 1 Lakh down payment, you will find various Jeep options you can choose according to your needs. Jeep Wrangler is the traditional all-terrain Jeep model, one of the best SUVs on the road. Wrangler Sport is an affordable version of Wrangler available in two and four-door options. Wrangler Rubicon is a rugged off-roading Jeep with high control and traction. Wrangler Sahara combines comfort and style with high ground clearance, leather interiors, accent lighting, and fender flares.
Jeep Grand Cherokee is a top-selling mid-size SUV featuring a sleek body and classic 4-wheel drive style for off-road adventures. Jeep Compass would be a more suitable if you want a more spacious cargo area. Renegade and Gladiator are the newer versions worth mentioning. Study their specifications and choose a model that best suits your driving style and requirements.
Required Documents and Procedures
You must submit the following documents to apply for a used car loan from Hero FinCorp to purchase a 2nd hand Jeep:
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Loan application form
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Jeep’s registration certificate
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Identity proof, like an Aadhaar card, voter ID card, passport, driving license, GOI photo ID card, or NREGA job card
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Address proof, like voter ID card, driving license, Aadhaar card, utility bill, etc.
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Age proof, like PAN card, driving license, birth certificate, passport, etc.
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Job proof for salaried employees, like ITR, form 16, appointment letter, salary slip, experience or relieving certificate, etc.
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Signature verification proof, like a PAN card, passport, or banker's verification
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Income Proof for salaried employees, like form 16, salary slips, bank account statements, ITR, etc.
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Business proof for self-employed professionals, like VAT registration, sales tax registration, excise registration, MSME registration certificate, service tax registration certificate, etc.
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Income proof for self-employed professionals, like recent ITR, audited balance sheets, profit & loss statements, or current account statements
How to arrange funds beyond 1 lakh down payment for purchasing a second-hand Jeep?
Obtaining a used car loan is the best way to arrange funds beyond 1 Lakh down payment for a second-hand Jeep. Hero FinCorp finances up to 175% of the vehicle’s price to help you cover the costs related to its purchase, repairs, documentation, modifications, etc. Depending on your eligibility and requirements, you can borrow up to Rs 50 Lakh from Hero FinCorp without hassles.
Can I Avail A Used Car Loan for Second Hand Jeep, and How?
Yes, you can get a Used Car Loan to buy a 2nd hand Jeep with easy-to-fulfil eligibility criteria and minimal documentation. Follow these steps to get a Used Car Loan from Hero FinCorp:
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Visit the Used Car Loan web page on the Hero FinCorp website.
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Use the Loan Calculator to calculate the EMIs according to your loan amount and repayment tenure.
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Enter the required personal, business, and financial details.
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Click on Apply Now.
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Wait for approval and receive a disbursal in your bank account.
Conclusion
So, are you in the market for a used Jeep model but don't know where to begin? Although purchasing your first Jeep is exciting, utilising every resource is crucial to making sound investment decisions. At Hero FinCorp, we help you financially to own your dream Jeep under 1 Lakh down payment and show off what you’ve got to the world.
Frequently Asked Questions
1. Are Jeeps reliable?
Yes, Jeeps are the most reliable vehicles people trust for their solid bodies, advanced safety features, and sturdy performances.
2. What is the price of Mahindra's cheapest Jeep?
The cheapest Jeep model is the Jeep Compass, which costs around Rs 21 Lakh.
3. What is the price of a rough Jeep?
Jeep ranges from Rs 21 to 81 Lakh, depending on the variant and specifications.
4. What is the mileage of the Jeep Wrangler?
Among the top mileage cars, Jeep Wrangler has a mileage of 12.1 Kmpl.
5. Is Jeep Compass a 7-seater?
No, Jeep Compass is not a 7-seater but a 5-seater SUV with five doors.
Disclaimer: The information provided in this is for informational purposes only. Readers are encouraged to verify details from reliable sources before making any decisions. We do not take responsibility for any inconvenience, loss or damage that may arise from using the information shared in this blog. Readers should exercise their judgment and caution when implementing recommendations.
