Currently, one of the most popular banking products is a loan to purchase a vehicle. It is provided by many financial institutions on various conditions for customers. Everyone who plans to purchase a transport is interested in knowing where to get the most profitable car loan, because the conditions of different banks can be very different. Competition motivates financial institutions to develop optimal programs for citizens. Today, every second car is bought on credit, so we can conclude the popularity of loans for the purchase of vehicles. Banks are actively cooperating with car dealerships, lowering rates to attract the target audience.
Car loans in Russia: main features
Each banking product has its own characteristics, including the most profitable car loan. Which bank has the lowest rates, loyal conditions and a small down payment - there you need to make a deal. Modern financial institutions are constantly developing new programs for citizens.
A car loan is a targeted consumer loan secured by a purchased car. Due to the fact that the vehicle will be pledged, banks require a CASCO policy. Many citizens believe that the most profitable car loan is the one for which you do not need to buy insurance. There are programs when it is not needed, but in this case the client incurs all the repair costs if the car gets into an accident and suffers. In addition, CASCO auto loan facilities, as a rule, have increased interest rates.
Car loan programs have specific features:
- The client often does not receive money, they are immediately transferred to the dealership account, where the purchase is made.
- Most banks provide a loan only after the buyer makes a deposit of at least 10% of the cost of the vehicle.
- Transport remains pledged to the bank until the client completely repays the debt.
- The vehicle title is stored in the bank until the contract is closed.
- Almost always requires the issuance of an expensive CASCO policy.
Citizens who plan to take a car loan, the most favorable conditions can be offered if the client makes an initial payment. Otherwise, you will have to pay interest at an inflated rate. The absence of CASCO also increases the cost of the loan by 3-5% per year.
State support
There is a unique product - the most profitable car loan with a subsidy from the state. Not all financial organizations offer it, since this is a presidential program. As part of the proposal, you can buy a Russian-made vehicle. There are also some foreign models that are assembled at domestic factories, and you can get the most profitable car loan in Rostov, Moscow and other cities.
The subsidy is a compensation for two-thirds of the interest on a car loan. It is calculated at the Central Bank rate, which is valid at the time of the transaction. For example, a client plans to purchase a vehicle on credit from Sberbank, where the standard rate is 13.5-18%. With government support, the borrower will need to pay 6.5-7% less. As a result, transport will be much cheaper for the buyer, and domestic enterprises sell their products.
Under the program with state subsidies, you can buy a car up to 3.5 tons and costing no more than 1 million 150 thousand rubles. The bank provides no more than 90% of the cost of transport. The loan term under this proposal is no more than 3 years.
The most profitable car loan: low rate
One of the most significant indicators for customers is a small overpayment under a loan agreement. To understand exactly what amount you have to pay in excess of the cost of the car, you can use the loan calculator, which is available on the websites of most financial institutions. Using this tool, you can calculate the burden on the budget when applying for a loan and visually see the size of the overpayment.
The cost of buying directly depends on the rate of the financial institution in which the loan is made. Where is the most profitable car loan? The most attractive interest rates are offered by the Bank of Moscow, Uralsib and Unicredit Bank. Here you can get a loan at a rate of 9-14% per annum.
Small down payment
Most financial institutions require a deposit, which can be up to 40% of the cost of the vehicle, and this is a considerable amount. The most profitable car loan in Volgograd and other cities of Russia is a loan with a small down payment or without it. You can get it at VTB 24, MDM and Altayenergo.
However, it should be borne in mind that the absence of a down payment or its small size can significantly increase the interest rate. In addition, some financial institutions impose additional conditions. For example, you can only buy a foreign car worth from half a million. Therefore, it is up to the consumer to decide which car loan is the most profitable (with or without low overpayment).
Type of vehicle
Currently, lending programs allow you to buy both new and used cars assembled in Russia and abroad. Each bank has certain conditions for obtaining loans for the purchase of vehicles. In some, you can only buy a new car, while others, on the contrary, lend to citizens who plan to buy a used vehicle.
There are banks where loans are issued only for luxury cars (Raiffeisenbank). Very few financial institutions are ready to offer a loan to buy a used car, and those that are ready have strict requirements for the vehicle (year of manufacture, condition, etc.). According to many customers, the most profitable car loan in Ufa and other Russian cities on used cars can be issued at Gazprombank.
Insurance
Car loans in Russia differ from other banking products in that one of the mandatory points of the transaction is the availability of a CASCO policy. The fact is that the purchased car will be held by the bank as a pledge until the borrower fully repays all of his debt. In all advertising offers, banks voiced interest rates on loans, which are valid only if a full package of insurance services is completed.
Because of insurance, the purchase becomes more expensive at times. In case of refusal to purchase the policy, the borrower will be able to save on the first payment, but the interest on the loan will increase. In addition, you can choose an insurer yourself, it will also save money on the purchase of the policy. However, not all financial institutions give their customers the opportunity to choose an insurance company.
Minimum package of documents
Most citizens are not satisfied with the bureaucracy. To conclude a loan agreement requires a huge amount of references and papers. However, today you can complete a transaction by providing only two documents. If we look at financial organizations from this position, then the most profitable car loan bank that draws up loans according to the passport and driver’s license is Sberbank of Russia. You can also provide SNILS, TIN, or military ID as a second document.
In addition to Sberbank of Russia, according to two documents, the transaction can be executed at Rosbank or VTB 24. Since a financial institution cannot verify the solvency of a potential borrower without relevant information, such a loan will be accompanied by increased interest. In addition, the bank may require a significant deposit, which is not always convenient for the client.
Programs from manufacturers
Many authorized dealers try to develop special offers for customers who want to purchase a vehicle of a particular brand to increase sales of their products. Thus, Toyota Bank and Renault Nissan Bank appeared on the market. Here you can buy a certain brand and model on very attractive terms.
It is also worth paying attention to seasonal offers and partnership programs of banks with official dealers. As a rule, the conditions for clients on such loan programs are very attractive.
VTB 24 programs
This financial institution is the second largest in Russia and offers citizens a huge number of services and products. Car loans are in special demand and are very well developed at VTB Bank. Here you can get a loan with a subsidy from the state, take advantage of privileges for corporate clients or conclude a profitable contract in the framework of existing shares.
The standard conditions for car loans in this bank are as follows:
- amount - not more than 5 million rubles;
- You can purchase vehicles of Russian and foreign production;
- rate from 14% per annum;
- deposit - at least 15% of the cost of the car;
- the term of the contract is up to 5 years.
Best rate at Gazprombank
This financial institution offers the most profitable programs to corporate clients. The rate on car loans is relatively low, and in recent years there have been no significant increases. Borrowers can draw up a loan agreement with this bank for up to 7 years. The basic rate on car loans is 14% per year, but regular customers can get a discount of 1.5% per annum. The bank requires a deposit of at least 20% of the cost of the car and issues loans in the amount of not more than 4.5 million rubles.
Offers from Sberbank
A large selection of various car loan programs for Russian citizens is offered by Sberbank of Russia. Here you can get a loan to buy a foreign car or domestic car. The amount of overpayment directly depends on the loan term and varies within 13.5-16% per annum. If there is a quota, you can arrange a profitable car loan with state subsidy, if the client is not against domestic transport.
For all programs, Sberbank requires a down payment of at least 15% of the cost of the car. A maximum of 5 million rubles is issued for the purchase of a vehicle. The term of the loan agreement is up to 5 years.
Sberbank provides discounts of 1% per year on car loans to the following categories of citizens:
- payroll clients;
- to investors;
- social card holders receiving a pension on it.