As part of supporting the domestic auto industry and providing citizens with the opportunity to buy their own car, the government offers preferential car loans. It lies in the fact that due to state support, a loan is issued to buy a car under favorable conditions, so a reduced interest rate is set. If a person plans to buy a car at the expense of credit funds, then you should understand all the rules and nuances of obtaining such a loan.
Basic information
Due to the economic crisis, the demand for automobiles and credit products of banks has decreased significantly. This has led to the need for the state to develop various programs that make it possible to make a large purchase under favorable conditions.
The program of preferential car loans has been operating for several years, but numerous changes are regularly introduced into it, as well as subprograms are formed. Numerous innovations were adopted in 2018. The main purpose of this proposal is the opportunity for every citizen to become the owner of his car, and at the same time special attention is paid to the acquisition of domestic cars.
The terms of participation
In 2018, specific conditions were established for obtaining such a loan for the purchase of a car. Before issuing such a loan, it is necessary to clarify which banks are operating under this program. The terms of preferential car loans are as follows:
- the cost of the car should not exceed 1 million 450 thousand rubles;
- a car loan is issued for up to 3 years;
- only new cars are bought, so from the moment of their release it should not be more than one year;
- the borrower requires 20% of the cost of the selected car, as these funds are used as a down payment;
- cars must be made or assembled in the Russian Federation;
- you can choose only new cars, so it is not allowed that they were previously issued to another person;
- machine weight should not exceed 3.5 tons.
Due to such restrictions, you can buy only some types of inexpensive cars. People who do not have their own vehicle are attracted by preferential car loans. Banks operating under this program are usually large and stable.
The concept of preferential car loans
It is presented with a special loan, which offers favorable conditions to borrowers. Its main goal is the purchase of a car, which can be domestic or foreign.
The need for preferential car loans is due to low purchasing power and a tough economic crisis in the country, so citizens cannot buy a car at their own expense. The state offers a low percentage of car buyers. At the expense of state funds, the difference in interest to the bank is covered.
The purpose of such a proposal
Federal security when buying a car on credit is intended to solve several problems that are significant for Russia. The state program of preferential car loans was introduced to achieve the goals:
- increased demand for cars;
- increased interest of citizens in loan products;
- providing the population with their own cars.
As a standard, a car loan offers an interest rate in the range of 15 to 25 percent, but when using this program, a rate of 8 to 10% is set.
Legislative regulation
The procedure for obtaining a soft loan for the purchase of a car is regulated by PP No. 364.
This program was extended until the end of 2018, and it is planned that it will be valid for several more years until the situation on the car loan market is settled.
The essence of the program
Initially, you should understand what such a unique offer consists of. The state program of preferential car loans involves the provision of assistance by the state in the process of buying a car:
- the state pays 10% of the cost of the car as part of the subprograms;
- if the rate is set by the bank within 15%, then due to participation in the program it is reduced to 8 or 9 percent, since the difference is covered by budget funds;
- such loans are offered in almost all major banks of the country;
- the purchased property acts as collateral.
The program began to operate in 2009, but it was in 2012 that the highest demand for cars purchased with credit funds was observed.
What kind of cars can I buy?
In order to really count on government support in the process of buying a car on credit, it is important to choose a car that is on a special list for this program. To significantly save their own money, citizens often choose preferential car loans in 2018. The list of cars includes the most common and popular brands.
You can purchase cars of the following brands with state support:
- LADA;
- Renault
- Nissan
- Chevrolet;
- Fiat;
- Ford
For many cars of these brands, preferential car loans can be applied. The list of cars can be fully studied in PP No. 364.
How to buy a car on preferential terms?
If a person wants to participate in this program, then you should figure out what phased actions for this should be performed. To do this, it is initially recommended to decide which car will be purchased. State preferential car loans are offered when performing sequential actions:
- Initially, a citizen determines which car he wants to purchase, and he must comply with the requirements of the program.
- The dealer organization from which the vehicle will be acquired is determined, and the company must work with banks as part of a preferential program.
- A bank is proposed that offers a car loan with state support, and the institution should be suitable for the requirements and desires of the potential borrower.
- An application is formed and submitted, to which the necessary documents are attached to arrange a loan.
- Next, you need to wait for a decision by the bank and the state authority involved in the allocation of funds for soft loans for the purchase of a car;
- An agreement is concluded with the bank.
- A down payment is made for the purchase of a car.
- A loan agreement is transferred to a car dealership, after which the borrower receives a car.
- He is registered in the traffic police.
- A mortgage and insurance policy is drawn up;
- PTS and insurance must be brought to the bank.
After performing all the above actions, it is only necessary for the borrower to deposit funds on a monthly basis. Preferential car loans are considered easy to arrange, so with little effort on the part of the borrower, you can count on a low interest rate when applying for a loan to buy a car.
What documents are required?
To purchase a car on the basis of soft loans, the borrower needs to prepare certain documentation. It may differ slightly in different banks, but paper is usually required:
- well-formed application for a car loan;
- driver's license;
- certificate 2-personal income tax from the main place of work;
- passport of a citizen;
- TIN and SNILS;
- military ID for men;
- marriage certificate, if borrowers apply for a car loan as part of the Family Car program.
You can find out the exact list directly on the website of the selected bank. Before filing an application, you should decide which car will be purchased, since not all cars offer preferential car loans.
Who can participate?
Claims on citizens are made both by banks issuing loans and by the state sending budget funds to cover the difference between interest. The preferential car loan program is available to citizens who meet the following conditions:
- only a Russian citizen may act as a borrower;
- his age should be in the range of 21 to 65 years;
- the credit history must be positive, therefore, delays in other loans or outstanding debts are not allowed in the past;
- if the borrower is a woman, then she should not have children whose age has not reached 6 months;
- the presence of a permanent and official job;
- high income to handle credit payments;
- the presence of a large amount, which should cover 20% of the cost of the car, since when receiving such a loan a high down payment is required.
Each proposal is considered by the bank separately. If there are certain flaws or requirements are not complied with, then preferential car loans may be refused.
Which bank should I contact?
In the framework of the state program, tough conditions are imposed on banks that can offer car loans to borrowers on favorable terms. Institutions had to go through a specific selection. The main requirements include:
- authorized capital should be more than 70 billion rubles .;
- 50% of the shares should belong to the state.
In 2018, the requirements softened a bit, so more than 90 banks offer preferential car loans. Therefore, borrowers can apply to Sberbank, VTB24, Rosbank, Russian Agricultural Bank or Bank of Moscow. Each organization offers its own terms and rates, but with government support, borrowers can count on a rate not exceeding 9.5%.
What conditions are offered to families?
The program, which offers car loans under preferential terms, contains several subprograms. They are aimed at different categories of citizens, which is why preferential car loans are so attractive in Russia. Family car - this is one of the subprograms that is aimed at families that have the status of young or large. The main conditions of this subprogram include:
- citizens have official work;
- family income must be sufficient to make loan payments;
- for families a discount of 10% of the cost of the selected car;
- certificate of marriage is required by young families;
- if a large family claims to participate in the program, then an appropriate certificate and a certificate of family composition is required from it.
This proposal is considered especially relevant for large families, as citizens really need a car to transport children.
Reasons for refusal
Banks may refuse potential borrowers to participate in this program if there are good reasons. This is most often caused by:
- poor credit history, therefore, in the past, a citizen had delays and other problems with repayment of loans;
- a car is selected that is not covered by the program;
- you need to buy a used car or car older than one year;
- the application indicates a car whose mass exceeds 3.5 tons;
- a citizen wants to buy a car that was going to another country.
Most often the failure of banks is justified, so the borrower needs to choose another car or increase income.
Can I use the program without a down payment?
PP No. 364 clearly states that in order to receive a subsidy from the state, the borrower is required to have a certain amount of funds amounting to 20% of the cost of the car. But some banks offer slightly modified conditions. Additionally, there are several subprograms in which the conditions for providing assistance are simplified.
If you use the Family Car program, you will receive a 10% discount on car purchases, so buyers can initially expect a reduction in the price of a car. A discount is provided only when applying for a car loan at a bank. Get it with your own funds will not work. Under such conditions, it is advisable to issue a car loan for a minimum period with a small overpayment, due to which a 10% discount on cars is offered. Then you can repay the car loan ahead of schedule so as not to overpay the funds for interest.
Benefits of using the program
There are many advantages to buying a car by participating in a government program. These include:
- loyalty to potential borrowers by banks;
- the opportunity to get a discount on the car in the amount of 10%;
- even large families or young families can get a car loan;
- a low interest rate is proposed, since the difference is covered by public funds, so the loan overpayment will be low;
- You can choose a car from a significant list of cars.
Thus, each citizen of the Russian Federation, subject to certain conditions, can count on a preferential car loan for the purchase of a new car. The state provides support by offering low interest or a discount on the purchase of a car. Not too stringent requirements are imposed on borrowers, so almost everyone can take advantage of such an offer.