Car loans are the provision of money for the purchase of a car. Moreover, the transport may be new or used. The bank issues funds after approval of the application. At the same time, lenders evaluate their risks. Loans are secured by a car. Many banks issue them only when buying a CASCO policy. Is it obligatory? Is it possible to get a car loan without hull insurance? The answers to these questions are presented in the article.
Is it obligatory?
With car loans, the bank transfers the money to the seller. Prior to reckoning, the car will be in the form of a deposit at the bank. For most, buying a car on credit is the only way to solve a transport problem. An advantage is considered to be a quick acquisition and with a minimum amount of savings.
And overpayment is considered a drawback. You have to pay about 50% more than the car costs. Therefore, many want to save in every way possible. Can I get a car loan without hull insurance? The client has the right to this, in addition, then the cost of transport decreases.
What do banks offer?
Without insurance, the bank takes risks. If the car gets into an accident or is stolen, and the owner cannot pay the loan, then there will be nothing to withdraw. Therefore, a car loan without CASCO is usually provided on the following conditions:
- the rate rises to 22%;
- credit history is studied more carefully;
- loan period changes;
- the amount is limited to 1 million rubles;
- down payment up to 50% is required;
- additional fees are charged;
- there is a need to purchase a car only in partner salons.
If everything suits you, you can safely arrange a car loan without hull insurance. These loans are provided for the purchase of new and used cars. But it is important to consider that the client is also at risk. If the car is stolen or suffers in an accident, you still need to pay the loan in full, while no compensation is paid. Therefore, at first it is important to weigh the pros and cons of such a purchase.
Conditions
Car loans without hull insurance are provided by banks on more stringent conditions, which helps minimize risks. The main conditions include:
- Increased rates. Since the risk of losing collateral increases without restoring it, the bank protects personal assets in another way - it increases the rate. Each bank has different indicators, but usually such a car loan is 3-5% higher.
- Short maturity. The longer the loan period, the higher the risk that something will happen to the transport. Therefore, without CASCO, the repayment time is reduced. Instead of 5-7 years, a contract is usually drawn up for 3 years.
- Limitations on the amount. A car loan without CASCO for a new car or a used one is provided in the amount of 500 thousand - 1 million rubles.
- Increased first payment. In some banks, it can reach up to 50% of the cost of the car.
Banks giving a car loan without CASCO may have different conditions. But the above nuances work almost everywhere. A car loan without CASCO insurance is usually not provided without a certificate of income. It should indicate the place of work in which the client has been employed for more than 6 months or 1 year.
How to get a car loan without hull insurance? In advance, you need to select the make of the machine, check its condition and equipment, and also find out how much to apply for. Some car dealerships only cooperate with specific banks, which also needs to be clarified. The procedure for obtaining a car loan without CASCO for a new car or supported is as follows.
Bank selection and filing
But not all credit institutions agree to provide services without CASCO. You can apply to several banks. But it is important to consider that a preliminary positive answer is not a guarantee of 100%. Documents will be checked when visiting a bank branch before signing the contract.
Standard requirements include:
- age (21-65 years);
- citizenship of the Russian Federation;
- permanent registration in the field of service;
- lack of criminal record;
- income - not less than 30-40 thousand rubles.
Collection of documents
When an application for a car loan without CASCO for used cars or new vehicles is approved, you can prepare a package of documents. Availability required:
- passports
- loan applications;
- driver's license;
- copies of the work book;
- Help 2-PIT.
Some financial institutions need other documents. This may be a military ID, certificate of education, paper on property. If the solvency, in the opinion of the bank, is insufficient, additional conditions are set for them. For example, 1-2 guarantors are required.
Signing a sales contract
When permission of the bank is obtained, you can conclude a contract of sale. When a car dealership and a bank work in conjunction, the procedure will be simpler. Then in the cabin you can choose a car and immediately sign an agreement with a bank representative.
Conclusion of the contract and making the first payment
Before signing the contract, you must read it. Particular attention should be paid to the following points:
- Bid size. Decent banks indicate the rate on the main page of the document, and do not fix it in the notes.
- Amounts of commissions for operations. The lower they are, the better.
- Methods of paying a loan. It is advisable that there are several options for depositing funds, including an online repayment method.
- Early payment terms. Some banks may have fees for the full payment of funds before the expiration of the contract.
- Owner Rights.
Then you need to make the first payment, which will be credited to the account of the seller of the car. Banks do not provide a car loan without a down payment without CASCO, as this poses a big risk.
Car registration and debt payment
It is necessary to put a car on the account in the traffic police. This must be done within 10 days after the conclusion of the sales contract. You can contact any department of the traffic police.
It is necessary to pay the fee and provide documents for the car, including the mandatory insurance policy. After registration, the buyer becomes the owner of the vehicle. It remains only to comply with traffic rules and timely pay the loan debt.
Bank selection
It depends on how much you have to pay monthly and on what terms. For the requirements to be acceptable, you need to know how to choose the right bank:
- You need to get acquainted with the ratings of banks. It is advisable to consider independent ratings. It also happens that a small regional bank offers the best conditions and is ready to provide a loan for 1 day. But with the bankruptcy of this institution, it will be necessary to go through many unpleasant procedures to find out new details. It is better to choose famous banks.
- You must read customer reviews. They can be found on trusted online services. Information of interest is still recognized through friends and relatives.
- It is important to compare the terms of cooperation. First you need to know what documents are provided. Each bank has its own conditions for the provision of car loans.
Care must be taken with express car loans. Winning over time often leads to higher bets. Other nuances include additional fees for opening and maintaining an account, unfavorable conditions for early payment.
Still need to keep track of promotions and offers. If the employer is working with a bank on a payroll project, then additional benefits and privileges are likely to be available. And in which banks a car loan without CASCO is issued on acceptable terms, is described below.
Tinkoff Bank
Clients are offered a credit card with an amount of up to 300 thousand rubles. The application is issued no more than 5 minutes, and the response arrives within 2 minutes. The card will be sent to your home address or office. The first 55 days, interest is not charged.
The money provided may be spent on the purchase of a car. Then there will be a rate of 19.9%, but it can be set individually. For annual maintenance, 590 rubles are charged. All operations are carried out remotely using a telephone, computer and mobile devices.
VTB Bank of Moscow
The Bank is included among the leaders of the financial market of the Russian Federation. Citizens can apply for consumer loans up to 3 million for up to 5 years. The application can be submitted through the site and get an answer in 15 minutes.
For civil servants and corporate clients, special conditions apply. The initial rate is 14.9%. Customers may be granted credit holidays for the vacation period or for other reasons.
Sovcombank
The bank provides loans in cash up to 1 million rubles at 17%. Car loans are issued according to a special program - a new car secured by the old one.
The vehicle to be exchanged must meet the following requirements:
- age from 19 years;
- technical serviceability;
- the car should not be pledged;
- not registered in the car loan program.
If in doubt about the solvency of the client, banks may ask for a guarantor. A loan with a pledge in the form of an old car is issued for customers of 21 years who are officially employed.
"UniCredit Bank"
Clients are issued loans for the purchase of a used car. The maximum amount is 1.2 million rubles for up to 5 years. The down payment is 30%. The rate is at the level of 21.9%, and when applying for life insurance, it is reduced by 2%. The increased cost is due to the fact that during registration it is not necessary to provide a statement of income or a copy of the work book.
If you take out CASCO insurance, then the minimum first payment will be 15%. The rate is also decreasing - 16.9-18.9%. This requires confirmation of solvency and employment with the help of documents. Then the loan is issued under the passport and driver’s license if you make a large first payment and if the loan amount is small.
"Alfa Bank"
This bank provides car loans to both salary and corporate clients, and ordinary citizens. And without CASCO, up to 2 million rubles can be issued if a used car is selected and up to 3 million rubles if the transport is new. The term is up to 5 years, and the minimum contribution is from 15%. The rate is 20.99 - 24.99%.
When making insurance, the overpayment will be 15.99 - 22.99%. Car loans to participants of salary projects are provided according to the passport and the second document. Employees of partner companies need to provide a 2-personal income tax certificate for 6 months.
"VTB 24"
This bank draws out a loan "Auto Express". It is tedious to provide a passport and another document - a military ID, a driver’s license. Down payment starts from 30%. The maximum amount is 1.5 million rubles. The rate is 16.9 - 21.9%.
The main requirements include:
- positive credit history;
- monthly income of 30 thousand rubles;
- experience - from 1 year in the region where the bank is located;
- permanent registration.
If you arrange a loan with insurance, the first payment is reduced to 20%, and the rate will be 16.9 - 18.9%. Car loans are issued quickly - within an hour after applying.
Rosbank
This bank does not have special car loan programs, but it is possible to apply for a simple, inappropriate loan and purchase a car for it without CASCO.
Using the Big Money program, borrowers can buy a new or used car. The amount is 300 thousand - 3 million rubles. The rate is 14-21%.
Thus, many banks provide a car loan without hull insurance for new cars and used vehicles. But then borrowers need to be prepared for other conditions. After studying the requirements of several banks, it will turn out to choose the most suitable option.