When there is a desire to buy a car, but there is no money for it, you can use a loan. Each bank offers its own conditions: terms, interest rates and sizes of payments. All this needs to be known to the borrower in advance, having studied the advantageous offers on car loans.
Almost all car dealerships cooperate with banks, so customers can immediately arrange goods. But first, you should familiarize yourself with the terms of the programs in order to choose the right one. Usually they have their own characteristics.
Features of choosing a loan
If a car loan is issued at a car dealership, then the services of several banks are usually offered with their own terms, conditions and rates. Which is better to choose? Do not rush to this issue, but familiarize yourself with a few suggestions. First you need to contact the bank in which the salary is issued. Requirements for regular customers are quite acceptable. You just need to find out everything about car loans.
The most beneficial is a car loan without interest, but this is not. The provision of a vehicle is only possible on a fee basis. Even if there is no interest in the contract, the commission is calculated using refinancing.
Profitable loan
The most profitable car loans are those with the following conditions:
- low interest for all time payments;
- a passport and a second document are required;
- no down payment;
- no need to provide a reference 2-PIT;
- CASCO is optional;
- any credit history;
- flexible terms.
A cheaper car loan without down payment, but you still need to find a bank with such conditions. Although in this case there is a possibility of a higher interest rate.
State support
Car loans on favorable terms can be borrowed at different banks. The state is actively involved in this. A car loan program was created to support motorists. On its basis, the state provides funds to banks that work with these services. Money is used to pay for some of the loan, so low rates apply to customers. Car loan features include the following:
- You can purchase cars whose mass does not exceed 3.5 tons;
- down payment - from 20%;
- rate - no more than 2/3 of the Central Bank rate.
Down payment: pros and cons
A car loan without a down payment is more valued. This determines not only the amount that will be overpaid, but also the rate. If the first payment has been made, then due to the remaining amount, the overpayment will be small. The most profitable car loans have a down payment of about 10-30% of the loan amount.
The advantages of the service without a down payment are that the car can be received immediately without investing your own funds. But since the overpayment and payment will be high, it is necessary to calculate the possibility of payment. It is advisable to use the proven rule: for all needs for the family should remain about 60% of the salary. If it is less, do not take risks.
Where to get a profitable car loan without down payment? Such services for customers are available at HomeCredit, AyManiBank, Loko Bank. To save on interest, you need to pay at least 20% of the price of transport. It is also necessary to purchase OSAGO and CASCO.
Features of a car loan without CASCO
The most profitable car loans are issued without hull insurance. Although they are much cheaper, there are certain pitfalls here. Even taking into account the pluses, there are more negative points:
- a large percentage;
- the down payment is large enough;
- in some banks - early repayment;
- in the event of an accident, you will have to repair the machine at your own expense, as well as pay compensation to the other side;
- you can’t get a used car.
Where to get a profitable car loan without hull insurance? It is offered at UniCredit Bank, Tatfondbank, Rosbank, and Credit Europe Bank. To issue such a loan or not - everyone decides for himself. You should take into account overpayments that will be without insurance. It is also necessary to familiarize yourself with all the nuances that will help to arrange a suitable car loan. A profitable percentage almost always plays an important role.
Credit history
Often, banks issue a negative decision to provide funds for the purchase of a car, which is caused by a bad credit history. But with a positive chance of getting a car loan increases dramatically. Regular customers are also appreciated. Even if the borrower this time is ready to responsibly approach the repayment of the debt, as expected, not all banks are ready to cooperate with him. But still there are such.
Some do not even take into account a negative credit history. Only then there will be no low interest, flexible terms. You may have to provide a security deposit or certificate. Usually a car loan is issued with the following conditions:
- a large percentage;
- limited maximum car price;
- short loan term.
Most often, the car is in the form of a deposit in a bank. Lenders require the provision of other facilities of equal value to the car. An income certificate, a copy of the work book, an initial payment will be required. The decision to grant a loan with a bad credit history is made individually, taking into account information about the client.
Car loan or consumer loan?
With the purchase of the car, the question arises: "What is more profitable - a car loan or a consumer loan?" To answer it, you need to familiarize yourself with the terms of both services. They differ in terms, interest, amounts provided.
Car loans have a lower rate - 10-17%. This is due to the fact that in this case, banks take less risk, because the car is presented in the form of collateral over the entire lending period. But car loans have many disadvantages. The client needs to pay a high down payment, purchase a hull, provide a security deposit.
Consumer credit is beneficial for the following reasons:
- it is possible to purchase a car from a private person, and then you can save;
- no insurance required;
- can be repaid ahead of schedule without fines.
What is more profitable - a car loan or a consumer loan, is up to the client himself. After all, both banking services have their pros and cons. You should rely on personal income, maturities and other factors.
Choosing a profitable offer
If you want to save on the purchase of a car, several nuances should be taken into account. Banks have many offers, among which you can choose the most profitable car loans. It is advisable to use the state program. For example, if there is a machine older than 10 years, then it can be disposed of. This gives the right to receive a certificate, which provides a discount on the purchase of a new car.
A low percentage is offered in Sberbank, VTB-24 and other institutions that take part in the state subsidy program. The client has the right to choose a Russian or foreign car, the assembly of which was carried out in Russia.
In addition to interest, you need to pay attention to other loan conditions that affect the purchase amount. Some institutions have fees for considering applications and early repayment of debt. For many programs, insurance is required in the partner organization of the bank, for which you also have to pay.
It is advisable to consider the proposals of several banks. You must first calculate the amount of monthly payments, loan term. Only if the offer is completely satisfied can you choose it. You should learn how to get a loan more profitable. Usually the overpayment is less if you make a deal in a bank, not in a salon.
It is necessary to clarify details such as the size of the down payment, the possibility of early repayment of the debt. Some banks charge a fee for servicing a loan, opening an account. This information must be found out before concluding the contract.
Broker services
In the field of financial services there are credit brokers, or intermediaries. Although many do not want to contact such a specialist. But in vain. After all, he will help you choose the best offer among those presented. The benefits of working with a broker are as follows:
- a program is selected based on the wishes of the client;
- Search for a profitable program for a short or long period;
- You can use interest-free installments;
- the client does not need to deal with paperwork independently;
- Specialist advises the client on legal issues.
Broker services are paid after the loan. The client has the opportunity of significant savings, since a profitable program will be selected. Subject to cooperation with a broker, a positive decision is usually provided for applications.
Who is denied a favorable car loan?
There are situations when a favorable car loan is denied:
- if there is not enough income to join a short-term program;
- the car was produced more than 10 years ago;
- domestic car made more than 5 years ago;
- low cost of a car;
- CASCO is not issued;
- the client does not leave the car as collateral.
If you want to buy a used or inexpensive car, then it is better to choose a consumer loan. This will significantly save, as well as not make out a number of additional services. If you are going to buy a new car, then car loans are perfect.