What is a preferential car loan program?

A personal car is good; not everyone can argue with such a statement. Nevertheless, this purchase is not cheap, and not all of our compatriots can afford to look into a car dealership. That is why car loan programs, which are quite diverse, are gaining more and more popularity every year. Also, for several years there have been preferential car loan programs for Russians. However, first things first.

How to get a car loan

Today, there are three ways to purchase a car on credit. Car programs:

Basic. Such a program is akin to ordinary consumer lending. It allows you to purchase for use both a new and a used car, and it does not matter whether it is domestic or foreign. From the moment of receipt of funds, the borrower is given no more than 90 days to choose and purchase a vehicle. After the purchase, the car becomes a bank deposit. The amount of such a targeted loan can reach up to 5 million rubles, and the interest rate can reach 20%. Money under the basic car loan program can be obtained for up to 5 years.

Affiliate. This option almost completely repeats the basic auto-subsidization with the only difference that the interest rate on the loan can be slightly reduced if you buy a car in the salon that is a partner of the creditor bank.

This program has several disadvantages:

• to purchase a used car in this way will not succeed;
• the choice is limited to those models that are presented in a particular car dealership;
• will have to prepare an initial payment of at least 20%.

State program of preferential car loans. The loan amount under such a program can be 85% of the cost of a car, however, it cannot exceed 800 thousand rubles. Registration term - no more than 3 years. The essence of the program of preferential car loans is that part of the interest on the loan is repaid by the state for you, which significantly reduces the interest rate for the borrower. The rate for this type of subsidization is completely dependent on the Central Bank's refinancing rate, so in each case it may turn out to be different.

Historical reference

The preferential car loan program was first tested in the Russian Federation during the 2009 crisis. This decision, together with the recycling program for old cars, helped domestic automakers to stay afloat and significantly update the Russian fleet. However, the first program of preferential car loans had several disadvantages:

1. Initially, it was designed to support the AvtoVAZ enterprise, since the average cost of a car of this brand did not exceed 350 thousand rubles.
2. The lineup approved by the Ministry of Industry and Trade for the implementation of the program amounted to only 10 items, so consumers did not have much choice.
3. Another negative side of the issue was the rather high down payment - at least 30% of the cost of the car. Not everyone could afford to lay out such a lump sum.

Nevertheless, over time, the program gained considerable popularity, the down payment was halved, and the lineup expanded five-fold. Today it is safe to say that a preferential car loan program is the most popular way to purchase a personal car. Nevertheless, at different times, the auto-subsidy program either ceased, then resumed, and on the eve of 2015 there was a heated debate about whether to continue it in the future.

New car listing

Despite the fact that the current economic situation of the country is rather unstable, from April 1, 2015, a new preferential car loan program was launched. The list of cars has expanded to 50 positions, but a new condition has been introduced: a car purchased under such a program should be in 2015.

Skoda octavia	LADA - 1117	LADA - 2115	GAZ - 2217	UAZ - 2206
Skoda fabia	LADA - 1118	LADA - 2121	GAZ - 2310	UAZ - 2360
Kia spectra	LADA - 1119	LADA - 2131	GAZ - 2705	UAZ - 3303
Renault Logan	LADA - 2104	LADA - 2170	GAZ - 2752	UAZ - 3741
Chevrolet cruze	LADA - 2105	LADA - 2171	GAZ - 3221	UAZ - 3909
Chevrolet niva	LADA - 2107	LADA - 2072	GAZ - 3302	UAZ - 3062
Fiat dolo	LADA - 2111	LADA - 2329	Volga Siber	TagAZ C 100
Fiat ducato	LADA - 2112	UAZ Hunter	Hyundai Sonata	TagAZ Road Partner
Fiat albea	LADA - 2113	UAZ Patriot	Hyundai Accent	TagAZ Tager
Ford focus	LADA - 2114	UAZ Pikup	IL - 2717	TagAZ LC 100

Thus, it is clear that the list of cars offered for purchase this year is quite extensive and not limited to domestic models.

Auto loan terms

In 2015, some requirements for car loans on preferential terms also changed:

• the full cost of a car purchased on preferential terms cannot exceed 1 million rubles;
• the maximum possible loan amount - 800 thousand rubles;
• the minimum loan amount can be determined by the bank independently;
• loans are granted only in Russian rubles;
• the car that the customer plans to purchase must be assembled in Russia;
• a truck cannot be bought in this way, since the total weight of the selected model cannot exceed 3.5 tons;
• a loan may be issued for a period not exceeding 36 months (3 years);
• the purchased car should not be previously registered for an individual and registered (registration) in accordance with the legislation of the Russian Federation;
• the lending rate is calculated as the difference between the interest rate stipulated by the contract of a financial organization and two-thirds of the refinancing rate of the Central Bank of the Russian Federation at the time of issuing a loan;
• Compensation applies only to urgent interest;
• the amount of prepayment (down payment) is 20%, but may be more (at the request of the borrower);
• only citizens of Russia can get a loan.
  

How is interest rate calculated?

Thus, the preferential car loan program involves the reimbursement of only a portion of the interest on the loan, it depends on the current refinancing rate adopted by the Central Bank of Russia. After making simple calculations, you can independently find out how much you will have to overpay in each case. To do this, use a simple formula:

Ps = Ds - 2/3 x Ref, where:

• Ps - annual percentage;
• Ds - the interest rate applicable at the time of issuing a loan according to the standard lending scheme;
• Ref -% refinancing adopted by the Central Bank of the Russian Federation at the time of conclusion of the contract.

As of April 1, 2015, the refinancing rate is 14%, which means that its recoverable part is 9.33%. Thus, if you contacted a bank offering a car loan at 20% per annum, then, using the state preferential program, you will pay only 10.67% per annum. Of course, the base rates in all banks are different, so in each case the calculation result will be different.

Basic conditions for obtaining a car loan

To receive a car loan under a preferential program, the borrower does not have any special requirements. Of course, each bank has its own rules and conditions may vary slightly, but the average portrait of a borrower looks like this:

• a citizen of the Russian Federation at the age of not younger than 21 and not older than 60 years;
• Has a permanent job at least for the past 6 months;
• registered and permanently resides in the service area of ​​a particular bank;
• able to confirm that there is a steady income sufficient to cover the monthly payment.

Based on practice, we can say that there are only 2 parameters by which a preferential car loan can be refused: it is a bad credit history and the presence of children under the age of six months (for women).

Additional requirements

Despite the fact that the preferential car loan program in all banking institutions looks almost the same, some criteria may still vary slightly:

• basic lending rate (the one from which the subsidy will be deducted);
• the shortest period for which a loan is issued;
• requirements for the borrower regarding work experience and salary;
• the need for additional collateral or the involvement of a guarantor;
• minimum loan amount;
• the need for registration (registration) of the debtor in the region where the loan is issued.

Documents

In general, a preferential car loan program assumes that the borrower has the following documents:

• the civil passport of the borrower himself, as well as his spouse (spouse), if the debtor is married;
• written consent of the second spouse to transfer the vehicle as a pledge to the bank;
• driver's license (if any);
• certificate 2-PIT (on income);
• extract from the work book, officially certified at the last place of work;
• contract of sale or reference account from the salon, confirming the cost of the car.

As each organization conducts its own credit policy, the list of required documents can vary significantly. Nevertheless, an unwritten rule states: the shorter the loan term and the longer the down payment, the less documents the bank will require.

Where to get such a loan?

So, what is a preferential car loan program, more or less clear, but where can I get such a loan? To date, the full list of Russian banking institutions offering to use this kind of services has not yet been determined, therefore, in each case, it is necessary to clarify whether it is possible to receive state subsidies. However, it is safe to say that this list is quite long and, as of the end of 2014, amounted to more than 130 organizations. Among them:

• Sberbank of the Russian Federation.
• "VTB 24".
• URALSIB.
• Gazprombank.
• "UniCredit Bank".
• Bank "Saint-Petersburg".
• Bank "Soviet".
• AK BARS BANK;
• JSCB “BTA-Kazan” and many others.

So finding the right option and taking advantage of the preferential car loan program in Russia in 2015 will not be difficult.