The car loan market is expanding every year, contributing to increased competition among banking organizations and car dealerships. To stand out among the many companies, various marketing activities are used.

Among such companies, the offer to purchase a vehicle on a loan without any interest, with a minimum of time costs and a small package of documents has become popular.

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The slogan “car loan at 0” sounds very attractive, but it should be borne in mind that such tempting phrases often hide not at all winning nuances.

General terms

If you decide to take a car loan, then before applying, you must familiarize yourself with the following conditions:

• Acquired vehicle will . Therefore, if you do not repay the debt, you will have to part with your car.
• Mandatory car insurance. In addition, in the vast majority of cases, you will additionally need to purchase a CASCO policy and insure your own life.
• The maximum loan repayment period is 5 years. Only in rare situations can banks extend up to 7 years. But only customers of partner car dealerships can count on this.
• When car loans guarantors are not required. This feature is connected with the fact that the car acts as collateral. And when a penalty situation occurs, it is withdrawn and sold at the auction.
• It is possible to purchase a vehicle with a minimum only at.

As regards the loan 0% , then in Russia such a program operates for a small number of manufacturers. It is supported by government sales promotion activities.

It should be noted that such conditions apply only to domestic vehicles with a carrying capacity not exceeding 3.5 tons and no more than 1 million rubles. In this case, the buyer is obliged to pay the minimum initial amount - 200 thousand rubles.

Such conditions can cause significant inconvenience when purchasing a car, so before buying, you should familiarize yourself with them in advance and carefully consider each item.

Requirements

When a client applies for an interest-free loan, a banking organization puts forward the following requirements:

• Borrower must be at least 21 years old and not older 60 years. If he is at a sufficiently advanced age, then he needs to insure his life.
• The amount of monthly payments should not exceed 40% from the permanent income of the borrower.
• CASCO insurance must be obtained only from partners of the organization.
• The minimum package must contain:
  • driver's license;
  • income statement;
  • the passport;
  • certificate from the place of work.

It should be borne in mind that a loan without interest can bring huge amounts of penalties that exceed the amount of penalties for standard loans, and therefore banks can increase interest on servicing a credit account

How to calculate payouts

The amount of payments on a car loan depends on how the monthly commission is calculated.

In most cases, the commission depends on the total amount of the loan.

Payout calculation is simple:

• you need to know the advance on the loan;
• convert interest into money for the cost of the selected vehicle;
• deduct the amount of the advance from the price of the car;
• after that, we multiply the resulting number by the amount of the monthly commission;
• as a result, we get the amount payable every month (excluding the body of the loan).

Let's analyze the calculation on a specific example. car cost - 20 thousand dollars, advance 10% , term - 4 years.

The body of the loan will be 18 thousand dollars=20-20*10%. The loan commission is 0,7% from the amount of the loan, therefore, it is necessary to pay per month $126=18*0.7%.

Now you need to divide the body of loans by the loan term in months - $375=18/48. By adding this amount to the monthly commission, you will receive the amount of payments on the loan without interest - $501=375+126.

In some options, the commission is determined by the balance of the loan. In this case, an independent calculation is not possible, so it is better to contact a specialist.

Payments for settlements by the second method will be less. But it should be borne in mind that the amount of monthly contributions will also include CASCO, OSAGO and life insurance. Which significantly increases the amount of payment.

Popular models for car loans at 0 percent for 3 years

Lada, Nissan and Hyundai

Nissan provides 0 percent interest for 3 years only on Terrano and Pathfinder models. The initial payment is 50% from the total cost of the car. That is, when applying for a loan on Terrano, you must pay 405.5 thousand rubles and the amount of CASCO insurance in cash.

Then the manufacturer will give you a loan with a zero interest rate for 2 or 3 years. As a result, you will have to pay the minimum 12.3 thousand rubles per month. This amount does not include additional insurance and maintenance.

Conditions for obtaining zero loan from Lada have noticeably worsened since July. And if earlier a 0 percent car loan for 3 years could be obtained with down payment from 50%, then at present such a loan can be issued only up to 12 months. But the company began to provide various additional discounts.

Hyundai has only recently launched a special offer for a zero loan for 3 years. But now this program is valid only for the Elegance package with a down payment. 50% . In addition, compulsory insurance is required.

Renault

For you, you can take a zero car loan for three years with a contribution of half the cost of the vehicle.

The loan under this program is provided by two financial institutions: - largest bank with foreign capital, and is a bank affiliated with Renault.

Although the loan is considered interest-free, but as a result of manipulations with the cost and discount, in fact, lending to customers is carried out with an interest rate 14,5% .

UAZ

The company provides an opportunity to purchase 2019 models with a cost of up to 1 million rubles at a zero interest rate with a term up to 3 years. The down payment is quite low compared to the average value and amounts to 20% from the value of the car.

Where else can you apply

real scheme

A 0% car loan is actually a standard loan where the borrower pays both principal and interest. It is considered zero due to the fact that the discount from the car dealership on the car is equal to the total amount of interest. But you get a loan from a bank at a standard rate.

Here, at first glance, your benefit and the benefit of a financial institution is obvious. But what is the advantage of such loans for car dealerships?

There are actually several reasons:

• Vehicles are priced. And after that you get a discount. In this case, the discount amount is leveled by the initial price increase. As a result, it turns out that you pay a classic loan with all the ensuing interest.
• This loan requires a down payment of 50% from the value of the car. Together with the fact that the maximum term for a loan does not exceed 5 years, the overpayment will be low. It turns out that the discount in this case is not so significant.
• Banking organizations and car dealerships often cooperate with insurance companies. As a result of such an alliance, the latter offer policies at a significantly inflated price. As for a car loan with zero interest, in most cases insurance is mandatory.

Remarkably, the entire cost of the vehicle is required to be insured, even though you have already paid the initial 50% . As a result, by signing such an agreement, half of the contribution will go into the pockets of the financial and selling companies.

If you want to get an interest-free car loan, then pay more attention to all the documents, also analyze the market by comparing prices with competitive salons

What's the catch

Although the loan is called interest-free, it should be understood that in fact it is not zero.

• IN Civil Code Russian Federation It states that the borrower is required to pay interest on the amount received. Even if they are minimal - hundredths or thousandths of a percent per year.
• Costs will rise significantly due to the need for compulsory car insurance. Plus 6-8% per annum.
• When registering, banking institutions charge a one-time commission - approximately 5% from the total amount.
• Some banks may require life insurance - about 2% in year.
• Sometimes financial institutions offer a vehicle loan service without the participation of a car dealership. But you should be careful, as such a function is usually accompanied by monthly commissions.
• It is also worth considering that payments on a car loan depend on the value of deposits in the market. To determine the real interest rate, you need to multiply by 12 - a monthly commission, and add the resulting amount to the advertising rate.

As a result, a loan without interest is just a marketing event that allows you to visually reduce the cost of a loan.

If you have decided to purchase a car loan with a zero interest rate, then it will not be superfluous to familiarize yourself with some of the features of this type of loan:

• You should evaluate your financial capabilities and determine whether you can pull monthly payments. After all, it is much more difficult to terminate an agreement with a bank than to conclude one.
• Before entering into an agreement, you should carefully study its terms. Banking organizations often hide additional fees. Therefore, it is worth paying attention to each clause of the agreement. If something is not clear, then contact a specialist for help.
• Before signing the documents, do not be too lazy to check the total price of the car with all the accessories: music system, discs, alarm. The final cost of the vehicle can be very much higher than the initial price in the advertisement.
• Insurance can significantly affect the cost of a loan. Therefore, be sure to consider several loan options. Insurance is not always necessary for the execution of the contract. In most cases, banks strongly impose this service without good reason.
• If, due to unforeseen circumstances, you cannot pay the loan, then you should immediately contact a banking organization, write an application and attach evidence that confirms your insolvency.
• As with any product, if you received a low-quality car, then if you prove this fact, you have the right to demand reimbursement of costs.

As a result, you should think several times before taking interest-free loan. Indeed, in fact, such a loan has too many conventions and requirements, and their failure to comply can lead to significant costs.

"Car loan at 0 percent!" - such high-profile announcements can often be found in large dealerships and on city advertising posters. However, many buyers rightly doubt whether there is an interest-free car loan at all, because a bank cannot provide loans without profit. A 0 percent car loan exists and is indeed provided without overpayment, however, it has several important features. Who can get it and how?

Features of interest-free car loans

The 0 percent auto loan is offered only for new cars through major official car dealerships. Thus, dealers raise the level of sales and attract buyers, because many people are interested in the possibility of obtaining a car loan without overpayment.

Plain interest rate for car loans is not less than 15-18%, which in 5 years will be almost the full cost of the car. A 0 percent car loan saves the client from having to pay extra money, but it will not be available to everyone.

The essence of this type of car loan is that the car dealership itself pays for Banking services, and the client remains to pay only the cost of the car. Taking into account the income of large dealers, such expenses remain almost imperceptible for them, and the client can save significantly.

0 percent auto loans are provided for high-demand cars that are in high demand, and this helps the salon further increase turnover.

This type of lending has several important features:

1. A 0 percent car loan always requires a large down payment. In this case, the client must immediately pay from 30 to 50% of the cost, which will be a very large amount. Not everyone can afford such a fee, despite the fact that they will have to immediately purchase additional equipment for cash and a CASCO insurance policy under the program specified by the dealer.
2. You can buy cars on credit at 0 percent only with a minimum loan term. It is necessary to pay off the debt in 1-2 years, which will significantly increase the monthly installment. If it is planned to buy an expensive car on credit, such contributions may simply be unbearable for the car owner, and it is impossible to resell the car until the debt is fully repaid.
3. Loans of this type can only be obtained from one bank. Even at the minimum rate, it may require additional commissions and various other payments, and the borrower will have no choice. Naturally, this does not suit all customers, and many refuse from an outwardly profitable, but very risky offer.

In most cases, you can buy a car on credit at 0 percent only after confirming solvency. The bank must be sure that the borrower will be able to repay the loan according to the issued schedule, and that the monthly installments will be large.

In addition, it is necessary to renew the insurance every year, and this is a serious additional cost. As a result, interest-free car loans become a good option only for wealthy people who can afford large expenses.

To what extent can such proposals be trusted?

Many buyers are sure that a car with a 0 percent loan cannot be purchased, and such offers cannot be trusted. However, in fact, such programs are beneficial to everyone: clients, banks, and salons. If the buyer is able to pay the down payment and repay the loan according to the established schedule, the deal will be truly profitable for him.

In this case, the bank makes its profit by paying interest on a standard car loan. The contract will indicate the real rate, for example, 18% per annum, but the interest will be paid not by the client, but by the car dealership.

The dealer is most interested in selling cars faster, as he receives bonuses from the manufacturer for this. They will be well worth spending on discounts, and an increase in car sales will bring considerable income. In addition, very often car dealerships sell expensive equipment for such loans, which further increases profits.

A 0 percent car loan is the most reliable option for a bank: a large down payment in itself serves as a guarantee of solvency. If the client has already paid a large amount, it is beneficial for him to pay off the balance of the debt as soon as possible and take the car out of encumbrance. Therefore, the bank acquires the most conscientious client.

Bank requirements for the borrower

To get a car loan at 0 percent, the client will have to meet special requirements. This is necessarily a high stable income, confirmed by certificates, long work experience at the last workplace, etc. There are several important aspects when applying for such a car loan:

• You can not violate the payment schedule. If for ordinary car loans a delay of several days will lead to simple fines that can be repaid relatively quickly, then in this case the car loan agreement can simply be canceled.

In this case, the client will no longer be able to count on a zero rate, and the balance of the debt will have to be paid in completely different amounts. The rules and sanctions for delay are always indicated in the contract, but many simply do not read it to the end.

• Such lending may be accompanied by additional fees. 1% for each installment transfer results in a real overpayment of 12% per year. Few people pay attention to these small payments, which eventually add up to a large amount.
• Sometimes it also happens that a car on credit at 0 percent is itself more expensive. The salon partially compensates for its losses by raising the price of the car. As a result, you still have to pay more than the car actually costs, and this reduces the very benefit of lending.

As a result, a car loan without interest becomes a rather complicated and risky transaction that needs to be carefully considered. With its help, you can save a lot, but the risk of wasted spending is also high. And if the borrower fails to cope with the debt, serious financial institutions, and such a loan will definitely not be profitable.

A car loan without interest is a temptation for many motorists, especially beginners. Today, many car dealerships, with the support of various banking institutions, provide the most favorable conditions, enabling customers to purchase vehicles with minimal initial costs. Moreover, most often such offers are relevant not only for imported cars, but also for domestic models. What is hidden behind the "interest-free" loans? What conditions do banks actually provide? How profitable is it to take a car loan at 0 percent? We will answer each of the questions.

Is it worth taking an interest-free car loan?

To answer this question, you need to understand traditional lending systems. And they offer paperwork for a period of 5-7 years, for which the borrower most often has to overpay up to 100% of the original amount, and sometimes more. If we take, issued, for example, for 2 years, the rise in price will be much less - 10%, however, this will require a large amount to be paid initially - from 50%.

Therefore, many customers of car dealerships, having at least 2/3 of the cost of a car in their hands, try to either wait, having collected the entire amount, or borrow from friends, without being drawn into credit obligations.

Of course, if the car dealer offers a good price, the right equipment and an interest-free loan from the bank for a short period, then you should take advantage of such conditions. The costs will be minimal.

Pitfalls of an interest-free car loan

A car loan without interest in a car dealership is a tempting scheme that has its own nuances. If we consider such conditions from the point of view of legislation, there can be absolutely no interest on a loan for a car, which is indicated even in the Civil Code. In this case, the lowest interest rate is used, for example, 0.0001% per annum.

In an effort to buy a car on credit, it is worth considering insurance. This is an additional expense item, which will require about 6% more of the amount per year. If it is supposed to issue a loan without interest, as a rule, banks are forced to pay a one-time commission, and this is about 5%. Also, an additional requirement may be the need for life insurance of the borrower.

A car on credit without interest is a profitable purchase, but one more nuance must be taken into account. Any banking institution, when issuing loans, takes into account the price of deposits in the market. If the client is promised 0.0001% per annum with a down payment of 10%, it may actually turn out differently.

Very often, banks prescribe an additional condition in the contract in small print - for example, the amount of a monthly commission, which is 1%. As a result, the real interest rate will not be 0.0001%, but all 20% or more. In addition, such commissions are often tied to the body of the loan, and not to the balance, so the amount will not decrease even at the end of the term.

And banks are not shy about raising penalties for such loans. And any delay in payments promises the borrower a serious increase in the size of the required contribution. Banks do not miss their benefits. And even if they promise really favorable conditions for the borrower, they earn on other schemes.

For example, on cooperation with insurance companies, which benefit from the sale of hull insurance policies, which means they are ready to share with banking institutions to increase their turnover. In addition, car dealerships often offer banks additional discounts on cars, which further increases the profitability of lending.

To register a car on an interest-free loan, a bank, as a rule, requires the following conditions to be met:

• age - 21-60 years;
• monthly payments cannot be more than 40% of income;
• insurance is possible in a company that is listed in the list of partners of a banking institution.

The minimum package of documents that the borrower will have to provide:

• passport and driver's license;
• proof of income from employment.

For a positive decision on the application, the income must be high and stable, the length of service at the last workplace and other nuances are taken into account.

Calculations of upcoming expenses

First you need to find out from a bank employee how the monthly commission is calculated: from the loan amount or from its balance. It is best to ask for an example of a contract by which you can navigate in the calculations.

If the commission is determined depending on the loan amount, the calculation will be simplified. The advance payment is converted from a percentage into a monetary format, taking into account the cost of the selected car model. The resulting difference between the price and the advance is the body of the loan. And then you need to take into account everything that the bank will charge.

Let's take an example. The vehicle costs 1 million rubles, the advance payment is 10%, then we get the body of the loan - 900 thousand rubles. If the monthly commission is 0.9%, the amount of regular payments is 8.1 thousand rubles.

The body of the loan must be divided by the number of months of the loan to get the amount of installments. For example, if the loan period is 24 months, then each month you will have to repay the loan body in the amount of 37.5 thousand rubles. We add the monthly commission to this amount and get a monthly payment - 45.6 thousand rubles. This will also include the cost of insurance.

What should be remembered?

If you decide to buy a car on credit with minimum size annual interest, then you should consider the proposed conditions from different banks, and also take into account some aspects:

1. First, it is worth weighing the very need for lending. Is a bank loan really necessary? Perhaps it is better to ask friends or relatives if there is not enough relatively a small amount compared to the total price of the car in the showroom? If you have a chance to buy a car without a loan, it is better to do just that.
2. A sober assessment of financial capabilities is salvation from a debt hole. It is necessary to imagine that the loan is not taken for one month, it will have to be repaid on a planned basis over a long period. Monthly income should not only be high, but also stable. Signing loan documents is only half the battle, it is much more difficult to make payments in the right amount every month until the debt is fully repaid. This is especially important if an interest-free loan is issued, since the terms of such agreements, as a rule, provide for increased penalties.
3. You should not rush when signing documents. You need to carefully study the conditions, ask questions to a bank employee in order to understand all the nuances well: the amount of overpayment and monthly payments, payment methods and terms, etc. Particular attention should be paid to parts of documents where the text is written in small print, since the main banking tricks are hidden right in them.
4. When drawing up a contract in a car dealership, you need to pay attention to the price of the car in the required configuration. Sometimes this amount is significantly higher than previously stated.
5. You also need to revise the terms of insurance. Most often, banks indicate those companies with which they will have to conclude an agreement. It is necessary to familiarize yourself with the main offers in order to choose the best.
6. Upon receipt of a defective product, if it is returned, the buyer has the right to claim damages.

It must be remembered that if the borrower fails to make a mandatory payment, he needs to inform the bank about this, preferably in writing and indicating good reasons, as well as providing supporting documents.

At times economic crisis getting a loan to buy a car is quite difficult. Banks are raising rates and tightening requirements for borrowers. But the variety of car loan programs remains the same and car loans at 0%, which have been around for a long time, are still actively advertised by car dealerships. Why car dealerships? Yes, because it is in the dealership that you can get a car on credit, which does not imply interest.

But in such situations, it is wrong to assume that your lender will be a car dealership. If this is a car loan, then only the bank issues it, since car dealerships do not have permits and licenses to provide such services to the public. How does it happen? Let's take a closer look.

A loan for the purchase of personal vehicles at zero interest is the most common car loan, which implies the payment of not only the principal amount of the debt by the borrower, but also interest in full. At the same time, for the borrower himself, such a loan is interest-free for one simple reason: the discount on a car that a car dealership makes when selling a car is equal to the total amount of interest on the loan. Credit organizations in collaboration with dealer centers create joint programs in which neither the bank nor the dealer remains at a loss. At the same time, the borrower receives a car loan without interest.

So, when you walk into a car dealership and ask for interest-free car loans, the salesperson will show you a range of cars that are available through the program. If you find a suitable car among them, you can apply for a loan for it. Upon registration, the dealer will reduce the price of the car by an amount that will be equal to the amount of interest that you will have to pay during the term of the loan agreement. The bank will provide you with a discounted amount, that is, it will be less than the initial cost of the car.

You will receive a loan at the interest rate that is standardly set by the bank. In this case, the total amount together with the percentage overpayment for you will be the initial cost of the car. This means that if you forget about the discount that the dealer gave you, the car costs you exactly as much as it cost when you came to buy it. Thus, you remain in the black, as you do not overpay. The bank remains in the black due to the fact that it issued a standard loan and received its interest on it. And the dealer? What is the benefit of car loans at 0%? After all, reducing the cost of a car does not bring much profit, especially if it has been reduced to the purchase price.

Why does the car dealership stay in the black?

It is worth dwelling on this point in more detail. After all, a dealer, just like a bank, will never work at a loss. Then what kind of discounts and interest-free car loans can we talk about? Pay attention to the possible actions of a car dealership when creating such programs:

Initially, the markup on a car that falls under the action is made such that with a discount, its value becomes quite real and real. As a result, you get a car on credit without interest at an inflated price. And if you apply for it under the classic loan program in another salon, the total amount with an overpayment will be the same.

Car dealerships offer discounts on vehicles that don't sell well, have factory defects (of which buyers are rarely aware), are outdated, and simply take up space on the marketplace. It is beneficial for them to simply sell them, even at the purchase price, if only to make room for new models. Therefore, the choice of cars that are sold under the interest-free car loan program is sometimes not very large.

The maximum term of such car loans usually does not exceed one or two years, and to obtain them, an advance payment is required, the amount of which is at least 50% of the cost of the car. This suggests that the loan amount will be small, and due to the short loan term, the overpayment will be low. This means that the discount that the dealer makes is not too significant for him.

It is also worth adding that banks and car dealerships often cooperate with insurance companies that offer policies also at an inflated cost. As a rule, car loans at 0% are issued with compulsory insurance CASCO, while it cannot be included in the loan amount. You must purchase it with your own money. Here, pay attention to the insurance contract. If you pay 50% of the advance, then the insurance, by law, must be for the balance of the debt, that is, for the remaining 50%. Under the terms of such loans, you may be required to insure the car for 100% of its value, despite the fact that you have already paid 50%.

If you sign such an agreement, then half of your insurance premium will become additional income for the bank and the car dealer. And since CASCO is not famous for being particularly cheap, a car dealership can easily compensate for the discount made for you at the expense of it. So, if you want to get an interest-free car loan, pay special attention to all contracts, and also check the cost of cars in other car dealerships in advance, for comparison.

Reading time: 5 minutes

Advertising slogans about the provision of borrowed funds without any interest for the right to use them have already become quite familiar. It’s hard not to get excited about such an idea, especially when there is no full amount for the purchase of a vehicle. But is an interest-free car loan such a good deal, or is it just another marketing trap?

What is a loan without interest

To draw up this type of contract or not is a personal matter for each consumer. But before making a decision, you should carefully understand all the intricacies of the process. To date, dozens of Russian banks and other financial organizations are ready to provide such an intriguing loan.

In practice, it turns out that an interest-free car loan is by no means such a free service. The issuance of funds is carried out on the basis of the so-called factoring scheme: it implies a number of legal and financial transactions, according to which it is issued.

An interest-free car loan involves the following procedure:

1. An interested client chooses the car he likes.
2. The bank buys this object from the car dealership at a lower price.
3. Next, the car dealer concludes an agreement with the buyer on.

The secret lies in the fact that the amount of such an agreement will be much higher than the one for which the car was purchased by the bank. In fact, the banking institution will be the recipient of the refund. But such a scheme only works when sales in car dealerships are falling. In this case, an interest-free loan for a car allows dealers to get rid of stagnant goods, and the bank to “weld” from scratch.

Is the deal worth it?

If there is an urgent need to purchase a vehicle right now, then it is difficult to find a better offer than a loan without interest on a car. Moreover, it can be issued as quickly as possible and without any problems.

The speed of signing the contract is due to the absence of the need to prepare an extensive package of papers. This type of transaction can be compared with an express loan.

At the same time, if we compare it with a conventional loan agreement for consumer needs, it is important to note the possibility of significant savings.

So, for example, when standard credit for 5-7 years, the overpayment can be 90-100%. The installment plan makes it possible to reduce this figure to 10%. On the other hand, do not forget about the down payment. A car loan without interest can be taken in most cases only when the buyer pays from 30 to 50% of the purchase price.

Another negative point will surely arise when purchasing insurance policy. The fact is that three parties participate in a transaction of such a plan: a bank, a car dealership and Insurance Company. For this reason, you will only have to buy insurance from the insurer that cooperates with the other two partners. And this promises a higher one, since the buyer does not have the right to choose a company in this case.

What cars can be rented

An interest-free loan for a car in Russia, unfortunately, can not be issued for every car you like. Finding out what you can buy cheaper and on favorable terms is very simple - you just need to follow the stocks of your chosen car dealer.

It should also be remembered that new car in installments can only be purchased at a car dealership. You can buy a car not only of foreign production, but also of domestic assembly. But under various kinds of promotions, as a rule, only those models that for a long time could not find their buyer fall under - the so-called problem cars.

You can buy a popular car of a new model range only at the end of the reporting period of the showroom, when the goods just need to be sold as quickly as possible. This happens most often at the end of the quarter, half year, year. Please note that a car loan without interest on popular cars as a promotion is valid for a short period of time, and therefore you should carefully monitor the situation in the car market.

You can buy a used car in installments from private individuals. If we are talking about resellers, then it is important to consider that a sale and purchase transaction on a deferred payment basis can only be made in relation to a car that had no more than three previous owners.

Under what conditions can funds be obtained

A car loan at 0 percent from a dealer is very popular with consumers. But before signing such an agreement, it is necessary to carefully study the following important issues in it:

• is it not clearly stated in the document monthly interest when paying off a debt;
• is there a fee for opening a bank account where funds will be transferred;
• the presence of sanctions if the buyer decides to repay the amount ahead of time;
• penalties for late payment of funds.

In a word, the contract must be carefully examined to identify hidden payments. Negligent attitude to the terms of this document can have the most negative consequences.

Requirements for the borrower

Unfortunately, not every Russian can become a car owner on the basis of an interest-free loan. A car loan at 0 percent per annum in a car dealership can be issued by someone who meets the following requirements:

• the buyer's income must be such that the amount of monthly payments does not exceed 40% of his total monthly profit;
• age - 21-60 years;
• the presence of Russian citizenship;
• possession of a driver's license.

In addition to fulfilling these conditions, you will also have to prepare a certain package of documents. As a rule, it includes:

1. Passport of the Russian Federation.
2. Driver's license.
3. A certificate issued by the place of work of the borrower.
4. A document confirming the level of income.

If the provided income document did not convince the company representative of the borrower's solvency, you will have to look for additional arguments to get a car loan at 0 percent.

With regard to age, in the end, the loan must be repaid before the age of 62 for men and 52 for women.

Where to go

A 0 percent car loan for 3 years can be obtained in two ways:

• by contacting directly the point of sale of the vehicle you are interested in;
• using a direct banking offer.

To do this, you need to decide which car you want to buy, and carefully follow the offers from car dealerships that sell these models.

If you intend to take a car loan at 0 percent in a bank, then pay attention to the following financial organizations:

Bank	Sum	%	Down payment, %
Genbank	3 000 000	0	from 50
PSA Finance Rus	3 000 000	0	from 25 to 70
Sobinbank	3 000 000	0	from 30

The choice of organization should depend on many factors, so do not be too lazy to go to the bank and talk to the branch manager.

What problems may arise

Even before you bind yourself under the contract, calculate how much you will have to pay when applying for a car loan without overpayment, and compare it with that which results from a regular loan. In addition, have time to visit several banks and car dealerships to conduct a comparative analysis of offers.

• your ability to pay - if it suddenly turns out that you can no longer pay, keep in mind that terminating the contract is much more difficult than signing it;
• Ownership - this becomes especially important when your dealer is in trouble and his property is seized. Be sure - your car will also fall under such a sanction, even if payments for it are already coming to an end;
• the presence of hidden deductions - we talked about them above.

If the transaction has already been completed, and you suddenly find a defect, or the car does not meet the qualities declared by the dealer, immediately declare your rights to the seller.

It may also happen that you have already issued a car on credit without an overpayment and even managed to test your purchase in practice, but, unfortunately,. In this situation, in no case do not stop payments under the contract. The CASCO policy will cover all future repair costs, and the loan agreement will continue to be valid.

If hard times still come, and you can’t make installment payments, don’t put off going to the seller’s office. Write a statement explaining the reasons for your difficulties, attach documentary evidence to it and wait for a decision on your request to revise the payment schedule.

Experience shows that the bank always strives to meet halfway, realizing that otherwise it may simply not see its money. In addition, such behavior will create a reputation for you as a conscientious borrower.

Car loan: Video