Buying a new car in the 21st century is no longer a dream, but rather a necessity. If earlier a car was considered a luxury for many, now it is already a means of transportation. In addition, in our time it is no longer necessary to save money for the purchase of a new vehicle for many years, since there are banks and other financial institutions where you can.

Car loan: pros and cons

A car loan is an amount of money that a borrower takes from a bank at interest in order to buy a car. Getting a car on credit is difficult only for young people and pensioners. The main reason for this lies in the fact that banks are only interested in those borrowers who are able to work and have enough Money to pay off the debt. Although no one prevents a student or a pensioner from obtaining a loan, the conditions will not be the best.

There are now many banking and other financial institutions on the market, each of which has a variety of loan programs. But before contacting such institutions, it is worth finding out whether it is profitable to get a loan or can save up for new car on your own?

As for the benefits of taking out a car loan, we can note the following:

1. The ability to buy a car in the shortest possible time. You can buy a car even with minimal savings. The main thing is that they are enough to pay the first installment and other commissions. The larger the amount will be paid as a down payment, the more profitable the loan will be for the borrower. It is also important that the borrower's current income is sufficient to pay off the debt.
2. Car loans on preferential terms. The state has developed a special program that stimulates the purchase of cars produced in the territory of the Russian Federation. Part of the loan for such a car is repaid by the state.
3. Choice of payment period. Banking institutions can issue car loans for a period of 1 to 5 years. If you choose a long period (for example, 5 years), then monthly payment will turn out to be insignificant. But it is important to remember that the longer the term of the loan, the greater will be its total cost. Therefore, it is necessary to choose the optimal term so that the monthly payment is affordable and the total loan amount is not too large.

The disadvantages of a car loan include the following:

1. Strict requirements. Usually banks do not issue loans to young people, pensioners, borrowers with bad credit history, the unemployed and those who have been working in a new place for less than 3 months. Although such people will still be able to get a loan, but for every little thing (lack of a permanent income, poor credit history) banking institutions will hedge by increasing interest rate etc.
2. Auto pledge. When applying for a car loan, the collateral is the acquired vehicle. And until the borrower repays the entire debt, the documents for the car will be kept in the bank.
3. Insurance. When applying for a loan, you also often have to pay for insurance, which increases costs by about 10%. It is possible to refuse this service, but then it will affect total cost loan.
4. First installment. When buying a car on credit, it is advisable to make a payment in the amount of 10-30% of the total cost of the vehicle. The lack of a down payment will also negatively affect the terms of lending.

Based on the above advantages and disadvantages, it can be noted that a car loan is a good option for purchasing a car only if the borrower has the necessary amount for the down payment and a steady income. Otherwise, banks will set not very favorable conditions for the borrower.

Requirements for a borrower to apply for a car loan

In various banking institutions, the requirements for borrowers may differ slightly, but there are still mandatory conditions.

Among these are:

• the borrower must be at least 21-22 years old and not older than 55 (for women) and 60 years (for men);
• obligatory citizenship of the Russian Federation;
• permanent registration;
• work experience of at least 3-6 months (at the last place of work);
• general experience - 1-3 years;
• having a permanent income.

In addition, it should be borne in mind that the list of these conditions in some financial institutions may be different. Sometimes some conditions are excluded, and sometimes they are added. For example, a credit institution may require that the borrower work in the same region where the bank branch is located. Another possible condition is the presence of a good credit history. At the same time, its complete absence is not considered a good credit history.

As for the paperwork, to apply for a car loan, you must prepare the following list of documents:

• application form, which indicates all the necessary information (it is usually provided in banks);
• copy of the passport;
• a copy of a driver's license, a military ID or a foreign passport (one of the documents to choose from);
• copy work book(work experience in the last place must be 6 months or more);
• certificates 2-NDFL (issued by the employer).

In addition, depending on the situation, the bank may request other documents: a copy of the document on education, marriage certificate, permission of the spouse (or wife) to borrow money, TIN, pension certificate, etc.

Types of car loans: which one is better to take?

There are several types of car loans that a borrower can apply for:

• no down payment;
• for used cars;
• with state support;
• leasing.

The first type of loan (without a down payment) is suitable for those borrowers who do not have enough money to pay the first payment. At the same time, they must have a constant source of income. The monthly payment on such a loan is about 30-40% of the borrower's income. For example, if you need to borrow 500 thousand rubles for a period of 3 years, you will have to pay 15 thousand rubles a month. It turns out that the borrower's salary should be 40-45 thousand rubles or more (but not less).

Naturally, such a loan has its drawbacks. Banks always insure themselves if the borrower does not fulfill some condition. In this case, it is the absence of a down payment. Therefore, the interest rate will be slightly higher than in a normal situation. In addition, participants in the preferential car loan program will not be able to take such a car loan, because one of the prerequisites for this program is making a down payment of at least 10% of the total cost of the vehicle. Finally, one cannot do without initial contributions here either. You still have to pay a fairly substantial amount for car insurance. Sometimes you can negotiate not to pay insurance, but this will affect the interest rate.

The next type of loan is for used cars. Since a car loan for a used car carries certain risks, the interest rates for such offers will be slightly higher than for similar offers for new cars. As a rule, the interest rate of a used car loan can range from 14 to 20%, although the exact figure depends on the total amount, the down payment and the duration of the service. The first installment can be either zero or about 20-30% of the cost of the vehicle. Naturally, with a "zero" down payment, the interest rate will be higher.

Loans for used cars are issued for a period of 1 to 3 years. Although you can get a loan for 5-7 years. But this will again affect the interest rate of lending. The minimum loan amount for a used car is 50 thousand rubles, the maximum is 500 thousand rubles. An application for a loan is considered within a few days (it is necessary to indicate the brand of the purchased car and the seller's data in it).

But such a car loan has its limitations. As a rule, banking institutions prefer to issue loans for a car only if it is purchased at a car dealership. Few financial institutions are willing to provide a loan to buy a car from hand individual, since such a car can, for example, be listed as stolen. In addition, banks impose stringent requirements on the purchased car, especially domestic production.

Thus, the age of a vehicle of domestic production should be no more than 5 years, and foreign cars - no more than 7 years. Otherwise, the bank may simply refuse to issue a car loan. Another important thing for a banker is the number of previous owners: if there are more than 3 of them, he is unlikely to like it. Therefore, in order to take it, you will have to choose it very carefully so that the car fits the maximum possible number of requirements. Both the cost and the term of the loan will depend on the chosen car.

Loan with state support

A preferential car loan can be obtained when purchasing domestic or foreign cars that were assembled on the territory of the Russian Federation. The state subsidy program is aimed at restoring consumer demand and consists in the fact that the state helps borrowers pay part of the loan (compensation - 5.3%). If we take into account that the average rate on car loans is from 12 to 18%, then with compensation only 8-13% will remain to be paid.

Under such a program, you can purchase any of the 50 cars that are included in the list of the Ministry of Industry and Trade. The list includes Chevrolet, Fiat, LADA, Skoda, GAZ, Hyundai, etc. In addition, there are certain conditions:

• the maximum price of cars is set at the level of 750 thousand rubles;
• the first installment must be at least 15% of the total amount of the car;
• the loan term must be no more than 3 years;
• credit is issued only in rubles.

Car leasing is an alternative to a loan

Car leasing is a long-term car rental with the right to buy. This service is provided by both leasing companies and banks.

To take advantage of leasing, the borrower must provide a passport, driver's license and pay an initial fee of 20-45% of the total cost of the vehicle. You can, of course, find an option without a down payment, but in this case, the package required documents will become wider (i.e. approximately the same as when applying for a car loan).

You can lease a car for a period of 1-5 years. The car is purchased by the company, and until the end of the service, the lessor will be considered the owner of the vehicle. The borrower will simply receive the car for use on the basis of a power of attorney. Required condition for the borrower - purchase insurance policy CASCO. And the technical inspection of the car and its registration with the traffic police are already the concerns of the leasing company.

After the end of the car rental period, the borrower has two options: pay the rest of the money for the car and take it to himself, or return the vehicle to the leasing company. In addition, it is still possible to extend the contract or issue a new one for another car.

Car leasing can be of 2 types:

• the monthly payment is calculated so that at the end of the lease period, the full cost of the vehicle is paid and the car becomes the property of the borrower;
• payments are made in installments, and the missing amount can be paid at the end of the contract (if the borrower does not want to buy the car, then it remains with the lessor).

The most important advantage of car leasing is that it can be used by those who have been refused a loan. In addition, when registering a lease, neither guarantors nor collateral are usually required.

Buying a new car in the cabin is the dream of many. But not everyone has enough money for such a large acquisition. Fortunately, banks and car dealerships offer car loans. Read more about the conditions, required documents and differences in car loans.

What is a car loan and what are its conditions?

So, a car loan is the issuance of a targeted loan for the purchase of a car. As a rule, the purchased car will be the pledge in the transaction. By itself, the procedure for obtaining a car loan is not problematic in terms of time or any additional requirements. But we, for our part, recommend that you familiarize yourself with the terms of car loans and approach the purchase responsibly.

The thing is that in each bank the conditions for obtaining and further using loan funds may differ significantly. For example:

• interest rate can vary from 8 to 30% per annum;
• the borrower can receive from 1 to 10 million rubles for the purchase of a car.

Important: some banks have no restrictions maximum amount loan, but the lender always evaluates the financial capabilities of the borrower.

A loan agreement is concluded between the borrower and the financial institution, which reflects:

1. credit amount;
2. interest rate;
3. monthly payment;
4. term (usually from 3 to 10 years);
5. rights and obligations of the parties.

Where is it better to go - to a car dealership or a bank?

Everyone who seriously wondered about buying a car on credit thought where it is better to get a car loan - at a bank or a car dealership. There is no single correct answer to this question. And the future owner of the car needs to know that when applying for a car loan at a car dealership, it will have to be paid to the bank with which the car dealership cooperates.

The situation also differs depending on the region of the country. So, in one region, the conditions for car loans directly at the bank will be more favorable for the client, while in another part of the country it is more convenient and “cheaper” to get a loan at a car dealership.

Nevertheless, we highlight the advantages of obtaining a consumer loan at a bank and independently purchasing a car in the cabin:

• you can take a loan from any bank, choosing the most suitable conditions and low interest;
• you choose the car dealership where you buy the car;
• you can refuse additional options that managers usually impose when applying for a loan at a car dealership;
• CASCO insurance is chosen or not chosen only by the client;
• the car is not listed as a pledge with the bank;
• the passport for the car is with the owner;
• the car can be sold even if the loan term in the bank has not expired;
• conditions for early repayment of a consumer loan are more favorable than closing a car loan ahead of time.

Of the minuses, we can only highlight that in order to obtain a large consumer loan, you will need a slightly larger package of documents confirming the client's solvency.

Now, for a full disclosure of the topic, let's talk about getting a loan in a car dealership, namely, about the cons:

• Getting a car loan is possible only in the bank with which the car dealership works.
• In case of early repayment of the loan, an increased interest may be charged.
• The car is pledged, so it is impossible to sell it on your own.
• Car dealership employees persistently offer additional options that can significantly increase the cost of a credit car.
• CASCO insurance is required.
• An additional condition may be set - life insurance.

Of the significant advantages of obtaining a car loan in the cabin, we note the presence of cars at a reduced price. So, seasonal discounts are most often in December-January, when the car dealership sells cars of the current or last year of manufacture. The client can also be offered a preferential car loan, which will help reduce the final cost of a loan car.

Advice: for all those who still have doubts about buying a car on credit at a car dealership or applying for a consumer loan at a bank, there is only one piece of advice: calculate the cost of a particular car in both cases and proceed from the figures obtained.

How to get a car loan?

In the bank

All banks located in the territory Russian Federation required for a car loan are:

• the presence of Russian citizenship;
• official employment for at least 6 months (this is confirmed by a passport and a certificate from the place of work).

A number of banks, such as Sberbank, Russian Agricultural Bank, VTB and others, require official confirmation of the borrower's income level, which is also confirmed by a certificate in form 2-NDFL.

Before deciding on a car loan, consider all your expenses. These include:

• down payment (usually - from 10 to 20% of the cost of the car);
• insurance;
• other expenses.

Important: the monthly loan payment should not exceed 50% of the borrower's income; if this rule is not observed, the bank will refuse to issue a car loan.

In the showroom

To get a car loan at a car dealership, you must:

• Select the brand, model, equipment of the machine.
• Compare the cost of identical cars in banks (maybe there are more favorable conditions).
• Find out about the availability of a particular car in the salon you need, come there.
• Fill out a car loan application form. Employees of a car dealership send an application for a loan to the bank on their own.
• Wait for the consideration of the application, which can take from several hours to 3 days.
• With a positive response from the bank, carefully study the terms of the contract.
• Sign an agreement.
• Purchase CASCO insurance.

Advice: try not to fall for the beliefs of salon managers associated with the purchase of unnecessary options and additional insurance. Do not be too lazy to double-check the terms of the loan directly with the bank that issued it. Do not settle for a loan for a car that is not available.

What documents are needed for a car loan?

To get to use loan car, you will have to provide some papers confirming your identity, income and so on. Next, we will consider what documents are needed for a car loan at a bank and at a car dealership, are there any differences in the package being assembled.

To the bank

Before a bank issues a consumer or specialized car loan, specialists will check the personal data, solvency and reliability of their potential client without fail.

The process of lending to individuals is much easier than legal ones. The bank can issue a loan:

• on two documents
• for the full package of papers.

To submit an application that is approved by the Central Bank, the client provides:

• an application with a request to issue a loan (has an established form, is filled in the credit department);
• passport of a citizen of the Russian Federation;
• an additional document that certifies the identity (driver's or pension certificate, military ID);
• certificate of registration at the place of residence;
• certificate of employment indicating income for the last 3 or 6 months;
• a work book with a record of the current place of work (required to confirm official employment);
• TIN (issued at the tax office);
• military ID (required only for military personnel);
• documents confirming that the client owns real estate.

In some cases, the borrower may be required to provide additional documents:

• information about other loans;
• information about education;
• information confirming the availability of additional income.

In a number of banks, a car loan can be issued with just two documents:

• passport of a citizen of the Russian Federation;
• salary certificate.

Important: if you apply for a loan at a bank where you receive a salary or have accounts, an employee may not require you to provide the entire list of documents, but only the missing ones.

To a car dealership

Applying for a car loan directly in the salon can save you time. So, if you try and spend the whole day on it, then by the evening you can ride a new car.

To apply for a car loan at a car dealership, you will most likely need the following documents:

• passport of a citizen of the Russian Federation (mandatory);
• the second document proving the identity of the borrower (required);
• certificate from the place of work confirming the level of income (for the last 3 or 6 months);
• work book with a record of the current place of work;
• CASCO policy (depending on the driving experience of the borrower), can be paid in cash or included in a loan;
• documents confirming the payment of the first installment.

Important: when applying for a car loan, only a passport and a second document confirming the identity of the borrower (usually a driver's license) are mandatory. All other papers required from the client by a loan officer depend on the chosen lending program and the conditions of the bank with which the car dealership cooperates.

Features of car loans for legal entities and individual entrepreneurs

Getting a car loan for a legal entity is more difficult than for an ordinary citizen. For example, if an organization does not have an account with a bank that it wants to become a borrower, it will first need to register as a legal entity in the same bank.

The following documents are provided for this:

• a document containing data on the registration of the company;
• a license giving the right to engage in a certain type of entrepreneurial activity;
• the decision to establish an LLC;
• original and notarized copy of extract from the register of legal entities;
• certificate of being registered with the tax office;
• Articles of association;
• orders on appointments to the position of director and chief accountant of the enterprise, as well as documents proving their identity;
• documents proving the identity of the founders of the enterprise.

Only after receiving the full package of documents credit specialist begins checking the credit history of the applied organization.

Important: an organization that was established less than one year ago may be denied a loan, considering it financially unstable.

But the main feature of car loans individual entrepreneurs is that they can act as borrowers as individuals. To do this, the bank must provide the following supporting documents:

• passport of a citizen of the Russian Federation and an identity document of the spouse (for those who are officially married);
• TIN or driver's license;
• military ID (only for males aged 21 to 27);
• financial, accounting, tax and management reports of the organization;
• account statements from other banks (if any);
• documents confirming the ownership of the property;
• loan agreement;
• the consent of the spouse/husband to apply for a loan.

Advice: if you don't want to waste time, submit packages of documents to several banks at once, the lending conditions of which suit you.

Frequently asked Questions

The most frequently asked questions about car loans include those related to the repayment period of the loan, early repayment and the age at which a car loan can be issued. We will answer each of them in order.

How many years is the contract?

A car is an expensive purchase. That is why car loans for a short period of time are not issued. Most often they provide them for 3-5 years. True, the borrower can issue a loan for a shorter period, as well as repay it earlier than the period specified in the contract. It is no secret that in the territory of the Russian Federation there are such financial institutions who are ready to issue a car loan for up to 7 years. These include the Moscow Credit Bank.

Can I pay off a car loan early?

The conditions for early repayment of a car loan are determined by the bank itself. It is important to understand that banks are not very good at this. This is due to the loss of part of the income from car loans, which would have been received by a financial institution with a longer loan term.

Usually, you can fully repay the loan only when a certain time has passed, specified in the loan agreement. Although many banks assure their customers that it is possible to repay a loan early even from the first day of issuance, and without any penalties for this.

If you decide to pay off your car loan early, notify the bank of your intention in writing a month in advance. After all payments have been made, check whether your loan has really been repaid, and whether there are any minor underpayments left. This will be confirmed by a certificate of no claims to the account of the early paid car loan. After paying off the loan, you can also pick up the vehicle's passport.

How old do you have to be to get a car loan?

According to the current legislation, persons who have reached the age of majority can apply for a loan. But in almost all banks, the age at which you can get a car loan is 21 years old. And in a number of financial institutions, it generally starts at the age of 23.

When preparing to purchase a car on credit, pay attention not only to the brand, model and equipment of the car you like. No less important will be which organization will issue a car loan for you. Do not rush to buy: compare the current offers of banks and car dealerships, try to find out all the "pitfalls". Only after receiving full information and final prices make a decision.

Many of us, when planning to purchase our own car, invariably face a lack of money for the desired purchase. As a result, you have to save up for a long time to get the desired car. However, it is possible to take a loan for a car, which will allow you to get the necessary vehicle here and now, and it will be possible to pay off the loan in the future for several years.

We all know perfectly well how difficult it is to save up for an expensive purchase. A car loan will allow you to get rid of the need for long-term accumulation of funds. At the same time, having such a debt in the bank, you can plan your expenses as accurately as possible, which will allow you to repay the loan received from the bank to buy a car without any difficulties. Many car dealerships offer the possibility of selling cars on credit. In this case, you will be relieved of the need to independently visit the bank and credit institution. You will only need to collect the relevant documents and submit them to the car dealership.

If in the recent past, obtaining such loans was accompanied by numerous difficulties, and the interest rate was extremely high, today it has become much easier to get such a loan to buy a car. You only need to have official work with a white salary, and provide the bank with data on your income. You should also remember that a good credit history is required to obtain such a car loan. If in the past you had problems with the bank and did not pay loans, then, with a high degree of probability, new loan you won't get.

Currently, banks offer the possibility of obtaining such a car loan for the purchase of new or used cars. Moreover, the latter is possible in most cases in the appropriate car dealership or by hand. The return of such a loan is secured by the car itself, which is pledged to the bank. In fact, the bank is the owner of the car until the entire loan is repaid. Only after you have fully paid off all payments for the purchased car, you are given its original title and you can deregister and sell your car. Also remember that most banks offering car loan services require that the vehicle has full CASCO insurance. This allows the bank to receive full compensation from the insurance company for the damaged or stolen car even if the vehicle is damaged in an accident and it is impossible to restore such a car.

In recent years, obtaining such a car loan has become much easier. If in the past it was required to provide various documents to the bank, today many financial and credit institutions require a minimum package of documents from the applicant. Therefore, in most cases, there will be no difficulties with the collection of such papers. Of course, you must understand that if you do not work anywhere or you have a small salary, then it will be impossible to buy an executive car or any other expensive car on credit. That is why you need to calculate your financial capabilities and desires when buying a car on credit.

If you are planning to purchase a car using borrowed funds, first of all you need to choose a bank to which you will apply for a loan. Today, most banks in our country issue car loans, while the conditions for issuing such loans can vary significantly. You need to choose such an offer that would best suit your requirements, and at the same time such a loan would be issued for favorable conditions. Also remember that in any case an initial payment will be required, for which you will need only own funds. The down payment cannot be credited to the bank. Such an initial payment can range from 10 to 30% of the cost of the car.

The offer of Sberbank, which offers to buy new and used used cars, is very popular today. Such profitable car loan can be completed as soon as possible. Moreover, the initial contribution of Sberbank will be better than in other credit institutions. Available special programs lending for the purchase of new or used cars with mileage. Sberbank is also implementing a state program that involves financing the purchase of domestic cars. In the latter case, the interest on the bank, as well as the down payment, will be slightly lower than when buying a car in the salon. In recent years, the state program has become increasingly popular among our compatriots. With the help of this state support program, you can purchase an inexpensive used car, which is offered as collateral to the bank as collateral for a loan.

When choosing a specific bank in which you want to take such a car loan, you need to evaluate the interest rate of this institution on the loan issued, as well as additional payments. So, for example, it is necessary to take into account the requirements for insurance and mandatory CASCO. You need to check all these data before you start collecting documents in order to take such a profitable car loan. Try to evaluate the offers of several such financial institutions and choose the best offer for you from several options, which will allow you to take a profitable car loan with a small down payment, and the loan itself can be obtained in such a bank as simply as possible.

If previously the most popular were car loans that were issued in foreign currency implied a pledge and full CASCO, then today such proposals are of increasing interest in Russian rubles. Moreover, if earlier they tried to acquire new cars, today second-hand used cars with mileage are becoming increasingly popular.

Calculating the amount of a car loan and monthly payments is not difficult. Today, most banks, including Sberbank, offer on their website the so-called credit calculator. With this calculator you can calculate the first payment and the necessary wages. Also, on most of these sites, banks have online consultants who will give you necessary recommendations of choice and explain all the rules for obtaining such a car loan.

Car loans today are very popular among our compatriots. With the help of such loans, you can easily purchase used used cars you need or buy a new car at a car dealership. It is not difficult to take a loan and arrange it in a bank. All this will allow you to buy the car of your dreams.

A car loan is a loan to an individual for the purchase of a car, in which the vehicle itself is collateral.

Pros and cons of a car loan for a new car

If you compare a car loan with a regular consumer loan, you can highlight such positive aspects as:

• Lower interest rate on loans. The car, until the borrower fully repays all payments on the loan, is pledged to the bank, therefore, having a pledge as a car, the bank is ready to reduce the percentage of overpayment, requiring 12-13% per annum, while 17-22% will have to be paid for a consumer loan.
• In case of minor damage to the car, its owner receives insurance for restoration. And in case of complete damage and impossibility of recovery, the bank receives insurance and fully repays the client's debt.
• The car is fully insured, which brings an additional degree of security.
• Less stringent requirements for the package of documents provided by the borrower.

The disadvantages of a car loan include:

• The need to pay CASCO, which will be from seven to twelve percent of the cost of the car. In addition, payments will have to be made annually until the full repayment of the loan.
• The borrower cannot fully dispose of his car, because. he's on bail.

Having considered the positive and negative aspects of a car loan, we can conclude that this type of loan is beneficial when buying a car worth more than 250 thousand rubles. If a car costs, for example, 150 thousand, it is more reasonable to take a consumer loan.

Where to get a car loan

You can get a car loan from three sources:

• in the bank,
• in the cabin
• from a private person.

Features of obtaining a car loan in a bank

Almost all banks located in Russia require two conditions to be met in order to obtain a car loan: to be a Russian citizen and work officially for at least 6 months.

These conditions can be confirmed by a passport and a certificate from the place of work in form 2 - personal income tax. Sberbank, Rosselkhozbank and VTB, for example, without fail require official confirmation of income with certificate 2 - personal income tax and, subject to the provision of an extended package of documents, You can get a loan at the lowest possible percentage.

It is worth choosing a bank with acceptable conditions. This is not difficult to do either. Each bank has a website where you can get acquainted with the terms of lending and a list of required documents. You can even leave online application, to which you will be answered within one hour to several days.

The monthly payment cannot exceed half of the borrower's income. If this does not correspond to the submitted certificate, then the bank will definitely refuse.

Before you start applying for a car loan, carefully consider all the costs that you will have to incur. This will include the cost of the down payment, insurance, fees to receive funds and other expenses.

Before you start applying for a loan, think it over carefully, consider all the nuances. Otherwise, after signing the contract, unforeseen surprises may arise.

But not all banks will provide a loan for the above options. Each bank has its own conditions. In some, they give a loan only for a new car, in others they are ready to issue a loan for a used one, but on the condition that it is not older than 3 years.

Each bank has its own requirements, but it is important to note that if the bank puts forward excessive requirements, then the conditions for car loans will be more acceptable and vice versa, the more loyal the requirements, the greater the loan interest. Many banks (Russian Standard, Avangard, KreditEuropeBank and others) are ready to give loans to everyone at a percentage that is many times higher than the average for the country. This covers a large percentage of loan defaults.

In addition, all banks, with rare exceptions, require an initial payment of 10 to 20%.

Salon loan

Another nuance is in which car dealership you plan to buy a car. Serious credit organizations prefer official dealers, if you wish, you can find a bank that is ready to issue a loan even for purchasing a car from an individual.

In this case, the dealership takes on the functions of a thrift store. But you will have to fork out for additional procedures, such as, for example, the diagnosis of the entire car. This will require additional time, which will increase the transaction processing time and change the funds spent, which does not always satisfy the desire of the buyer.

Often, the consumer has already decided on the choice of a car and prefers to get a loan from a bank, reasonably assuming that the car dealership plays the role of an intermediary and will definitely take its percentage for the service.

Basically, that's the way it is. Percentage for work loan officers in a car dealership ranges from 1 to 1.5%. But not everything is so simple. We suggest that you study this issue carefully.

Applying for a bank loan, you can save these interest, but you will have to provide an extended package of documents and make a large down payment. If this does not suit the consumer, it is necessary to choose the right car dealership. Attention should be paid here to such a situation. Car dealerships often cooperate not with one bank, but with several.

From time to time, credit organizations, together with car dealerships, in order to attract customers, hold various promotions. The buyer is offered a reduced interest rate during the promotion.

Usually it is provided from 3 to 3.5% per annum. Option, you see, is not bad. And if you also take into account that the package of documents is minimal and you do not need to go to banks, then this will suit many. Such actions, as a rule, are of a one-time nature.

Do not be lazy and carefully study all the options. Collect reviews about car dealerships and credit organizations. Ask friends who have taken car loans, go online and visit the relevant forums.

Do you need CASCO insurance?

It is necessary to take into account the fact that a car purchased on credit acts as collateral (the title for the car is in the bank until all payments are made in full). But a car is an unreliable object of collateral. He can be stolen, he can get into an accident and become completely unusable. Therefore, banks require insurance.

Banks have contracts with insurance companies, where the cost of services, to put it mildly, is too high. In most cases, a CASCO is required. From the point of view of the bank, this is justified. He cares, first of all, about his own interests. But for the borrower, this is highly undesirable for the reason that it raises the amount of the loan repayment at times.

In order not to overpay for insurance, you must remember that the bank, imposing its insurance company violates the laws of the Russian Federation. The client has the right to choose any organization providing CASCO services.

Do not rush to refuse the insurance organization offered by the bank. Carefully study the documents describing the services of this company and others, analyze the cost of the services offered. Perhaps the option offered by the bank will be the most optimal.
The question of whether it is possible to refuse CASCO insurance should not be faced by the borrower, as this will primarily affect the interest rate.

For example, OPT-Bank, with car loans, taking into account insurance, offers a loan at 13.5% per annum. Without insurance, the interest rate increases by 5%. It is not difficult to calculate how much this will exceed the loan amount without CASCO.

What is an interest free loan

Banks, now also car dealerships offer interest-free car loan. these organizations are not charitable and they have one goal - to get the benefit, and the maximum. Therefore, do not immediately succumb to this trick.

The main conditions for acquiring an interest-free loan:

• The car received in this way is the property of the bank and the bank, in case of non-compliance with the conditions specified in the contract, has the right to withdraw the car. The reason may be a simple violation of traffic rules.
• The initial payment can be more than 30%.
• The purchased vehicle must be new.
• Car insurance is mandatory in this case.

Read the contract carefully, especially the fine print. You can find many more undesirable conditions.

Pitfalls in drawing up an agreement most likely will not be found with a car loan from a private person. Thus, you can buy a used car, when the buyer and the seller, by prior arrangement, come to the bank where the contract is drawn up, a free account is opened, where he transfers money for the car.

Features of a car loan from a private person:

• free contract of sale,
• There are no hidden fees and commissions,
• Legal cleanliness of the car, checked by the bank,
• Same day deal.

So, if you have sufficient income, and the monthly payment to the bank will not become burdensome for you and your family, then a car loan from a bank, from a private person or in a salon is a great way to quickly get the car of your dreams. The main thing is not to rush into choosing a lending institution.

Banks offer a large number of programs, thanks to which you can rent a car and make your cherished dream come true. What documents are needed for a car loan depends on the program of the financial institution - it can be only 2 or a whole package of documents.

How to buy a car quickly?

What to do if you cannot provide proof of income? In this case, it is allowed to issue a car loan on two documents without proof of income, but only when you have at least 20% of the cost of the car. That is, before you go to the bank, you have to save up! At the same time, it will not work to take an expensive car. It's better to stick with the usual consumer credit and take the car with the money received. In any case, the car will be collateral for the loan, which is beneficial for the bank. Of course, you can take a guarantor and try to take a car without a down payment, but this option is not very popular.

What documents are required?

So what do you need for a car loan? Before visiting a car dealership, prepare a few papers. Decide in advance which car you intend to take, what amount will suit you. bank you will need the following documents:

• A photocopy of the passport (it is important to make copies of the pages where there is a photo, text and other significant marks);
• Questionnaire. Here you will need to provide the following information:
  1. Details of the property you own;
  2. Information about yourself;
  3. Information about work: where you work and how much money you receive per month;
  4. Family status;
  5. Education.

• The choice is a military ID, a photocopy of a driver's license or a passport.

Since it is not known exactly what documents are needed to obtain a car loan, you should visit the bank in advance or call a consultant - all financial institutions have different requirements!

In addition to those mentioned, the list of securities can be expanded to:

• Help 2-NDFL, which indicates how much you have earned over the past year;
• Photocopies of the work book (the length of service at the last place of work should be six months).

You may also need:

1. Bank statement;
2. A photocopy of the diploma of education;
3. Marriage certificate;
4. CHI policy;
5. Spouse's permission for the loan;
6. Car purchase and sale agreement;
7. Pension Certificate.

Most banks require the following documents:

1. Questionnaire;
2. The passport;
3. If the registration is temporary - a document on registration at the place of stay;
4. The second identity card of your choice (passport, driver's license, etc.);
5. Documents confirming financial condition borrower (certificate 2NDFL, a copy of the Labor Code and others).

After reviewing the documents and approving the loan, you can choose a car in a car dealership.

Video: Documentary about a car loan at TVC

Nuances

Documents can be accepted not only at the bank, but also at the car dealership itself.

Each bank has the right to set its own terms and conditions. However, they are not much different. A universal loan that would suit all categories of borrowers does not yet exist. One bank focuses on the speed of registration, another offers a low interest rate, the third does not impose high requirements on documents. Be sure to carry out the auto insurance procedure - this will save both you and the bank from irreparable losses! Do not try to take an expensive car. Looking for the best value for money!

So, taking a car loan in our time is easy! Enough to assemble required package documents and visit the bank, or go directly to a car dealership cooperating with the bank. After checking the information provided and applying for a loan, you will receive the keys!