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How to take (buy) out a car loan correctly



In the article we talk about the nuances of car loan registration. Where it is more convenient to take: in a bank or a car dealership. What documents are needed and how to choose the right program.

Making a loan for a car in the salon or in the bank
How to get a car loan from a bank
What are the types of car loan programs
Conditions and requirements of banks for obtaining a car loan
What documents are required
What to do with insurance

Car loan gives you the opportunity to leave directly from the salon in the desired car
A car loan is a targeted consumer loan. The bank pays for your purchase, and takes the car as collateral. If for some reason you cannot pay the debt on time, the car will become the property of the bank.

The third child was born in Vasily’s family – now we need a new car: big and safe. There is no necessary amount, so it is better to apply for a loan. Which is more profitable: a consumer loan or a car loan? What requirements will you have to face and how to issue the documents correctly? Let’s figure out all the nuances together.

Main advantages:

Availability.
Approval within an hour. The bank has confidence — a pledge in the form of a car.

Bet.
The rate for targeted loans is lower.

The amount.
The amount is higher than that of the non-target due to the collateral and product features.

Insurance.
Many banks ask to insure the purchase.

State support programs.
The state gives a discount of 10 to 25% on the purchase, depending on the place of residence. 10% — for residents of Russia and 25% — for residents of the Far East.

It is important to know:

Some banks offer a regular consumer loan instead of a car loan, but its conditions are usually worse. For example, the interest rate is higher.

Making a loan for a car in the salon or in the bank
You can get a car loan from a dealer by choosing one of the banks with which he cooperates. Or apply yourself at a credit institution, just find out first which banks issue a car loan.

Vasily liked the car in the salon. Managers offer to issue a car loan on the spot and immediately leave with a new car. The idea is tempting, but Vasily wants to know all the details first. And he’s right!

Advantages of a dealer loan — large companies cooperate with several banks. You can choose from whom and which loan to take, compare different conditions.

Online credit is simple, fast and profitable! Sovcombank offers to take out a loan without refusal with a guarantee of a minimum rate in the amount of 200,000 to 3,000,000 rubles. The Bank can repay the interest on the loan after the contract is closed. Fulfill all the conditions and use the borrowed money for free!

Average figures for car loans in Russia:

The amount is from 1 to 6 million rubles.
The rate is 10-12% per annum.
The first payment is 20%.
The payment period is from 5 to 7 years.
Minuses:

Increased rates.
Dealers choose express lending programs with a minimum package of documents. But the amount of the bet is higher than in the bank.

Overpayment for services and services.
The buyer has the right to refuse additional services within 10 days from the date of signing the contract. You just need to write a statement at the dealer.

Positive:

Promotions and gifts from dealers and automakers.
Brands strive to increase sales, so they regularly arrange seasonal promotions, sell models in minimal configuration or give gifts.

If you need to get a loan quickly, it is better to do it in the salon. If saving is a priority, it is better to negotiate a loan directly at a bank branch. And only then look for a suitable vehicle from dealers.

Large banks issue car loans from dealers so that the client can quickly make an application, and after approval go home in a brand new car.

Banking programs differ in the rate and types of vehicles. For example, not everyone approves loans for the purchase of used cars or foreign-made premium segment cars.

Foreign car on credit
According to the portal of the Bank.ru, the average rate in Russian banks is 12%. It depends on:

costs;
the bank’s tariff;
the loan term is from one to seven years;
insurance.
The more the bank trusts the payer, the lower the percentage. It can grow if:

the client refused to buy a hard hat;
the collateral vehicle is older than 10 years, and according to the law, the owner cannot get a CTP for it;
the client cannot make an initial payment;
bad credit history.
Vasily has a bad credit history – one day he lost his job and for some time could not pay the debt. In such situations, the dealer may refuse service and send the buyer to the bank. It is better for Vasily to find a bank that is loyal to late payments for previous loans.

How to get a car loan from a bank
Select a bank. Find it in the rating of Russian banks, read customer reviews.
Select a program. Pay attention to the interest rate, the requirement to take out insurance and additional services.
Submit an application and the necessary documents.
Choose a vehicle in one of the salons with which the bank cooperates.
Enter into a contract, if desired, arrange insurance.
With the documents from the salon, go to the bank to sign the contract.
Pick up the purchase as soon as the bank transfers the money to the dealer’s account.
Give the PTS to the bank, which you can return after full repayment of the loan.
Pay regularly and on time.
Vasily has no funds for the first installment. He should look for a program in which you can take a loan at full cost. And if he had savings (40-50% of the cost), the registration would be faster.

If you have funds for the first installment (40-50% of the cost), then the process will go faster. If there is no money, then choose programs where you can take a loan at full cost.

Some banks issue loans based on online applications made through a personal account. You can also download all the documents there.

Many credit organizations offer promotions to attract customers. For example, they offer to refund money for CTP. Study all the proposals, and then make a decision.

What are the types of car loan programs
The nuances of issuing a loan depend on the specific bank and the selected loan program.

Express. Banks issue such loans quickly and with a minimum of documents. Often used by dealers. Among the obvious disadvantages are overpayment on interest and a shorter repayment period compared to a classic car loan. Often the buyer can take out such a loan if he makes an initial payment.
An auto loan without a down payment. If there is no money for the initial payment, then take the appropriate loan. But there is a minus — a high interest rate. The risk of non-repayment of the loan is high, and the bank needs to compensate for it.
Classic.
Trade-in. If there is no money for the down payment, but there is an old vehicle, then it can be used for this. The amount of the contribution depends on the cost of the car. Different banks have their own requirements for rented used cars (age, place of production, mileage, technical condition).
Factoring. The first payment is higher than in other programs — more than 50% of the cost. The rest should be made in the near future.
Buy-back. The borrower pays 60-80% of the cost for three years, and then returns the vehicle to the salon and takes another one on the same terms. Or completely buys the first one.
Without a hard hat. Almost all banks require collateral to be insured. However, CASCO is issued only for cars under 8 years old. In this case, look for a program without a hard hat. But she will have an increased down payment and a high rate, because such vehicles are unreliable.
Preferential. At the expense of the state, you can buy a car at a discount. The program involves domestic cars and electric vehicles worth no more than 1.5 million rubles. A 10% or 25% discount is given to families with a child, as well as those who purchase a car for the first time, and medical workers of state institutions.

Foreign car on credit
Conditions and requirements of banks for obtaining a car loan
To take out a loan, you need to prove to the bank that you do not need it. A joke! The Bank primarily evaluates solvency. If you have several sources of income, then specify all of them.

Basic requirements for the borrower:

Russian citizenship;
registration at the place of application (optional condition, but increases the confidence of the bank);
age from 21 to 60-65 years at the end of the term;
the presence of a driver’s license (without a document, the car will definitely not be given);
work experience at the current place of work — at least six months;
the average payment should not exceed 50% of the average monthly income (so prepare an account statement);
positive credit history (with a bad credit history, the interest rate will be higher).
What documents are required
The package of documents depends on the type of program. For example, two identity documents are sufficient for express lending. It can be a passport and a driver’s license or an INN, a military ID, a foreign passport.

Registration of documents for a car loan
For an auto loan, prepare:

a certificate from the place of employment (the form may differ in different banks);
income statement on form 2-Personal income tax;
a copy of the employment record, stamped and signed by the personnel department;
a copy of the employment contract;
financial documents confirming the existence of other (non-labor) income (for example, real estate).
Advice from the bank:

If you live in the Far East and want to get a 25% discount, then attach a certificate of residence.

If you are buying a car for the first time, then prepare the appropriate certificate to participate in the «First Car» program.

If you want to buy a car under the «Family Car» program, then show the documents for the child in the bank.

After signing the contract and transferring the purchase, you need to take the PTS to the bank. After the full payment of the debt, you will receive it back.

By taking the PTS, the bank insures itself against unforeseen circumstances. For example, a customer, without paying off a debt, will want to sell a vehicle. Without PTS, he will not be able to do this.

The list of documents may vary depending on the requirements of the bank and the specific program.

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