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