How to choose a bank and car loan program

Motor and banking institutions offer different conditions to buy a car - car loans. But how to choose the right credit terms, banking partner and skin of the loan? Below we tell you about all the features of the car loan.

Where you can receive a car loan

There are two options - to get a loan through a bank or auto. We can say that the design of auto loan through the dealer will be much faster and more comfortable, but more expensive than in the banking institution.



• Loan from car dealer. Each Motor is working with several banks. Leadership is interested in the rapid implementation of vehicles, so the answers on loan applications come for an hour.

The downside of such a transaction can be regarded as a limited selection of financial institutions, and the speed in making positive decisions have to pay a high interest rate on the loan (generally 2-4% more than in the same bank). Quite possibly can appear and additional payments: helmets, etc. But managers dealership will provide assistance in obtaining loans and paperwork.

• Car loan directly with the bank. To apply for a car you will need to collect a large set of documents, and processing times - from two days or more. If you properly collect documents on the loan, showing their ability to pay, you can count on the loyalty to your institution.

If you buy a used car from a private trader, you have to look for credit institutions that operate under these programs. After all, many banks only cooperate with car dealers. There are also restrictions on the machine: 10 years at the time of repayment of the loan for cars and 5 years - for domestic. Rates on loans for b / y vehicles higher standard, and are 20-30%.

How to choose a bank and car loan program

1) The interest rate on the loan. Mid-range - 11-13% in foreign currency, and national - 3% higher. But do not forget to calculate the bank real interest rate in order to know the real amount of the overpayment on the loan.

2) The level of the first installment. As a rule, we are talking about the size of 10 to 35% of the cost of the machine. If you make the maximum amount you can count on a lower rate.

3) Insurance. Almost all banks require registration of Hull and CTP. In case of refusal of the client - a rate increase by 3-4% per annum.

4) Additional fees and commissions. It is necessary to clarify the presence of monthly fees or lump sum for the issuance of the loan. Sometimes these costs increase the cost of credit by 0.5-2%.

5) The term of the loan. The higher the loan term, the higher the percentage.

6) The amount of the monthly payment. It should not exceed 50% of your income amount. If so, then you have to find a co-signer.

7) Special promotions. Many banks offer affiliate programs at low rates. Also do not forget about the government subsidy programs for domestic cars.

What banks offer loans for cars

The most popular among Russians car loan programs have Rusfinance banks, Sberbank of Russia, VTB 24, UniCredit Bank, Gazprombank, Uralsib and Raiffeisenbank, which are included in the top ten. Almost all of these institutions are working with the state program and offer good rates for car purchases. If you belong to the privileged category, you can provide a discount of 1% per annum on the loan. Maturity auto loan - from 3 months. up to 5 years.

The maximum amount for which the customer can count - 5 million. Rubles. (or the equivalent in euros, dollars. USA). Down payment - by 0-30%. CASCO insurance and GO with a loan for a car necessarily supported.

What documents are required for registration of auto loan

- Passport and the second document that can confirm your identity (pension certificate, license, etc.);
- Documents confirming the official income: reference, statement of account and so on.
- Questionnaire - application for a loan on the car;
- The original or a copy of the work book.

Sometimes banks may ask the same documents and from your spouse (-n) if it (he) will act as the guarantor and / or co-borrower. Also, the contract of sale, receipt on making an initial payment for the car, the invoice for payment of car may need bank. Also there is a car loan program in two documents, but such loans are expensive.

How to get a car loan: design stages

1. You choose the car, banking institutions and lending program. For reliability find out whether institutions cooperate with car dealers, it is quite possible you can get a loan on preferential terms. Also apply to the different banks - save yourself time.
2. Make out a contract of sale with the dealer who really three months from the moment of approval of the application.
3. You get a positive decision on a loan in the institution.
4. Payment of the first installment. The size of his bank's decision will be provided.
5. Statement of the machine registered with the traffic police. It can be done and before the signing of the loan agreement with the bank. Today on the account statement is simplified, and it does not matter what city you are going to Russia to do it.
6. The signing of insurance contracts and collateral by the notary. Payment of insurance premiums.
7. Credit transaction in a financial institution, the transfer of money to the account of the showroom, get a copy of the vehicle registration.
8. Preparation of the machine.

This little scheme of processing the loan for the car will allow you to calculate all the nuances of these types of loans. Also do not forget that the cost of obtaining car loans, which make up 10.7% of the expert valuation of the vehicle.