Is it advantageous to take cars on credit without down payment?

The market in which loans aretoday can be compared with the battlefield, on which, as you know, all means are good. Not an exception and loans for the purchase of cars. At the same time, marketers have taken into account that some do not take auto loans because they do not have the funds for the first installment. For such clients, cars are now available on credit without a down payment.

Who will approve?

Despite the fact that in this case is manifestedloyalty, car loans without a fee will be approved only by those who will fit under certain criteria. None of the banks will issue a loan if the borrower has not reached the age of 21, and most financial institutions will also deny those already retired. One of the most important requirements is the level of income. Here the views of the banks are divided. Some require a certificate, while the salary should be so much that the monthly payments are not more than half of it. The value of this will depend entirely on which bank you contact. Other banks can "close your eyes" to the fact that you can not confirm income by a certificate, but you will require documents for any property, passport or other document.

Auto loan without a down payment - everything is really simple?

It is clear that the requirements of banks maydiffer, but under such conditions, most Russians fall, who for some reason do not rush to buy new cars, although banks are constantly offering to do so even without money for a down payment. The main reason for this provision is the rates for lending programs, which provide for the absence of a down payment. That is, if you make out a car loan under the classical program, then the interest rate will be 13-17%, and if you take a car on credit without an initial installment, the rate grows to 30 percent. It is also worthwhile to include the commission of the bank, insurance policy for the car and for yourself. And now calculate how much it will cost to buy a car without a down payment.

And if you still want to?

In the event that you still want to purchasebrand new car "right now", then think about before grabbing for the first sentence that comes up. Such credit programs are owned by many banks, so it is worth to first look at different organizations and compare the conditions. At the same time, it should be taken into account that if auto loans are offered at a rate below 11% without a down payment, then the bank is likely to be compensated by the commission charged monthly, which can overtake the overpayment by half. This also applies to other similar programs: the bank will never work at a loss.

After choosing the right product, you needcollect a package of documents, a list of which will be given to you in the bank. The more convincingly your solvency will be confirmed, the more accessible for you will be a car on credit without a down payment, in addition, and the rate on the loan will be significantly lower.