Where and how to get a car loan for a car?
Not everyone who wants to buy a carimmediately there will be money to pay for such a purchase. Therefore, car loans are by far a very popular and affordable way to buy your own car.
What are the features of a car loan
A car loan is a targeted loan forcar purchase. You can get a car loan in a bank with the condition that the car will serve as a bank deposit. Based on this, the bank reduces risks and takes less interest on the loan.
As a rule, the rate for a car loan is less than for a cash loan. But in the event of non-payment of a loan, the car is withdrawn by the bank and sold for repayment of the loan.
Most often, the bank requires a borrowerto insure the car under the CASCO program. In case of theft or damage to the car during an accident, the bank will receive insurance. The owner of the car must renew the insurance annually, otherwise the bank will apply penalties to the borrower.
Before the repayment of a car loan, the passport for the car mustto be in the bank. If you need it, then you need to turn to the bank and decide with him the question of how it can be received and when it is necessary to return.
Where to get a car loan?
There are many different banks in Russia. But after 2014 a large number of financial and credit organizations stopped issuing loans for the purchase of cars, replacing them with consumer loans with simplified conditions.
It can be noted that few ratingbanking institutions offer such a targeted loan in 2017. In most cases, interest rates on auto loans are the same as for consumer loans. Although before the difference was quite noticeable.
Name of the bank
% per annum
Loan amount, rub
Term of issue
For how long is the
Initial payment,% of car cost
100 thousand rubles. - 10 million rubles
From 1 to 5 years
100 thousand rubles. - 10 million rubles
From 3 to 10 years
During one week
100 thousand rubles. - 5.6 million rubles
From 1 to 6 years
150 thousand rubles. - 1 million rubles
From 1 to 7 years
50 thousand rubles. - 3 million rubles
From 1 to 5 years
Within one working day
15 to 40
Up to 3 million rubles
Up to 5 years
Up to 4 days
Up to 10 million rubles
Up to 6 years
The most attractive conditions are offered by "Knoxbank". But you can get a car loan in this bank only to residents of the Volgograd region.
"Alfa-Bank" also offers quite aattractive credit conditions. Here you can opt out of CASCO insurance. If you do not receive a salary through this bank, then you will be given a car loan at a rate of 15.5% per annum.
Terms of "VTB 24" are the mostbalanced by rates and requirements to the borrower. But in this bank it is necessary to pay the first installment at a rate of 20% from all cost of the acquired car.
Car loans from Raiffeisenbank are ideal for borrowers with high earnings living in large cities of Russia.
Talking about how to get a car loan inSberbank, it is necessary to note also quite favorable conditions of this bank. The interest rate here is one of the lowest. Almost every citizen of Russia can get a loan for a car here.
If you receive a salary in Sberbank, thenThe bank will issue a decision on issuing such a loan within 2 hours. If the customer has the opportunity to make an initial payment of 30% of the value of the car, the bank will not require a certificate of income, a copy of the labor and the availability of guarantors.
Another big plus of Sberbank's car loan is that the amount of CASCO insurance can be included in the loan amount.
Give an opportunity to get a car loan without a down payment "Eastern Bank, Knoxbank and Sberbank.
If you decide to get a targeted loan for the purchase of a domestic car, then such purchases are provided by state support, which is very beneficial for the borrower.
How to get a car loan?
Getting a loan for a car includes the following stages:
- preparation of documents and drawing up an application for a loan;
- the bank's decision to issue a loan for a certain amount of money;
- selection of the car in the cabin, signing of the contract of sale, making the down payment (if it is provided);
- signing of a loan agreement;
- registration of CASCO insurance;
- payment by the bank of the value of the car to the car dealer;
After that, the citizen can pick up the car and register it.
Before you get a car loan, you need to find out the full list of documents in the bank. Financial and credit organizations can request additional papers or information.
The loan for the car can be issued first of all in the bank branch. The second option is a car dealership, where a representative office of a certain bank can be located.
Decide where to get a car loan, should heborrower. It is important to find out what lending conditions and in which bank will personally be most beneficial and convenient for you. Be careful not to make an impulse purchase, taking a loan in the cabin. The percentage there may be higher than in the bank branch.
Disadvantages of car loans
The car loan imposes certain obligations on the borrower and has its negative aspects:
- Quite a strong increase in the cost of the car compared to buying it for cash.
- It is necessary to repay the debt on a monthly basis. Before you get a loan, you need to calculate your financial capabilities.
- Before repaying the loan, the car is a bank deposit, and it can be sold or donated only with the permission of the bank.
- As a rule, when making a car loan, alwaysthe payment of CASCO insurance is required, and this is a considerable amount. Most often, the insurance company chooses the insurance company, and the amount of insurance can be higher than that of other insurance companies.
- If the car got into an accident, the amount of insurance money paid is sent to the bank, and the owner will not be able to repair the machine for these funds.
Requirements for the borrower
Each bank puts forward its own conditions for obtaining a loan. But usually you can take a car loan if you meet the following requirements:
- the borrower has Russian citizenship;
- the age of a citizen receiving a car loan should be within 23-65 years;
- Work experience in the Russian territory for the prescribed period.
In addition, credit institutions require you to name a few phone numbers (work, personal, phone number of friends).
How to get a loan for a car with mileage?
Used cars are cheaper than new, and their condition can be no worse than the new one. Consider how to get a car loan for a car with mileage.
Usually banks set the following conditions for used cars:
For foreign cars
For domestic cars
Not more than 10 years
Not more than 5 years
Amount of credit
Usually established by the bank in the amount of 500 thousand rubles. up to 1.5 million rubles
Up to 3.5 tons
Up to 100 thousand km
Up to 50 thousand km
Registration of the CASCO policy is mandatory.
The loan recipient for a used car must meet specific requirements:
- be over 21 years of age;
- have a total seniority of more than one calendar year;
- the work experience at the moment in the organization is more than six months, and for some banks 3-4 months are enough;
- be a citizen of Russia and have a residence permit in the city where he makes out a car loan;
- have a positive credit history.
It is easier to get a car loan for drivers with a driving experience. Reluctantly, banks issue such loans to young people and people of retirement age.
Credit for both new and used caryou can get in the bank branch or in the showroom. It is most profitable to do this in a bank through which you receive a salary. For example, citizens who have pay cards at Alfa-Bank can get a car loan at 12.5% per annum, and on general terms, the rate will be 16%.
The process of obtaining a loan for a used car
To get a car loan for a used car, you need to go the following way.
Choose a credit institution, compareoffers of different banks, their programs, interest rates and terms of issuing loans. Thinking about how to get a car loan, you need to clarify whether there is a representation of the bank you like in your area. Preference should be given to trusted banks with a good reputation.
You can apply for a personal visit to the bank or via the Internet.
It is necessary to have the following documents with you:
- certificate of income from work;
- driver's license;
- copy of work book.
The bank then considers the application. After the application is approved, the borrower is given a period of 1 to 3 months, if necessary, to search for a car.
After that, the contract of sale with the seller of the car is made out. Also mandatory is the registration of CASCO. This increases the amount of bank payments to the borrower.
The initial payment is transferred to the account of the bank, where the money is transferred to the car dealership. The average amount of this contribution is usually 20% of the purchase price.
With special attention should be approached to formalize a loan agreement. The document must be thoroughly studied. It is necessary to pay attention to the following nuances:
- The final value of the interest rate. It happens that they advertise one, but actually provide a large one.
- The presence of commission payments for the implementation of financial transactions (they are also called hidden).
- What are the options for repaying the loan.
After they received a car loan for a car and bought it, it remains only to register with the traffic police. After that, you become a full owner of the car.
Good advice on buying a used car
Buy a used car in the cabin. So you can avoid buying a defective or stolen car. Moreover, often car dealers organize actions for the sale of used cars.
If you do not have a small amount to buy, a car loan is better to prefer a consumer loan.
There are also such specialists as credit brokers. They know how to get a car loan on more favorable terms. Brokers will help you choose the most optimal loan program.
Getting a car loan with a bad credit history
If you previously allowed delinquencies in repaying other loans, then most likely this will affect your credit reputation negatively.
Before you get a car loan with a badcredit history, you should contact the credit bureau for information. If it indicates that you have delinquencies, you need to repay them urgently. In the event that any erroneous data on the delay is indicated, it is necessary to apply to the bank to resolve this issue.
To improve the credit history, you can take a few small loans and pay them off on time and in full.
You can also apply to small or newly opened financial and credit organizations. Such institutions seek clients and agree to set not too stringent conditions for borrowers.
Another option is to apply for a loan inmicrofinance institutions, pawnshops or financial companies to whom the client's credit history is not important. But interest rates in such organizations are much higher than in banks.
How to improve the reputation of a borrower
Also, you can increase the probability of obtaining a car loan in the presence of a negative credit history in the following ways:
- find a surety with an excellent credit reputation;
- submit a certificate to the bank about a high level of income or possession of expensive valuables;
- provide a security;
- Make an advance payment of 50% of the cost of the purchased car.
Getting a loan on a car via the Internet
Almost any bank today offers to apply for a loan through the Internet. To do this, in a special form it is necessary to indicate your personal data, loan amount and other information.
After that, the bank will issue a preliminary opinion on the possibility of issuing a loan to you. But still have to personally come to the bank to provide the required package of documents and signing the contract.
Car loan - take it or not?
The auto loan has many negative sides, butthere are also positive moments. It is necessary to carefully analyze all possible proposals of banks, their credit programs, calculate overpayment and other mandatory costs for car loans and compare them with overpayments for a simple consumer loan. We also need to take into account the possibility of state support when buying a domestic car.
To understand this sea of nuances and terms of loans of different banks, do not be afraid to resort to the help of professional credit brokers.
Take care of your credit reputation. After all, if it is bad, getting a loan for a car will be much more difficult.
Car loans can be carried out for both new and used cars. A better car is better to buy in the showroom, because it will be guaranteed not in hijacking and not broken.