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Not all citizens can buy a car by unfastening a tidy amount of cash, and you can save for a dream for years, besides, this option is not always possible to be carried out. Modern financial and credit organizations provided a solution to the problem - buying a car on credit on favorable terms. Today, almost every second car purchased in this way. The demand for bank loans is due to a significant reduction in interest rates, which is observed due to the fierce competition of financial institutions. New lending programs allow you to immediately get the desired car with minimal loss of money on interest payments. To choose the best car loan without the "pitfalls", it is necessary to consider all possible offers from reliable organizations that have proven themselves in this field of services.
Where better to take a car loan in 2018.
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Features of auto loan
Target loan, like consumer, has its advantages and disadvantages. It’s only for you to decide which option is more profitable, because even with the most successful transaction conditions and soft requirements on the part of the bank, the client may simply not have enough funds to pay the monthly payment. When you make a car loan, you need to make an initial contribution in the amount from 10 to 50% of the cost of the car. Considering the proposals from various organizations, you should consider the additional costs in the form of car insurance, your life and work capacity. Car loan has the following distinctive features:
- The loan is issued by a financial institution solely for the purchase of a car.
- Current lending programs suggest a reduced interest rate of 8–12%, but can be up to 18% per annum, which in any case favorably distinguishes a car loan from a regular consumer loan, the interest on which is usually at least twice as high.
- The terms of crediting are small and make 3 - 5 years.
- The car until the end of the repayment of the debt is in the collateral property of the bank, which is a guarantee of your payment.
- The vehicle registration certificate is kept by the financial institution that provided the loan until the completion of the repayment. To conduct any transaction on the transfer of cars to others without the permission of the bank you can not.
- For registration of a target loan will require the purchase of a CASCO insurance policy. If the loan program does not oblige the customer to purchase insurance, he also pays all the costs of auto repair in case of an accident.
In recent years, joint programs of car dealerships and banks have become very popular, which facilitates the procedure. At the same time, express loans always assume the probability of a greater overpayment. In addition, the range of auto loan programs is narrowing, because the auto show cannot cooperate with all banks overnight. The situation is similar with insurance companies.
The target loan of funds for the purchase of a car is not issued by every financial institution, however, the choice today is quite wide. Having determined which banks give a car loan and what their conditions are, you can choose the best option, then (while your application is being considered) go in search of a suitable car.
An alternative option is a consumer loan. The interest rate on it will be much higher, but the plus is that a car bought with funds taken from a bank is your property from the first day of purchase, and not the subject of a pledge. At the same time, the loan repayment terms are increased.
Where better to take a car loan
The conditions offered by banks are very different, and the requirements for the client also differ, so in order to find out which bank will have the most profitable car loan, you will have to thoroughly study the banking services market. First of all, you need to decide on the price category of the car and the model, it depends on this, which lending program is more suitable for you. Terms of a contract differ significantly when buying a used car. Consider which parameters you should pay attention to, as well as which bank to choose for a car loan, in order to make the deal as profitable as possible.
Government subsidy program
Some financial institutions issue car loans with state support of citizens. The program is a compensation in the amount of two thirds of the interest to the bank from the state. Payment is calculated by subtracting from the base rate of the bank 2/3 of the refinancing rate, as a result of which the client will pay the loan by 6.5 - 7% less. To get the most profitable car loan with subsidies from the state, you must comply with a number of conditions:
- the selected car should weigh up to 3.5 tons, and its cost should not exceed 1 million 450 thousand rubles;
- only new cars of domestic production or foreign cars of Russian assembly are subsidized;
- minimum down payment of at least 20% of the amount;
- contract terms are up to three years.
A government-sponsored loan agreement can be concluded at financial institutions VTB 24, UniCredit, Center-Invest, Cetele Bank and others. If for any reason this option of purchasing a car does not suit you, there is a reason to pay attention to other programs.
Minimum interest rate
This parameter indicates the amount that the borrower will have to overpay in excess of the cost of the car, therefore, choosing which bank is better to take a car loan, first of all pay attention to the interest rate. As a rule, the shorter the terms for which the contract is calculated, the lower the overpayment will be. You can calculate the amount that you have to overpay, using an online calculator, almost every bank on the site has this option. Today, the minimum interest rate is observed in UniCredit, Bank of Moscow, UralSibe, Expert Bank, where the cheapest car loan is offered at 8 - 1 2% per annum.
An initial fee
As a rule, financial and credit organizations draw up a contract with a down payment, which in some cases can be up to 50% of the value of the car. In this case, you can count on a small interest rate, while the lack of a contribution implies a large overpayment in the process of paying the loan. You can get a car loan without making the initial contribution at VTB 24, MDM Bank, Altaienergo. In addition to the increased interest rate, organizations usually place additional requirements on the contract. Which option is more profitable should be considered individually, based on its own financial capabilities, as well as loyalty programs offered by the bank.
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CASCO insurance
Making a car insurance is often one of the main and mandatory credit conditions. CASCO does not differ in cheap services, but in case of refusal of insurance, it will be possible to save only at first, the interest rate will increase. Many financial institutions do not limit the client in choosing an insurer, therefore insurance may not be included in the loan amount, and may be paid separately from the buyer's own funds.
Required documents
Many banks today offer clients lending programs without undue paperwork. To get a car loan, today it is enough to present a passport of a citizen of the Russian Federation and a second document to choose from, for example, a driver's license or TIN. However, the facilitated execution of the contract involves the introduction of a large down payment and higher interest rates, due to the risks of the bank due to the impossibility of estimating the amount of customer income. In this case, Sberbank, VTB 24, Rosbank, Bank of Moscow offer the best credit conditions.
Car selection: new or used
Modern credit systems allow you to buy both new and used cars. A purchase can be made at a car dealership or from a private person, but few auto banks give out auto loans to used cars, and transactions have a number of conditions, for example, a car should not be older than a specified age, mileage, vehicle status and other factors. The best deals on the purchase of used cars are provided by Gazprombank, Sberbank, Rosbank.
Special programs from automakers
Official dealers from large automotive companies often offer special programs for customers. Thus, supporters of a particular brand can buy a car at the most favorable credit conditions. Vivid examples are banks Toyota and Renault Nissan. Special offers may be seasonal in nature, and are also available by agreement of a car dealership with a financial institution.
Rating of banks issuing car loans
Studying the market of banking services, pay attention also to the ratings of financial institutions engaged in car loans. The key to the security of the transaction will be the choice of a reliable bank, the most popular and sought after among consumers. Among the organizations issuing economical auto loans, the first line of the rating is occupied by Expert Bank, which has the lowest rate, taking into account government subsidies. Sberbank (including Cetelem Bank) and VTB lead in terms of reputation and the number of loans issued, followed by Rusfinance, UniCredit and Rosbank.
Summing up, we note that the most cost-effective are the proposals of organizations on the terms of the initial contribution with the paperwork in the standard manner. Express loans with a minimum package of documents are distinguished by high interest rates. As a rule, the amount of the initial deposit will be rather big, the advantage of such a loan is only in the speed of its issuance. Loans without a down payment also suggest a high percentage of overpayment.
When concluding an agreement, you should pay attention to the presence of hidden fees, penalties, and also the commission for early repayment. Which car loan will be more profitable, it is difficult to determine unequivocally, it is better to consider several proposals in order to choose the best option individually. To draw up an agreement at a car dealership or directly at a financial institution - the choice is yours. Any of the methods has its advantages. In addition, there are opportunities for obtaining additional discounts from the dealer, as well as loyalty programs for their regular customers from banks.
