How to get a car loan from a bank - used and new

Owning a car is the dream of many Russians, and it can be realized with the help of a bank loan. Of course, you will have to overpay a significant amount, but then you will not have to collect money for a car for a long time, denying yourself many of the joys of life.

Despite the fact that there are a lot of loan programs now and each bank offers its services in obtaining a loan, the general conditions remain approximately the same and differ in small details, such as the amount of the down payment or the loan term.

Loan conditions in most banks:

• age of the borrower - from 21 to 75 years;
• provision of income statement for the last 6 months;
• the presence of a residence permit or temporary registration;
• work experience for the last 5 years must be at least 1 year (this condition does not apply to people who make a down payment in the amount of 30% of the cost of the car;
• At the end of the loan agreement, your age must not exceed 75 years.

If you can officially confirm your work experience and present a certificate of income for the last 6 months, if you are of the right age, have a permanent or temporary registration, then you need to contact the bank branch with a package of documents:

• passport;
• individual tax number;
• certificate of income or certificate of receipt of a pension.

Some banks may additionally require copies of passports of family members and birth certificates of children, income statements of the wife, parents and other family members.

At the bank, you write an application about the desire to get a loan, usually this procedure comes down to signing a standard form. A maximum of 5 days is allocated for consideration of the application. If it is approved, then the money can be credited to a plastic card or transferred directly to the account of the car dealership. Sberbank, for example, gives 180 days to choose a suitable car.

If you want to buy a used car, you can choose foreign cars no older than 10 years, Chinese and Russian cars must be no older than 5 years. A prerequisite is the registration of not only OSAGO, but also CASCO, many banks also require borrower's life insurance.

If you want to apply for a loan directly at a car dealership, then the conditions will be the easier, the larger the initial amount you pay. The interest rate averages between 14 and 17 percent per year. There are also a large number of credit organizations that offer car loans with a rate of 2,5 percent per month.

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