Buying a car on credit at a car dealership

Many of the cars that we see today on the roads of our cities were purchased on credit.

Russians have managed to like lending services - you don’t need to save money for a refrigerator, an apartment or a car for several years - get the goods today and pay the money later. Even the need almost double the payments does not repel people from loans.

Almost any citizen who has at least some tangible income can buy a car on credit today. You don’t always even need to confirm your income - frankly, banks don’t care if you can pay off or not.

The collateral is a car, which, in case of non-payment, is confiscated, and everything that he managed to pay is returned to the person, minus the fees for servicing the loan, the cost of CASCO and OSAGO policies, and, of course, the reduction in the cost of the car is taken into account.

The salon, on the other hand, does not bear any responsibility at all, except for the warranty, to the client - the bank transfers the necessary amount to the salon instead of the buyer. And the financial well-being of the client is interesting to representatives of the salon only until the bank approves the loan.

Be that as it may, there are a lot of credit cars today, which means that overpayment by 50-100 percent not very scary for the majority of the population.

Let's look at the procedure for obtaining a loan for a car in a car dealership.

The procedure for applying for a car loan in the salon

The decision to buy a car on credit, in theory, cannot be spontaneous. As a rule, a person is interested in various offers, of which there are a lot now, and often they can mislead us. This applies, first of all, to those propositions in which it is proposed to purchase a car on credit without a down payment and the purchase of a CASCO policy.

To deal with this issue, you need to be aware where we are dealing specifically with a car loan program, and where with a consumer loan. We have already written about this before, but we will remind you again:

• no bank currently offers car loan programs without a down payment and without CASCO in Russia;
• A consumer loan is a non-target issuance of funds at higher interest rates.

Accordingly, if you buy a car on credit without CASCO and a contribution of at least 10% of the cost, you get a consumer loan at 30-60 percent per annum. Interest on a car loan is much lower - an average of 10 to 20 per year.

For example, go to the website of any car dealership and you will certainly see a variety of offers. You should pay tribute to credit consultants - you can apply for a car loan right on the site and a consultant will contact you in the very near future, who will sort everything out:

• what programs are there;
• lending terms;
• how much you can expect at your income level;
• what is the amount of the down payment;
• what documents to bring.

If you decide to apply for a loan in a serious car dealership, then, in principle, everything will be done for you here. You will only need to collect the necessary documents, and, of course, the initial payment - the more you pay at once, the less interest you will have to pay.

Also, in most salons there is a trade-in program, according to which you can buy a relatively new car in good condition, and it will cost much less than its new counterpart.

Then you come to the salon, find your loan officer, he will tell you how to fill out the questionnaire correctly. The decision of the bank depends on how completely and correctly the questionnaire is filled out.

You need to provide as much information as possible about yourself, your income, income of family members, movable and immovable property. You do not need to compose anything - everything is checked in the most thorough way. The entire package of documents is sent to the bank, it is also often practiced to send applications to several banks in order to get a positive decision for sure.

Banks will almost certainly not refuse a person who has deposited at least 20 percent of the car's value. And if you also have a positive credit history, or you are a client of this bank, then the car keys are almost guaranteed in your pocket.

In this case, the decision may need no more than 30 minutes. If there is any doubt, then the answer will have to wait a maximum of 3 days.

If you made an advance payment before you received approval from the bank, then be sure to save all payment documents, because it may be that the loan will not be issued and you will have to take this money back.

If a positive decision is made, then right here in the salon you can sign an agreement with the bank and leave the salon in a new car.

After that, you will only need to regularly deposit money into the bank account.

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