Is it worth taking a car loan? On the car showroom and used cars

In Europe, consumer targeted and non-targeted loans have long become commonplace. Almost all of Europe lives on credit. The same practice has recently begun to spread to Russia: mortgages for housing, car loans, loans for household appliances and contingencies, credit cards - probably every Russian at least once, but borrowed money from a bank.

A legitimate question arises - Is it worth taking a car loan?? Let's try to figure it out.

Here you can highlight both positive and negative aspects. In addition, borrowers bind themselves with certain obligations to banks. What are these obligations?

Negative sides - obligations to the bank

Firstly, the bank is interested in the client returning the entire amount of money, but if for some reason this cannot be done, then the bank can apply financial sanctions:

• impose a penalty for late payment - an increase in the interest rate, an increase in the amount of the loan, commissions for late payment;
• sell collateral - if a person finds himself in a difficult financial situation, the bank simply confiscates the car and puts it up for sale;
• significant restrictions are imposed on the right to use property - the inability to travel abroad.

A very simple situation - a person pays a loan, it remains to pay 40-20 percent of the cost, but there is a sharp reduction in staff, the company incurs losses, the person becomes unemployed. The ability to repay the loan is lost. The bank can meet halfway and offer more loyal conditions, or they can simply confiscate the car, sell it through trade-in, and 20-30 percent cheaper, pick up the entire penalty, and return the remainder to the client. That is, it turns out that a person will lose a fairly large amount of money.

Secondly, the bank without fail requires the registration of insurance for "CASCO". As far as we know, a CASCO policy for a year can cost 10-20 percent of the cost of a car.

Multiply this amount by the term of the loan - 2-5 years, and it turns out that you will have to spend a significant percentage on insurance alone.

Thirdly, the bank may charge a fee for processing and servicing the loan. Over time, these commissions will also translate into a certain percentage of the cost of the car.

Well, do not forget that you are the owner of a credit car only formally, but in fact it belongs to the bank until such time as you pay everything to the last penny.

Based on the foregoing, we can conclude that a person who decides to purchase a car on credit voluntarily drives himself into bondage.

But, as they say, it's a double-edged sword. Of course, if a person can barely make it from paycheck to paycheck, and under the influence of an incomprehensible impulse, he also decides to apply for an expensive loan, then there is little rational in such an act. First of all, experts recommend to deal with those loan offers that are now on the market, and weigh your real chances of repaying this loan in due time.

It is worth saying that different banks offer different conditions: in some financial institutions, interest rates can reach 20% per annum, in others - 10%. Also, banks do not always reveal all their cards - many gullible clients peck at super profitable promotional propositions like - “super profitable offer 7% per annum, no commissions and so on”, and as a result it turns out that such a program is valid only for a limited number of not very popular car models, plus the down payment should be at least 30-50 percent.

Positive aspects - your own car today

But not everything is so gloomy, because many take loans and successfully pay them off.

The most important advantage is the opportunity to leave today in a brand new car from a car dealership. And how it was bought - it is not necessary to tell everyone.

Another argument often cited is inflation. It is a few percent per year, in especially difficult years it can reach 10-20 percent. You, having issued a ruble loan, will know for sure that in a year you will need to deposit, for example, 150 thousand rubles, in two years - 300 thousand. But in two years, the same 300 will equal not 10 dollars, but 9, and now even less. Accordingly, the same car that you bought for 500 thousand will cost 650 thousand in two years.

Another advantage is that a car loan may be the only way to get a car for work. For example, a novice businessman can apply for a loan for a commercial car.

If you wait until the necessary amount of funds is accumulated, then such a “miracle” can never be expected, because every day you have to spend money on something. Having obligations to the bank, we will take a more responsible approach to spending funds.

Conclusions

Thus, we can say that any loan is an obligation to the bank and an overpayment, even a small one. Carefully read the text of the agreement: the larger the amount of the down payment and the shorter the loan term, the less you will have to overpay. Do not rely on chance, realistically assess your financial capabilities.

Video for those who want to take a profitable car loan,

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