Nuances and subtleties of a car loan

Today, you can apply for a car loan directly at the car dealership where the car is selected, and it is not necessary to visit the office of a banking institution for this. Car dealerships, as a rule, cooperate with several banks at the same time, so it is quite possible to choose a program from such a variety of offers, based on the conditions and requirements that suit both the bank and the borrower. In order to stop at one, you need to consult with a specialist and assess your financial capabilities.

Banks put forward a number of requirements to their potential borrowers, if they do not fulfill them, they will not be able to get a loan. The most important condition is that the borrower has citizenship of the Russian Federation, as well as a permanent and official source of income. Today there are three main schemes of car loans.

The classic scheme for a period of 5 years of lending. Low interest rates – 1-14% per annum. The application submitted by the clients will be reviewed by the banks within three days. The initial payment under this car loan scheme is 10% of the cost of the car.

The second type of lending is express lending, such a loan is issued in just one hour. However, this is its only advantage. The interest rate on an express loan reaches up to 20% per annum. An express loan is issued for up to 3 years, however, depending on the bank's decision, the term may be either reduced or extended for a longer period.

The third type of car loan can be called an interest-free car loan. At first glance, it is also the most profitable, however, all kinds of commissions and payments for banking transactions often make up the cost of a car loan much larger compared to the classic scheme. Another feature of an interest–free car loan is the large size of the initial payment - 30%.

Pitfalls of a car loan

Registration of a car loan is a very important and serious step, therefore it is necessary to approach it with full responsibility. Car loans today have quite a few pitfalls. Increasingly, among the mandatory conditions of the bank, there is insurance of property, as well as life and health of the borrower for the entire period of the loan. With car loans, this procedure turns out to be especially beneficial and useful. After all, the purchased car can be stolen or broken. In such cases, the insurance you have issued should cover all the damage.

However, do not trust such companies completely, Do not stop making payments. After all, the transfer of the required amount and consideration of the case, as a rule, takes up to several months, and during this time you will earn penalties and fines for late payments. You can stop paying payments only when the document on the termination of the loan agreement due to the repayment of the car loan is in your hands. In order to insure yourself against problems, you can take a certificate from the insurance company that the money for the car loan has been transferred, and in the bank that the money has been received and the loan has been repaid. After all settlements are closed, you should be given a certificate that the loan is fully repaid, a written termination of the loan agreement – these documents should be carefully stored. Homemade porn https://www.amateurest.com/ USA.