Today, virtually every newspaper you can advertise to sell a car on credit, favorable loans for the purchase of machinery, etc. But we should remember that, as a rule, the outward simplicity of buying a car on credit lies a number of pitfalls. To carry out all operations with minimal losses, you must thoroughly understand all the features of the acquisition of machinery on credit.
Perhaps one of the main features of the car loan is that no bank will carry out operations at a loss. And, therefore,do not completely trust them. As a rule, by providing such services, the bank provides the missing interest to the commission for servicing accounts in an inflated interest rate, etc. In choosing a loan can draw an analogy with the choice of any other thing. For example, a clock. When choosing, it is desirable to pay attention to every detail, describing the subject. Often branded boxes for watches can tell a lot about themselves hours. Necessary in order to deal with the main important points.
All auto loans can be divided into two types. The first are loans issued in local car sales, ie in showrooms, the second - makes directly to banks themselves. As a rule, receive a loan through a dealership is much easier than getting a bank loan. This method helps to save personal time.
In the showrooms decision to grant or deny the loan are within a day or several hours. In the banks as it can be taken two to four days, and registration may take a week. It should be noted the peculiarity that car dealerships are working with several banks. This makes it possible to choose the most suitable loan option.
Also one of the advantages of entering into a loan in the showroom is less needed for processing of documents, which must provide the buyer.
For credit at most banks need to provide documents such as passport, law, earnings statement, certified copy of the workbook, the application profile of the borrower, a copy of the contract with the dealership, certified copy of passport of the car (if you choose a specific machine), other documents at the discretion of the Bank (individually). If you are in a Marriage, for processing the loan you may need written consent of spouse (s) for the purchase of machinery on credit, certified by a notary. To obtain the same loan in the showroom are required the following documents: passport, law, form the borrower's application.
The minimum allowable size of the total family income for the clearance of most banks to be more than 55-70% of the monthly payment on the loan. In most cases, banks are required to make an initial contribution of 15-25% of the total loan amount. In the case of processing the loan without the entry fee be prepared for higher interest rates.
You should be aware that registration of a motor show also has its disadvantages. One of the main is a higher percentage of credit rate. For example, in the case of clearance through the bank it will be about 8-12%, but when you make a salon it will be more than 15%.
As a rule, car loan period is from 5 months to 5 years. In this case, the interest rate is directly proportional to the loan period. The longer, the higher the interest rate on the loan. You can get a loan in different currencies: the dollar, the euro, the hryvnia. The interest rate in each case is different.
For example, you have decided on the type of loan. The following is the collection of documents and preparation of contract. Necessary to examine in detail each item to be signed the contract. If you do not understand the intricacies of some, should contact a lawyer friend or hire a third-party specialist. A well-designed contract is not worth the money spent on consultation. Also note the amount, which will cost the commission, one-time payment when you open a loan account and a monthly fee for maintaining the loan account. Typically, the amount of these payments is considerably high.
Besides the above features one of the main conditions of the loan may be mandatory car insurance. By this method the bank guarantees payment of funds if the car is stolen or it gets into an accident. Such insurance will be paid before the end of the mortgage payments.