With the advent of a car loan, it became a real purchase of a car without even having an initial payment. In other words, a car enthusiast can come to a car dealership and, having issued a car loan for a car model he likes, immediately go home in his own car.
A car loan can be either with a down payment, that is, when there is already a minimum amount, or without it. A car loan without a down payment is quite relevant and completely real at the present time. It is designed for people who do not have the required amount for the first installment, but have a stable, constant income and a desire to buy a car.
The variety of loan offers offered by both banks and car dealerships is quite extensive, so it is possible to choose the best option.
There are several common criteria for all loan offers:
- working age (21-60 years old);
- work experience in the last position of at least 3 months;
- if a loan has already been taken earlier, then the credit history must be positive.
Before starting to fill out a loan application, the borrower must provide a package of documents, namely:
- a completed application form given to the borrower in advance by an employee of a bank or a car dealership;
- a copy of the work book;
- 2-NDFL certificate;
- depending on the conditions of the creditor bank, additional documents may be required.
The next stage will be the period of consideration of the application from 1 hour to 7 days (depending on the bank). As soon as the application is approved, it will be possible to proceed to the last stage, namely the execution of the contract.
Quite often, a mandatory requirement is the one-time registration of OSAGO and CASCO, although in some cases this is not necessary. Insurance is paid immediately on the spot.
And finally, it remains to draw up the contract for the purchase / sale of a car itself, which is also a loan / pledge agreement. The car is now officially registered. The newly minted car owner can safely pick up his car.
Car loans without a down payment are rapidly gaining popularity due to the ability to purchase the desired car now, subject to the availability of a stable, permanent income. This is a great opportunity to save a fairly long period of time. It is thanks to this type of credit that many people who really need a vehicle will be able to purchase it.