Car loans are always popular. In this way, you can purchase both a new car and a used one.
To buy a car on credit, from the beginning you need to decide on the type of vehicle (new or used car), as well as the place of purchase (a car dealership or a private owner). So, a loan can be issued both through a car dealership and through a credit bank, for which the car owner selects the necessary program himself. It is best to independently study all the credit conditions. To do this, you can refer to information in the media, in car dealerships. At the next stage, you need to decide which payment will not be burdensome for the car owner. So, the general algorithm of actions is as follows:
1. Choosing a car showroom and a credit bank, 2. Selecting the required lending program, 3. Preparation of all necessary documents, 4. Sending documents for approval in obtaining a loan.
5. Waiting for a response from the credit institution.
If a loan is issued for a used car, then its owner should be ready for additional expenses in the amount of 5%, since not all banks are ready to give such a loan. Those who provide the possibility of lending use the Trade-in program, which provides for the purchase of a new car at the expense of accounting for the old one. But the range of used cars in car dealerships is minimal. Trade-in is beneficial only if the sale price of the car is not important for its owner.
You can buy a car on credit without a down payment. But in this case, the car must be new, not used. If lending to a used vehicle is carried out, then the maximum term can be no more than seven years. In addition, the bank will set additional restrictions that will be related to the age of the purchased car, its mileage (no more than 100 thousand km for foreign cars), etc.
In order to buy a car on credit, you need to prepare a package of documents. It is different in every commercial bank. The standard set of documents for this procedure is as follows:
- identity document (passport),
- certificate of the presence of an identification code,
- certificate of income for the last 6 months (issued at work with an indication of the position held),
- invoice (for the purchase of a used car)
- a copy of the technical passport, which is issued to the seller of the vehicle.