Currently, you can buy absolutely any car on credit, be it a used or a new one, a foreign car or a domestic car. Over the past year, car loan services were used by 20% more consumers than before.
Instructions
Step 1
First, decide on the bank from which you will apply for a loan. Study its terms and conditions and see the list of car dealerships and organizations with which this bank cooperates. From this list, you can choose a company from which you will purchase a car in the future. Remember that many lending institutions provide money for the purchase of used cars. However, their service life should not be more than 5 years, and the interest rate becomes much higher. The reason for this is the increased risk to which the bank exposes itself due to the additional wear and tear of the car.
Step 2
Read the agreement and credit conditions carefully. Remember that the smaller the text, the more important the information it contains for you. This is especially true if the bank provides a more profitable program than its competitors. Hidden fees can be expressed in one-time fees for opening and introducing an account, for transferring funds to a car dealership account, as well as monthly fees, which are the most dangerous.
Step 3
Remember that very often the bank finishes clients for early repayment of a loan. The percentage of the fine is different, thus the bankers recover the unpaid interest. Keep track of which insurance company the bank offers you and what is the percentage of insurance.
Step 4
Submit the required documents to obtain a loan. Basically it is the applicant's and guarantor's passport, driver's license and income statement. The list of other documents depends on the chosen bank and on the initial payment. Often, the higher the first amount, the smaller the required list of documents.
Step 5
Do not forget that the car that you buy on credit is pledged, so the original PTS remains in the bank until the final payment. Remember that when an insured event occurs, the insurance is transferred to the bank, which already manages the funds.
