The purchase of a car on credit in our country is becoming more and more popular. At the same time, not only new vehicles are bought on credit, but also used ones. Almost new cars very often enter the secondary car market. But have they already managed to get so bored with their masters? In fact, everything is much simpler - the owner who bought this car on credit could not cope with the debt obligations and was forced to take extreme measures. Is it possible to buy a car on credit and remain its full owner for a long time? It is possible, but you need to objectively assess your financial capabilities and competently approach the choice of a car.
Where can you buy a car on credit?
If you want to buy a used car, then you have a great opportunity to buy even a high-class car at an inexpensive price. You can buy a used car at bank auctions where the collateral is sold, or at car pawnshops. You can, of course, look for suitable options in the spontaneous car market, but the chances of getting to an unscrupulous seller there are much higher, and the bank is unlikely to agree to give you a loan to buy a car from hand.
You can also buy a used car in a car dealership, especially since it is there that vehicles returned by the owners through the buyback are put up for sale. The risk of buying a car, even with minor defects in the cabin, is minimized, since the technical condition of the used cars is rigorously checked. With the documents of such cars, everything is also in order, so you can not be afraid that a month after the transaction is completed, an unexpected guest will come to you with claims for the car you have purchased.
If you want to buy a new car, then the only place where you can buy it is a car dealership. The cost of new premium cars will be much higher than used cars. However, those who want to buy a new car have one advantage - banks give loans to such customers much more willingly.
Accurate calculation - minimum of problems
In order to buy a car on credit and not later find yourself in a difficult financial situation, you must carefully study all the components of a credit transaction.
Select for yourself 2-3 car models that suit you in terms of price and quality. Compare the terms of car loans in different banks, ask the credit managers to make an approximate repayment schedule to compare how much you will have to pay monthly for a particular car model. Choose a bank that offers loans on the most favorable terms for you. Do not forget to add the costs of vehicle insurance and the bank's commission for issuing a loan to the column of mandatory expenses. A car loan with a lower interest rate necessarily implies an initial payment by the borrower, which is about 20-30% of the cost of the car.
Calculate your costs for the maintenance, repair and maintenance of a car. So, the maintenance of a middle-class car requires about $ 200 per month, and this is not counting the monthly payments on the loan. Various force majeure circumstances should not be ruled out - from a punctured wheel to a serious accident. If you take a car loan "end-to-end" according to your income, then even a small incident can quickly knock you out of your financial rut. To prevent your four-wheeled friend from becoming a burden, before taking a car loan, you need to make an accurate calculation of all possible costs.
