There are situations when you need to buy something, such as a car or an apartment, but you have no money. Then you go to the bank, but many banks require you to make a down payment. Sizes can vary from 15% to 50%. Is it possible to take out a loan without a down payment?
Instructions
Step 1
Be aware that banks today do not issue mortgages without a down payment. This type of mortgage carries great risks for both the bank and the borrower. The amount of the initial payment can range from 10% to 90% of the cost of the housing you are purchasing and depends on the mortgage program offered by the bank. A source for a down payment can be your own savings, a pledge of existing or acquired property, a loan for other purposes (any consumer loan taken from a bank). Today the state is trying to stimulate mortgage lending. Rates are offered from 10% down payment. This will undoubtedly increase demand. But be aware that this type of mortgage provides for some mandatory additional types of insurance. This is reflected in the final loan rate, increasing it by several percent.
Step 2
Try to get a consumer loan at another bank and use it as a down payment for a mortgage. Be aware that consumer loan rates are higher than mortgage rates. Therefore, calculate your financial capabilities. But keep in mind that the larger the down payment, the lower the mortgage rate. And as a result, you can save money. Here everything is decided only by your level of income, which will determine the possibility or impossibility of paying two loans in parallel for several years.
Step 3
When purchasing a car, you can easily get a loan without a down payment. Be aware that the rates for these loans are generally higher. Not all banks issue loans without a down payment, so find out in advance which banks or car dealerships provide this line of services. In some cases, it is more profitable to get a consumer loan than a car loan without a down payment. Indeed, in case of obtaining a car loan without an initial payment, you will have to pledge the purchased car and issue an annual CASCO for the entire period of loan repayment.
