Have you decided to take out a loan for a car? And good luck, you found an excellent car loan in the bank, with a very low interest rate or no interest at all? Do not rush to sign the contract right away, it will not run away if you read it carefully again.
Take a calculator and carefully calculate the amount of the loan that you plan to receive after signing the contract. Divide this amount by the number of months during which you want to pay off the loan. And now, having received the amount, compare it with the one that is spelled out in the contract that you were in such a hurry to sign. Does not match? So, therefore, read the agreement carefully, always calculate the amount personally in order to find a bank in which the interest will suit you and will be clean, and not accidentally entered into the agreement.
Now let's talk about additional payments, of which there are many. Well, for starters, you may be faced with the payment of the loan itself, that is, for opening and maintaining an account. This is normal practice, so the bank makes money for you and you lose money. The way out is to find another bank in which you will not need to pay such a commission, and you can significantly save money.
Also, the bank may require a down payment from you. But this is already a normal practice, on which you do not lose anything. Often, the higher the first installment, the less interest will be paid later.
Pay attention to the loan term. A profitable and safe period is considered to be a period of two to five years. If you plan for a shorter period - that is, there is a risk of being overdue, and also the shorter the period - the higher the payments per month, and it does not always turn out to be profitable. Yes, and if you can pay off the loan quickly, maybe you shouldn't take it? If there is no need and there is an opportunity to wait and save up money, then you can do without a car loan. By the way, and vice versa, if the loan term is more than 5 years, then the overpayment at the interest rate will be very high, and the car loan will be unprofitable.
And finally, a little advice for the future. When registering a car, carefully read the insurance contract for the purchased car. Eliminate the presence of additional services that can then serve as a denial of coverage. It can be any trifle - for example, an alarm from a certain company or a private guarded parking lot. If such clauses are spelled out in the contract, and you do not follow them, then in the future you will not be able to count on the insurance to cover your expenses.
After checking all the documents, calculating the expenses yourself, you can make a car loan a real profitable deal.
