Car loans are a fairly common program. Most borrowers do not want to waste time collecting certificates and often choose loans based on two documents.
Requirements for borrowers
The main document for obtaining a loan is a passport and any other additional document at the discretion of the citizen. It can be a driver's license, TIN, income statement, SNILS, etc. The client must have at least six months of work experience in the last place of work, and private entrepreneurs must conduct their activities for more than one year. The cumulative experience of any client must exceed a year. It is imperative that you have a residence permit with a passport in the region in which the loan is supposed to be issued.
Requirements for the car
Most banks issue loans for the purchase of new foreign-made cars purchased from an authorized dealer. However, there are also those who are ready to issue a cash loan for the purchase of a car of any brand, including Russian. In addition, the vehicle may already have mileage. The main requirements for such cars are that at the end of payments it must be less than 8 years old and the number of owners must not exceed 3 people according to the technical passport.
Credit programs: nuances and features
For car loans under two documents, banking institutions impose additional conditions on the program itself. Due to the fact that the loan is unsecured, since the client's solvency in many cases is not confirmed, the car must be insured under the CASCO program. The insurance period is usually equal to the loan term, which should not exceed 5 years.
The down payment may exceed 50% of the cost of the car. The borrower will need to obtain a personal insurance policy as this adds to the cost of the loan. With a positive decision of the bank, payments will be made every month in equal installments. Before signing the contract, carefully read all the main points, and also clarify whether it will be possible to repay the loan ahead of schedule.
Many banks charge a commission of 1% of the amount received, but it is best to check with a loan officer when applying for a loan.
