Zero car loans from manufacturers - what's the catch? Loan at 0 percent per annum for a car.

Competition in the car loan market is intensifying every day. Banking institutions, in collaboration with car dealerships, come up with various marketing tactics to squeeze out their competitors. Today, many banks can offer potential borrowers to buy a domestic or imported car without interest, time costs and with a minimum package of documents. The phrase “car loan at 0” sounds, of course, tempting, but everyone knows that free cheese only comes in a mousetrap.

Zero car loan: to take or not to take?

Should I get a car loan at zero interest? This is everyone's business. On the one hand, choosing this credit program, you can save a lot, because with a standard loan for 5-7 years, the overpayment can be 90-100%. And the rise in price preferential loan, issued for only 2 years, will be only 10%. On the other hand, to obtain a zero-interest car loan, a high down payment (from 50%) is required. Therefore, if the borrower has approximately 2/3 of the cost of the car, then it will be much more profitable to borrow money or independently collect the missing amount and buy a new car without extra costs.

But if a car dealer, together with a banking institution, offers the desired model and configuration of the car (and even on excellent terms), then there is still sense in an interest-free loan. Indeed, in this case, the borrower will be able to acquire a new vehicle at minimal cost.

As for a car loan with monthly payments, this option is only suitable if the car is needed urgently. But even this type of car loan must be paid off as quickly as possible, because its cost can be as high as regular loan at a rate of 20% per annum (or higher).

Requirements for the borrower to receive an interest-free loan

When applying for an interest-free loan, the bank has the following requirements:

1. The borrower's age must be from 21 to 60 years (for persons aged 60 prerequisite there will also be life insurance).
2. The borrower can pay no more than 40% of his regular income monthly.
3. Casco insurance is purchased exclusively from bank partners.

In addition to these conditions, the bank requires the potential client to present a minimum package of documents, without which it will be impossible to issue a car on credit:

• passport;
• driver license;
• certificate from your current place of work;
• certificate of income.

In addition, buying a car on credit without interest can result in fines and penalties for the borrower, the amount of which will be much greater than with standard loans. As compensation for “moral damage,” banking institutions can raise interest rates on servicing a loan account.

Interest-free loan: what's the catch?

When deciding to take out an interest-free car loan, you need to understand that it really won’t be zero. After all, even in the Civil Code of the Russian Federation (Article 819) it is written that “the borrower is obliged to pay interest and return the entrusted amount of money.” Therefore, any loan for any purchase (not necessarily a car) will never be free of charge. Yes, interest rate will be tiny, but it will still be 0.01% or 0.0001% per annum.

When taking out a car on credit, do not forget about vehicle insurance, due to which costs will increase by approximately 6-8% per year. When applying for an interest-free loan, banks usually require the payment of one-time fees (another 3-5% of the loan amount). In addition, some financial institutions may require the client to insure his life (and this is another 1-3% per year).

Sometimes a bank may offer a client a car loan without cooperation with a car dealership. Such a service can be quite good option for those people who want to buy a car without being tied to a specific make or model. But there is a catch here: a car loan issued without the participation of a dealer usually contains monthly fees.

So, among the advantages of this type of car loan, the following can be noted:

• the opportunity to buy a new car almost in installments;
• Most often, an interest-free car loan is issued as part of a promotion with car dealerships;
• obtaining insurance at a reduced rate.

As for the disadvantages, they are as follows:

• high down payment - from 50%;
• maximum term loan - up to 2 years;
• hidden monthly fees.

In general, a loan at 0 percent per annum is just a marketing ploy that visually reduces the cost of the loan.

As a rule, there is no smell of zero here. In this case, it is worth considering that the cost of a car loan depends on the cost of deposits on the market. Therefore, to find out the actual interest rate, you need to multiply the monthly fee by 12 and then add it to the promotional rate. For example, one banking institution attracts new clients the following conditions: 0.0001% per year, loan term - 5 years, down payment - only 10%. At the same time, another condition is written in fine print in the contract: in addition to the interest rate, the borrower is obliged to pay a 1% commission every month. And in the end it turns out that the increase in price of the car is about 60%, and this already corresponds to real rate at about 20%. In addition, unlike the interest rate, the mandatory monthly fee is charged on the loan body, and not on its balance. That is, even if the borrower pays off the entire debt ahead of schedule, there will be virtually no savings.

How to calculate future loan payments?

In order to correctly calculate payments on a car loan, you must first clarify how the monthly commission is calculated: from the loan balance or from the entire loan amount. Most likely, such a commission is calculated from the loan amount, but you still need to clarify.

So, if the commission for an interest-free loan is calculated from the amount, then no calculators are needed; the calculation here is very simple. First, you need to find out the advance on the loan, convert its “interest” into “real money” for the car price you have chosen, and then subtract the advance price from the cost of the vehicle. This will be the body of the loan. After this number is multiplied by the monthly commission, you will get the same amount that you will have to pay every month (except for the loan body).

For example, the cost of your car is 15 thousand dollars, the advance is 20%, the total loan amount will be 12 thousand dollars (15-15*20%). The monthly fee is 0.9% of the loan amount, which means you will have to pay $108 per month.

After this, you need to divide the loan body by the selected loan term (in months). If the loan was issued for 5 years (60 months), then 12 thousand dollars are “converted” into 200 dollars per month, but if the loan term is 2 years (24 months), then it turns out to be 500 dollars per month. All that remains is to add the previously calculated monthly commission - and you will get the amount of your payments on the interest-free loan.

If the monthly commission is calculated from the loan balance, then it will no longer be possible to calculate it in your head. However, payments in this case will be less. In addition, do not forget that the amount of monthly payments will also include insurance “Casco”, “MTPL” and, most likely, life insurance. That is, insurance is about another 100 “extra” dollars per month.

Memo to the future borrower

If you decide to purchase a car on credit without interest, you must first read all the terms and conditions of the loan. It will not be superfluous to compare similar offers in other banks, for example, VTB24, Bank of Moscow, Sberbank, etc.

In addition, it is advisable to familiarize yourself with a small list of what you should pay attention to before taking out a car loan:

1. First, you need to think carefully about whether you really need this loan that much. You also need to soberly assess your financial capabilities and think about whether you can consistently pay interest (at least for a year). You need to remember that to terminate loan agreement will be much more difficult than signing it.
2. Before signing documents, you must carefully study all the conditions. Banks like to “hide” hidden payments, so you need to read every point in the document. All terms of the agreement should be clear to you; if this is not the case, then you can always ask the banker to explain this or that point in the agreement.
3. When concluding a purchase and sale agreement, you must pay attention to total cost vehicle along with all additional equipment (radio, discs, alarm) and additional services. The final price of the car may differ significantly from the one indicated in the advertisement or over the phone.
4. Be sure to pay attention to the terms of the contract that relate to insurance. It is advisable to consider several options for obtaining a loan, and only then choose the most profitable one for you. It should be remembered that signing an insurance contract is not a mandatory condition of the loan agreement.
5. If it is impossible to pay monthly payments, you must immediately contact the banking institution in writing and attach documents that confirm your temporary insolvency.
6. If you were sold a low-quality product, then you have the right to demand compensation for losses (if the car is returned).

From all of the above, we can draw the following conclusion: zero car loans are just a marketing ploy to attract new customers. At the same time, both the seller and the client himself know perfectly well that they will be purchasing a car, not a loan. In this case, credit acts only as an additional sales tool. Interest-free loans are offered, as a rule, only with the support of car dealers and with a “unique” offer from a partner insurance company. Typically, such offers are bundled and deprive clients of choosing another car or another insurance company. In addition, zero credits apply only to specific car models, and not to the entire model range. Therefore, if the client needs this particular car in this configuration, then, most likely, the question of the cost of the loan will be in second place.

The car loan market is expanding every year, contributing to increased competition among banking organizations and car dealerships. To stand out among many companies, various marketing activities are used.

Among such companies, the offer to purchase a vehicle on a loan without any interest, with a minimum of time and a small package of documents has become popular.

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The slogan “car loan at 0” sounds very attractive, but it is worth considering that such tempting phrases often hide completely unprofitable nuances.

General terms

If you decide to take out a car loan, then before applying you must read the following conditions:

• The purchased vehicle will be . Therefore, if you do not pay off the debt, you will have to part with your car.
• Mandatory car insurance. In addition, in the vast majority of cases, you will additionally need to purchase a CASCO policy and insure your own life.
• The maximum loan repayment period is 5 years. Only in rare situations can banks extend up to 7 years. But only clients of partner car dealerships can count on this.
• For car loans, guarantors are not required. This feature is due to the fact that a car acts as collateral. And when a penalty situation occurs, it is confiscated and sold at auction.
• It is possible to purchase a vehicle with a minimum price only in.

Regarding the loan 0% , then in Russia such a program operates for a small number of manufacturers. It is supported by government measures to stimulate sales.

It is worth noting that such conditions apply only to domestic vehicles with a carrying capacity not exceeding 3.5 tons and cost no more 1 million rubles. In this case, the buyer is required to pay a minimum initial amount - 200 thousand rubles.

Such conditions can cause significant inconvenience when purchasing a car, so before purchasing you should familiarize yourself with them in advance and carefully consider each point.

Requirements

When a client applies for an interest-free loan, a banking organization puts forward the following requirements:

• The borrower must be at least younger 21 years old and no older 60 years. If he is quite old, then he needs life insurance.
• The amount of monthly payments should not exceed 40% from the borrower's permanent income.
• CASCO insurance must be obtained only from the organization’s partners.
• The minimum package must contain:
  • driver license;
  • income certificate;
  • passport;
  • certificate from the place of work.

It is worth considering that a loan without interest can bring huge amounts of penalties that exceed the amount of penalties for standard loans, and therefore banks can increase the interest on servicing the loan account

How to calculate payments

The amount of your car loan payments depends on how the monthly fee is calculated.

In most cases, the fee is based on the total loan amount.

Payout calculations are simple:

• you need to find out the loan advance;
• convert interest into cash for the value of the selected vehicle;
• subtract the advance amount from the price of the car;
• after that, multiply the resulting number by the size of the monthly commission;
• As a result, we receive the amount payable every month (except for the body of the loan).

Let's analyze the calculation for specific example. Cost of the car – 20 thousand dollars, advance - 10% , term - 4 years.

The loan body will be 18 thousand dollars=20-20*10%. The loan commission is 0,7% on the loan amount, so you need to pay monthly 126 dollars=18*0.7%.

Now you need to divide the body of the loans by the loan term in months - $375=18/48. By adding this amount to the monthly commission, you will receive the amount of loan payments without interest - 501 dollars=375+126.

In some options, the fee is determined by the loan balance. In this case, independent calculation is not possible, so it is better to contact a specialist.

Payments for calculations using the second method will be less. But it is worth considering that the amount of monthly premiums will also include CASCO, OSAGO and life insurance. Which significantly increases the amount of payment.

Popular models for car loans at 0 percent for 3 years

Lada, Nissan and Hyundai

Nissan provides 0 percent interest for 3 years only on the Terrano and Pathfinder models. The down payment is 50% from full cost car. That is, when applying for a loan on Terrano, you must pay 405.5 thousand rubles and the amount of CASCO insurance in cash.

Then the manufacturer will provide you with a loan with a zero interest rate for 2 or 3 years. In the end you will have to pay the minimum 12.3 thousand rubles per month. This amount does not include additional insurance and maintenance.

The conditions for obtaining a zero-rate loan from Lada have noticeably worsened since July. And if previously a car loan of 0 percent for 3 years could be obtained with a down payment from 50%, then currently such a loan can only be issued up to 12 months. But the company began to provide various additional discounts.

Hyundai only recently started special offer on zero credit for 3 years. But now this program is valid only for the Elegance package with a down payment 50% . In addition, mandatory insurance is required.

Renault

You can take out a zero-interest car loan for three years with a payment of half the cost of the vehicle.

Loans under this program are provided by two financial institutions: - the largest bank with foreign capital, and is a bank affiliated with Renault.

Although the loan is considered interest-free, but as a result of manipulations with the cost and discount, in fact, loans to customers are carried out at an interest rate 14,5% .

UAZ

The company provides the opportunity to purchase 2019 models at a price up to 1 million rubles at a zero interest rate with a term up to 3 years. The down payment is quite low compared to average size and amounts to 20% from the cost of the car.

Where else can you apply?

Real scheme

A car loan at 0% is actually a standard loan, where the borrower pays both the principal and interest. It is considered zero due to the fact that the discount from the car dealership on the car is equal to total amount percent. But you receive the loan from the bank at a standard rate.

Here, at first glance, your benefit and the benefit of the financial institution are obvious. But what is the advantage of such loans for car dealerships?

There are actually several reasons:

• A markup is made on vehicles. And after that you will be given a discount. In this case, the discount amount is offset by the initial price increase. As a result, it turns out that you pay a classic loan with all the ensuing interest.
• This loan requires a down payment of 50% from the cost of the car. Taken together with the fact that the maximum loan period does not exceed 5 years, the overpayment will be low. It turns out that the discount in this case is not so significant.
• Banking organizations and car dealerships often cooperate with insurance companies. As a result of this union, the latter offer policies at a significantly inflated price. As for a zero-interest car loan, insurance is mandatory in most cases.

What is noteworthy is that they require insurance for the entire cost of the vehicle, even though you have already paid the initial 50% . As a result, having signed such an agreement, half of the contribution will go into the pockets of the financial and selling companies.

If you want to get an interest-free car loan, then pay more attention to all the documents, also conduct a market analysis, comparing prices with competitive dealerships

What's the catch

Although the loan is called interest-free, you should still understand that in fact it is not zero.

• In the Civil Code Russian Federation it is indicated that when borrowing, the recipient must pay interest on the amount received. Even if they are minimal - hundredths or thousandths of a percent per year.
• Costs will increase significantly due to the need compulsory insurance car. Plus 6-8% per annum.
• When registering, banking institutions charge a one-time commission - approximately 5% of the total amount.
• Some banks may require life insurance - about 2% in year.
• Sometimes financial institutions offer a service for obtaining a loan for a vehicle without the participation of a car dealership. But you should be careful, as this function is usually accompanied by monthly commissions.
• It is also worth considering that car loan payments depend on the value of deposits on the market. To determine the real interest rate, you need to multiply by 12 - monthly commission, and add the resulting amount to the advertising rate.

As a result, a loan without interest is only a marketing event that allows you to visually reduce the cost of the loan.

If you have decided to purchase a car loan with a zero interest rate, then it would be a good idea to familiarize yourself with some of the features of this type of loan:

• You should evaluate your financial capabilities and determine whether you can handle it monthly payments. After all, terminating an agreement with a bank is much more difficult than entering into one.
• Before entering into an agreement, you must carefully study its terms. Banking organizations often hide additional fees. Therefore, it is worth paying attention to each clause of the agreement. If something is not clear, contact a specialist for help.
• Before signing the documents, do not be lazy to check the full price of the car with all components: music system, wheels, alarm system. The final cost of the vehicle may greatly exceed the original advertised price.
• Insurance can have a significant impact on the cost of the loan. Therefore, be sure to think through several loan options. Insurance is not always necessary to sign a contract. In most cases, banks insistently impose this service without good reason.
• If due to unforeseen circumstances you cannot pay the loan, then you need to immediately contact banking organization, write a statement and attach evidence that confirms your insolvency.
• As with any product, if you received a low-quality car, then if you can prove this fact, you have the right to demand reimbursement of costs.

As a result, you should think several times before taking out an interest-free loan. After all, in fact, such a loan has too many conditions and requirements, and failure to comply with them can lead to significant costs.

Car loan at 0% per annum

Competition in the car lending market is becoming more intense every day.

Bankers, together with car dealerships, come up with various marketing tactics to squeeze out their competitors.

Many banks today offer to purchase a car of domestic or foreign production without paying interest, unnecessary time costs and with a minimum package of documents.

IMB Bank experts claim that the main advantage of car loans at 0% per annum is the absence of overpayments on a car loan due to subsidizing the loan amount in showrooms participating in the program.

Natalya Bondareva, head of the car lending department of RosEvroBank, believes that the advantage of the car loan program at 0% per annum is obvious - there is no need to overpay interest on the loan. According to her, only borrowers who have a substantial down payment can purchase a car using this offer. "Such car loan programs are beneficial only to borrowers with good income level purchasing a new foreign car, which involves purchasing expensive insurance,” she notes.

The car loan program at 0% per annum today operates in Avangard banks, Impexbank, IMB, RosEvroBank, Sobinbank and the Retail Lending Company. In some banks, in order to get a loan for the car you like, it is necessary that the bank and the car dealership have an agreement.

According to Natalya Bondareva, under the “interest-free installment plan” car loan program, basically all banks have the same standard requirements as for classic car loans, namely: the borrower’s age is from 18 to 60 years (possibly over 60 years, subject to life insurance). "The amount of the monthly payment should not exceed 40% of the borrower's income. The terms of the "Loan at 0" program require car insurance with an insurance company that is bank partner", she says.

When choosing an interest-free loan, you need to consider that insurance conditions, alas, are not always beneficial to clients. Unlike a classic car loan, the insurance premium for CASCO will be calculated annually based on the original cost of the car without taking into account depreciation. In addition, the disadvantage of such programs is the large commission for issuing a loan - $150-200. Data on banks is given in the table.

According to IMB experts, the effective interest rate depends on the cost of the car and the loan term, as well as insurance rate. Thus, in an IMB, the client pays the bank monthly in annuity payments for the cost of the car, and also makes a one-time payment in the form of a commission for arranging the loan, plus an insurance rate for 1 year.

In addition, the borrower must take into account that if the schedule established by the agreement is violated, the bank will impose fines. Valery Torkhov, deputy chairman of the board of Avangard Bank, explained that if the borrower violates its obligations, our bank charges interest at a rate of 12% and a fine of 1% of the overdue amount.

Today, car loan programs at 0% are one of the most popular on the market. Russian market. According to experts, even despite the increased rates on insurance tariffs, the final overpayment on such loans is less than in other car loan programs.

Many car dealerships with the support of credit institutions provide profitable terms, providing borrowers with the opportunity to purchase vehicles at minimal costs.

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Let's try to figure out what's hidden behind a 0% loan. And also, what conditions actually offer credit institutions for a loan to purchase a vehicle.

General points

A car loan at 0 percent is tempting for many motorists. The interest rate of a car loan usually varies from 15 to 17%.

With such indicators over five years, the percentage of overpayment will be approximately equal to the cost of another car. A 0% loan helps the borrower save money, but its availability is limited.

It should be noted that such lending has its own nuances:

0 percent loan for car

Before making a decision on lending, it is important to first find out what documents need to be provided to the bank in order to obtain a loan profitably.

Banks impose a number of conditions on borrowers, according to which they can count on a positive decision on their loan application.

Required package of documents

Car loans are provided to residents of the country, subject to registration at the place of application for the loan.

An additional requirement is the presence length of service for a period of more than 12 months, no delay in existing loans, impeccable credit history.

The age range should correspond to 20-60 years, the level of solvency should be high. It is necessary to make an approved contribution for the car and CASCO insurance.

Quite often, the terms of the loan require the provision or guarantors.

Applying for these types of loans involves collecting and transmitting personal information to the bank:

• passport details of a citizen of the Russian Federation;
• Marriage certificate;
• information from the place of work about the potential borrower and his work experience;
• any second document (TIN, SNILS, driver's license).

The bank has the right to require additional information from the borrower. For example, if the borrower is married, a civil passport of the spouse may be required.

To confirm the property status, documents will be required to prove that the borrower has liquid property.

In addition, the lender always sets requirements for the vehicle being purchased. The year of manufacture, make and car must correspond to the chosen loan program.

The main condition for the lender is to insure the vehicle against damage and theft under the CASCO program.

The number of persons entitled to drive a car purchased in is strictly limited.

While the car is on credit, then insurance policy the borrower to the bank may suffer significant losses in the event of loss, theft or damage to the car.

Whereas a third party driving a car may refuse to fulfill any obligations.

Registration procedure

A car loan at zero percent per annum is usually provided for two years. The borrower is required to make a one-time payment of no less than thirty percent of the cost of the vehicle.

Today, banks are actively working in the lending market and can offer interested parties registration for the purchase of a vehicle.

Applying for a car loan zero rate occurs according to the generally accepted algorithm:

If for a period of 3 years

The loan term when concluding an agreement with a zero interest rate is always significantly shorter than under standard conditions, where the loan is provided for up to seven years.

In accordance with the norm, the period will not exceed twenty-four months. In the auto lending market, there are offers when the bank is ready to lend to borrowers for a period of three years.

Video: how to profitably buy a car on credit

Such conditions may be offered for the purchase of brands of cars less in demand by consumers.

For example, models of the domestic automotive industry or agricultural machinery. The conditions for such loans usually do not differ from the standard ones.

Processing of personal information and paperwork usually takes three to five days.

The debt is paid in monthly installments according to the drawn up amount.

Automatic transfer of funds from the borrower's card is allowed. This option is available if the bank has such a service. Sometimes this costs the borrower money.

To take advantage of this offer when visiting the office, you need a written application in a special form.

The possibility of early closure also needs to be discussed “onshore”. The borrower needs to understand that he will have to pay compensation for early closure of the contract.

Since in this case the bank loses a client who brings a certain percentage monthly.

To make a profit, the bank most likely initially increases the interest rate. As a result, the percentage can increase from zero to twelve percent or even more.

What's the catch?

After reviewing and considering the offers and promotions of banking institutions, it is not difficult to guess what the trap is. It turns out that the percentages remain the same. Nobody will give profitable loan for free.

At the very least, this is absolutely not profitable. The car dealership itself makes a so-called discount. It is equal to the full amount of interest charged.

Thus, zero percent per year is a marketing ploy. The client can use advantageous offer, but, most likely, you need to further drain your savings.

For example, for the purchase of insurance and others additional expenses. Typically, banks include hidden commission interest in such agreements.

A car loan without interest is a temptation for many car enthusiasts, especially beginners. Today, many car dealerships, with the support of various banking institutions, provide the most favorable conditions, allowing customers to purchase vehicles with minimal initial costs. Moreover, most often such offers are relevant not only for imported cars, but also for domestic models. What is hidden behind the “interest-free” loans? What conditions do banks actually provide? How profitable is it to take out a car loan at 0 percent? We will answer each of the questions.

Is it worth taking out an interest-free car loan?

To answer this question, you need to understand traditional systems lending. And they offer paperwork for a period of 5–7 years, for which the borrower most often has to overpay up to 100% of original amount, and sometimes more. If you take one, issued, for example, for 2 years, the increase in price will be significantly less - 10%, but for this you will need to pay a large amount initially – from 50%.

Therefore, many clients of car dealerships, having at least 2/3 of the cost of the car in hand, try to either wait and collect the entire amount, or borrow from friends without getting involved in loan obligations.

Of course, if the car dealer offers good price, the necessary equipment and an interest-free loan from the bank for short term, then you should take advantage of these conditions. The costs will be minimal.

Pitfalls of an interest-free car loan

A car loan without interest at a car dealership is a tempting scheme that has its own nuances. If we consider such conditions from the point of view of legislation, there cannot be an absolutely interest-free loan for a car, which is indicated even in the Civil Code. In this case, the lowest interest rate is used, for example 0.0001% per annum.

When trying to buy a car on credit, it is worth considering insurance. This is an additional expense item that will require about another 6% of the amount per year. If you plan to issue a loan without interest, as a rule, banks force you to pay a one-time commission, which is another 5%. Also, an additional requirement may be the need for life insurance for the borrower.

A car on credit without interest is a profitable purchase, but there is one more nuance to consider. When issuing loans, any banking institution takes into account the price of deposits on the market. If the client is promised 0.0001% per annum with down payment 10% may actually turn out differently.

Very often banks write in small print in the contract additional condition– for example, the size of the monthly commission, which is 1%. As a result, the real interest rate will not be 0.0001%, but 20% or more. In addition, such commissions are often tied to the body of the loan, and not the balance, so the amount will not decrease even at the end of the term.

And banks are not shy about increasing penalties for such loans. And any delay in payments promises the borrower a serious increase in the amount of the required contribution. Banks are not missing out on their profits. And even if they promise really favorable conditions for the borrower, they make money on other schemes.

For example, cooperation with insurance companies that benefit from the sale of comprehensive insurance policies, which means they are ready to share with banking institutions to increase their turnover. In addition, car dealerships often offer banks additional discounts on cars, which further increases the profitability of lending.

To register a car under interest-free lending, the bank usually requires the following conditions to be met:

• age – 21–60 years;
• monthly payments cannot be more than 40% of income;
• Insurance can be obtained from a company that is listed in the list of partners of the banking institution.

The minimum package of documents that the borrower will have to provide:

• passport and driver's license;
• certificate of income from the place of work.

For a positive decision on the application, the income must be high and stable, the length of service at the last job and other nuances are taken into account.

Calculations of upcoming expenses

First, you need to find out from a bank employee how the monthly commission is calculated: on the loan amount or on its balance. It is best to ask for an example of a contract to guide your calculations.

If the commission is determined depending on the loan amount, the calculation will be simplified. The advance is converted from a percentage into a monetary format, taking into account the cost of the selected car model. The resulting difference between the price and the advance is the body of the loan. And then you need to take into account everything that the bank will charge.

Let's give an example. Vehicle costs 1 million rubles, the advance is 10%, then we get the loan body - 900 thousand rubles. If the monthly commission is 0.9%, the amount of regular payments is 8.1 thousand rubles.

The loan body must be divided by the number of months of the loan to obtain the amount of installments. For example, the loan term is 24 months, then every month you will have to repay the loan amount in the amount of 37.5 thousand rubles. To this amount we add the monthly commission and we get monthly payment– 45.6 thousand rubles. You will also have to add the cost of insurance.

What do you need to remember?

If you decide to buy a car on credit with minimum size annual interest, then you should consider the proposed conditions from different banks, and also take into account some aspects:

1. First, you should weigh the need for lending. Is a bank loan as necessary as it seems? It may be better to ask friends or relatives if there is relatively little small amount Compared to the overall price of the car at the showroom? If there is a chance of buying a car without a loan, it is better to do just that.
2. Sober assessment financial opportunities- salvation from the debt trap. You need to imagine that the loan is not taken out for one month, it will have to be repaid as planned over the course of long period. Monthly income should be not only high, but also stable. Sign loan documents- only half the battle, it is much more difficult to make payments in the required amount every month before full repayment debt. This is especially important if an interest-free loan is issued, since the terms of such agreements usually provide for increased penalties.
3. You should take your time when signing documents. You need to carefully study the conditions, ask questions to a bank employee in order to thoroughly understand all the nuances: the amount of overpayment and monthly payments, methods and terms of payment, etc. Special attention You should pay attention to the parts of documents where the text is written in small print, since the main banking tricks are hidden there.
4. When signing a contract at a car dealership, you need to pay attention to the price of the car with the required configuration. Sometimes this amount turns out to be significantly higher than previously stated.
5. You also need to review the insurance conditions. Most often, banks indicate those companies with which they will have to enter into an agreement. You need to familiarize yourself with the main offers to choose the best one.
6. Upon receipt poor quality goods, if it is returned, the buyer has the right to demand compensation for damages.

You need to remember if the borrower is unable to pay obligatory payment, he needs to inform the bank about this, preferably in writing and indicating compelling reasons, as well as providing supporting documents.