When a desire to buy a car appears, a choice arises in front of a person — which loan is more profitable to arrange. Interest rate, additional spending, insurance and commission — all this makes it difficult to choose
A consumer loan is a loan issued by the Bank for any purpose. It does not have to be buying a car. Report on the cash in front of the bank is not necessary.
The amount of consumer loan may, as a rule, reach a mark of 3,000,000 rubles. And some banks increase the bar for those who are a salary client, up to 5,000,000 rubles.
Car loan is a target loan. The purpose of the loan is the purchase of a car. Also, the Bank is the security requirement, that is, the car remains pledged by the lender until the amount of debt and interest is fully repayment.
As a rule, car loan requires an initial contribution from the borrower, the size of which should be at least 10-20% of the car value.
The maximum amount of car loan is 5,000,000 rubles.
The term of consumer loan and auto loan is no different. The term of the loan agreement can reach up to 5-7 years.
With the car loan, the deposit is obligatory — they become a bought car. This guarantees the bank to fulfill loan obligations, even if you cannot pay the loan. With a consumer loan, the deposit is not required.
In the case of the car loan, restrictions are imposed on the right of ownership. So, being a full owner of the car, you can not sell it or donate. But at the same time you can transfer to the use of third parties.
The answer to this question smoothly follows from the previous point. Since at a pledge, the bank is less risks its profit, then such loans are more accustomed to consumer without ensuring.
The loan rate is perhaps the most important difference between the consumer credit from the car loan. So for the last bank draw up a loan agreement by 3-10% less than for a consumer loan. The benefit seems obvious. But it is worth remembering that when making a car loan, the owner of the car is required to be required to be required, and the flow rate on this item can reach 10% of the cost of the car.
Depending on the terms of the loan agreement, on time, not paid policy can entail fines or increase the amount of interest rate by 3-5%.
The Russian government has developed a preferential program that makes the car’s purchase by Russians more affordable. So when buying a first car, the state covers 10% of the cost of the machine. The prerequisite for participation in the program is a domestic assembly car without owners earlier.
Summing up, we can conclude that if you are planning to buy a car without a down payment, additional spending, such as Casco, and you want to own a car without any restrictions with the possibility of its sale, then the consumer loan is your option.
In another case, if you want a lower interest rate and get the opportunity to participate in a preferential program from the state, it is worth thinking over the car loan. It is important not to issue the first proposed loan option, and it is primarily to calculate the final amount of overpayment with additional expenses to determine the benefit of this or that type of loan.