The autocredit

Banks move the Russians to the cars more and more quickly. Don't have money? It doesn't matter. They are ready to lend you them on purchasing of the car.

There are some plusses of the autoloan.

First, guarantors are not required for registration of the credit , the car itself acts as a deposit.

Secondly, the rate for using the autocredit recently has fallen down to 9-10 % per year in currency and 11-15 % per year in roubles.

There are three kinds of autocrediting now:

The express credit is the contract between the buyer and the bank, where a motor show is the intermediary.

Such form is convenient for those who cannot confirm to bank their official documents on a level of the income and also for those who "want very much to leave this motor show driving this very same new car ". Another group of clients are the people who don't want to spend their time gathering the documents,going to the bank and waiting of the answer.

There is a characteristic for such kind of credit: you fill the application directly in a motor show, you show the passport or other identity document and wait only about an hour for the answer of bank. Your initial payment can be your old car or about 20 % from the sum-price of your new car.

Presence of a driving licence is obligatory or not obligatory whitch depends on motor show and its bank-partner. In each particular case can also matter the minimal and maximal age, the seniority, citizenship or registration of buyer, necessity of registration of insurance of your car from hijacking of damage.

Registration MTPL insurance is obligatory. Cost of involving to the credit is great enough. The banks declare the interest rate up to 19 % annual but they also hold back about the gathering of so-called " conducting of the invoice ". To the consumer this "trifle" can monthly pour out in 0,2-0,9 % from a total sum , and approximately the same sum you will need to give for the commission which will be removed at opening the loan account.

The express credit is standardly limited by the sum of nearly 15000, but in most cases it is about 510 thousand. Still the amount of initial payment shoudn't be less than 20 %.

An interest rate strongly exceeds an average indice of the classical credit. It is easy: the bank hurries up to receive ist money, because it has no guarantees of the checked up solvency or credit history of the borrower.

The classical credit is a contract between the buyer and the bank, between the bank and the motor show.

To issue the classical credit, it is necessary to collect the whole package of documents: copies of your concluded contracts, inquiries of your incomes, documents from tax inspection and a military registration. Every creditor has its own exact list of the documents needed. Then with this package the buyer comes to the bank, having on him the certain sum of money for the minimal initial payment (10 - 20 %). He fills the detailed questionnaire and hands in the documents. The decision is made in several days. If everything is good, the letter of guarantee where the bank undertakes to pay full cost of the car comes to a motor show, and only after that you receive the car. The important fact: some banks at initial entering by the borrower not less than 30 % from a total cost of the car do not insist any more on granting of the inquiry of incomes. One more innovation: general profit of the family interests banks more than earnings of the concrete borrower. Registration of MTPL insurance and the insurance from hijacking of damage is necessary in the classical credit.

Rather low interest rate (9-12 %) and terms of repayments of 5-7 years are the main reasons of popularity of this program. Especially because of the improving of the program by the majority of banks: some reduce an obligatory initial payment, others increase terms of the credit. There is a new type of the credit " with support of the manufacturer ", where interest rates decrease (to 4-7 % annual) due to repayment of the difference of the representation itself between bank tariffs and the sum which the buyer pays. The concern restores relative losses due to the increase of buyers.

Autocredits without an initial payment is also a type of the classical credit. They recently appeared in Russian market. As a matter of fact the borrower pays only the insurance at the beginning. Now banks reduce interest rates to 9,9 % annual and increase the terms up to four years. Sometimes an obligatory condition for reception of this credit is necessity of the guarantee of the third parties. Some banks enter restrictions one the cost of the car but that means that the maximal sum will be higher.

The interest-free credit - it is an invention of both motor shows and banks. First transfers the car to the client by installments and concedes to the second one his debt with a discount. If you pay 30 % from cost pay at once you will receive the installments for a year, 40 % - for two years, 50 % - for three.