In the case when there is not enough money to purchase a new car, you can purchase a car on credit. But where to arrange a car loan so that you do not have to overpay? How to save time?
I immediately want to say that today the ability to arrange a car loan is mainly limited to two ways: through the bank, or right in the car dealership. Each method of design has its drawbacks and advantages.What are the advantages of car loaning through a car dealership?
1. Help in the paperwork
2. Time saving. Consideration of the application for car loans usually occurs within four hours
3. Providing an individual manager of a consultant who will help in the preparation of lending documents between the car dealership and the bank
4. Registration in the traffic police can also be carried out by car dealership employees
5. Unlike banks, car dealerships do not set hard time frames for the year of production.
What are the disadvantages when applying a loan through a car dealership?
1. Choice. Not for the entire lineup of cars presented in the car dealership, a car loan program is valid.
2. No selection of an insurance company. There is a possibility of compulsory insurance only with a company cooperating with a car dealership.
3. If the machine is purchased without prepayment, then the insurance rates increase, and you have to overpay.
As we saw, there are pros and cons of the registration of car loans through a car dealership. Typically, lending conditions provided by the bank directly softer. Now quite attractive lending conditions have appeared under 9% per annum in currency and 9.9% in rubles. Subject to the first contribution of 10% of the total cost of lending.
At the same time, you should carefully familiarize yourself with the terms of lending. Sometimes hidden interest rates and commissions become not a lifting cargo for a person paying a loan. Having studied credit programs of various banks, where a car loan is issued, you can choose the most profitable lending option for yourself. The terms of consideration by the bank of the application for car loans are much more than in the car dealership.
Recently, banks set a fixed time limit for consideration of the consumer’s application, it is 5 calendar days. A little earlier this consideration could last more than a month. When issuing a car loan in a bank, you yourself are able to choose an insurance company. This is a huge advantage if you are a regular client of a particular insurance company and have certain discounts as a regular customer. As a result, the consideration of this issue is mainly reduced to the convenience and simplicity of the design, the speed of examination of the application when applying for a car loan, as well as the possibility of choosing a car brand and an insurance company.
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