How to get a small car loan with bad credit?
Car loans are in high demand among other offers of the bank. Now the car is literally indispensable in many areas of life, and many bank customers are ready to take a loan to get a car. what’s new in Compariloan? In turn, due to the growing number of applicants, we made conditions for a small car loan with bad credit more loyal.
First of all, the client can get a loan, later used to buy a car, which will be inappropriate. The borrower can take any of the consumer loans, the funds of which are subsequently used to purchase a vehicle.
Unfortunately, when using such a loan, the borrower does not receive the most convenient and favorable conditions for the subsequent repayment of the loan. Undoubtedly, in some cases, this option might seem the most affordable, but if you evaluate it from a financial point of view, this loan will probably not be the most profitable for the borrower, because the fees and rates will be high.
A much more promising option will be the use of a targeted car loan for the purchase of a car. In this case, the bank expects you to immediately 2 areas – a special and basic.
The basic option – a classic car loan – will not require you to provide evidence of your solvency. In fact, you can independently find for yourself a car, a car dealership, where you will purchase it, the right brand. Moreover, you can choose both a new vehicle and a used one.
A special car loan is characterized by the action of a federal program designed to compensate for the funds spent by the borrower. However, there are certain limitations. First of all, the borrower can choose a car exclusively at a partner car dealership of the bank.
Conditions for car loans
Loan repayment terms are the same for both directions. The loan repayment period will be for used cars – from 1 year, for new cars – from 3 years. The longest term is no more than 5 years.
Car loans can be made both in dollars and in foreign currency. The minimum amount is 45,000 dollars. or 1 thousand dollars.
If we talk about the credit threshold, then its size for loans in domestic currency will amount to 5 million dollars, and in foreign – 150,000 dollars and 120,000 dollars.
The down payment must be at least 15 percent of the price of a car. The size of credit rates especially depends on the amount of the loan, the currency used and the period for which it is given. On average, for foreign currency loans, it is 10.5 and up to 13 percent, for dollar loans 13.5 to 16 percent.
How to get a car loan?
In order to receive the necessary car loan, the borrower is obliged to have an identification document with him when applying. Also, for the guaranteed receipt, you need to confirm the ability to repay the loan subsequently. A 2-NDFL certificate form is required that confirms your solvency.
You will also need documentary certificates for vehicles, which include papers from a car dealership, a sales contract, which indicates the cost of the car. All documents must be certified by signatures of the parties involved and seals.
Be sure to make a copy of the documents for the car insurance policy. As a confirmation, you can present to the bank consultant a check on the first installment for a car from a car dealership.