How to buy a car on credit
Posted on Oct 23, 2000 08:15:27 AM
Before taking a loan to buy machinery to begin to define the brand and the parameters of the car that you want to buy. Please note that banks generally lend cars purchased in the showroom.
Car loans as financial services are provided by the banks and car dealers who cooperate with the banks. Therefore, you may contact either directly to you like a bank or in the showroom, which would like to buy a car.
To get started you need to familiarize themselves with all conditions and capabilities of the loan. If you are happy with everything, you fill out the questionnaire, collects and delivers a package of required documents.
To place an auto credit from any bank, you need to gather documents proving your identity, age, solvency and ability to drive.
All banks and car dealerships to pursue their claims on borrowers, the package of documents, everywhere has its own nuances of design.
Standard Documents for auto loan:
– Passport of the borrower;
– Passport borrower’s spouse (if spouse);
– Copy of driver’s license;
– Work-book (certified on all pages of the employer);
– Documents confirming the borrower’s income (the information on Form 2-PIT, or a certificate on behalf of the organization);
May additionally be provided a copy of marriage certificate (if any), educational documents, documents for any property.
If you have selected bank – partner of showroom, the customer will need to submit all the documents of the loan to the auto show. If the auto show does not work directly with the selected bank, the documents must be passed directly to the bank and the bank staff after reviewing the application and the decision to loan themselves will communicate with the selected interior and coordinate the actions of customers buy cars on credit.
The Bank is considering your request within a few working days (usually takes 1-3 days, but may be delayed up to 7-8 days) – this period should be specified in the loan terms. If the Bank has issued a positive decision on the loan, you sign a loan agreement with him.
The next step is to design your purchased car insurance and liability insurance may also need life insurance. It serves as collateral, along with the pledge of the purchased vehicle. Moreover, insurance can only be done in the insurance companies recommended by the Bank. Typically, the car is insured for the full cost to the bank.
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