Non-interest car loans and loans with no down payment
Posted on Oct 21, 2000 08:15:27 AM
Discounts available when buying cars are especially appreciated motorists. That is why in Moscow more banks are willing to provide loans on special, concessional terms. But bankers acknowledge that at the end of the year to 75 – 80% of car loans issued to account for special programs.
However, to get credit while non-interest and no down payment will not work. Need to choose one of the perks. But both offers tempting.
Program avtokreditav-free for more than thirty years of successfully operating in the Western markets. To us this kind of car loans have come recently, and his conditions seem too good to be true.
Banks are not philanthropists, and by issuing non-interest car loans, should they earn. To whom is and what the bank earns by providing car hire?
If the no-interest loan rates for the use of the loan does not mean that he is quite free. The borrower must pay a monthly fee for maintaining the loan account, lump sum payment when you make a loan, and buy the compulsory insurance of the car, which pledged to the bank.
On non-interest car loans impose certain limitations. For example, some banks issue such a loan only for a year. Car hire so far can not be purchased without a down payment. When you make a car loan without interest, will have expensive to insure and to pay a high enough commission when you make a loan. And you can only choose a car and only new foreign car.
What installment is fundamentally different from other types of car loan? The main difference is that the car loan without interest issue sellers of cars. Typically, these are large stores or authorized dealers of large corporations. The second difference is that the purchased car remains the property of Interior to repay the loan on it.
Loan with no down payment is beneficial to those who have no savings, but obladayue stable high-income countries. The interest rate charged on such loans is 9 – 11% in foreign currency or 12% in rubles. When you register as a bank loan is usually paid one-time fee – 100 – $ 200.
Autoexpress program is designed for very impulsive buyers. They can leave the dealership to pick-me car, even if they do with a general lack of money. So those who want to buy a new car, you can not postpone it to next year and make a gift right now.
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