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Own "wheels" or from what they eat autocredit

May 27 2005

Here you have already appeared credit history . Every month you give a round sum to pay off debts. But you're the boss stuffed with furniture and household appliances apartment. The truth of something is not enough, another sign of success. Of course, you have your own "wheel", at least to take their precious young couple and take a weekend for a picnic out of town.

Car Loan on the prevalence of breaking all records in countries where the life of a loan is quite common. For example, in Europe, 60 percent of cars sold on credit in the U.S. - more than 80 percent. Probably Russia will soon also be in the forefront: in 2003 we have been using credit bought 25 percent of machines, and in 2004 - 40 percent.

This significant increase was due to expansion of the banking system. Last summer, just a season of increased demand for "wheels", a dozen new players have appeared on the car loan market. Today, such loans provide more than 50 banks.

You too can join in the glorious standard of motorists. There are a variety of loans: no down payment: Quick auto loans, interest-free loans, loans for the purchase of used domestic cars and foreign cars.

After the recent banking crisis of the fight for customers in the market turned with renewed vigor. Together with car dealers banks have come up with benefit programs and lower rates on loans. Now average market interest rate is attractive enough - 9 - 12 per cent per annum in foreign currency and 12.10 per cent per annum in rubles.

However, as in the case of consumer loans, the real value of the car bought on credit, much higher than the stated rate. It is no secret that many banks are laying the difference between the purchase and sale price in the trading margin in the car, as well as insurance commissions and accompanying agreement for a loan. Although it is hoped that with time credit will be honest, bank customers are becoming more informed and discriminating.

You should carefully review the terms of the contract, if you do not want to overpay for credit. Pay attention to the commission of the bank, which it charges for the provision of credit, opening and maintaining the loan account. Usually, taking into account all fees costs auto loan costing an average of 5 percent per annum more expensive than the declared value.

In addition, the borrower must necessarily insure purchased the car from theft, damage, and an insurance company, a partner bank. Plus, this will have to spend money on insurance for their life and health. And it is already 10 percent of the cost of the car. In the end, "Wheel" will cost you up to 30 percent per annum in rubles.

But you can save. There is such thing as a special offer - the result of cooperation between the bank and car dealer. It applies to specific brands or models of cars, though not the most popular. But interest rates and insurance premiums on offer can usually below 1 - 2 percent compared to the standard offer. Sometimes in such cases we can do without a down payment.

Some car dealers, in order to increase the number of buyers offered "completely free loans." It seems to be attractive, but the car dealer, not a carcass in this case, simply increase their own interest.To overpriced car did not stand out on the big picture of the market, the customer does not receive possible discounts, while at the expense of her dealer pays the bank interest rate.

"Interest-free loans" are granted for short periods, for a maximum of two years. The minimum loan amount is 5,000 dollars, the maximum 70-100 thousand Dolar.

To obtain such a loan you will need to provide the following documents: passport, driving license, employment records, income statement.

Be sure to carefully read all the documents accompanying the treaty. If a contract will be reported 0 percent APR, you have to pay tax on the material benefits in 35 percent of the difference between the loan and refinancing ¾. That is, 9, 75 per cent per annum in rubles or 9 percent - in foreign currency.

Is it worth it to communicate? May simply postpone monthly money and wait patiently for happy hour finding a car. Albeit modest. But once his.

Students want to make life easier: Higher education loan? Easy!

Константин Дятлов

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