The car market actively develops. Demand for car crediting, and not only for new cars, but also second-hand grows. By means of the car credit for today it is acquired about 50 % of cars. Because of the big competition in the market of car crediting the range of services extends and improves, new schemes of customer service buy-back, trade-in is entered. Under these programs interests rates go down, terms of repayment of credits are prolonged, requirements to the borrower decrease.
However banks have mastered the car credit for second-hand cars recently, therefore absence of experience and practice in this sector of crediting affects a pocket of the borrower.
As cars, with run taken on credit is a risk which lays down on bank, car crediting for them is arranged under high percent of the initial contribution and more a repayment with high interest rate, than for the new car. The first down payment on a second-hand car will manage approximately in 30 % from car cost.
Despite it, programs of car crediting for second-hand cars are convenient for at whom low incomes whom not on forces to acquire new cars.
For banks transactions which are concluded with participation of motor shows as in this case both bank and the client receive more guarantees concerning a bought second-hand car are priority. But some financial organizations start to work and with physical bodies. In this case car credit registration is longer. The borrower makes an application on the credit, specifies the seller of a second-hand car.
Thus at the moment of car registration, its age should be no more than 5 years at the moment of credit registration as the insurance companies not undertake to insure cars with term more than 8 years. This condition for the cars produced in the USA, Japan and Europe. For cars of production of the countries of Korea and China, this term is equal to three years. And, if the machine has time limit also the credit will be given out no more than on ones and a half-two and a half a year. Also not the unimportant role is played by quantity of former owners of the car; they should be no more than three.
The bank considers the statement and within two-three days passes the decision. At positive decision, the agreement is constituted and all necessary packet of documents is gathered. It is necessary to know that in this situation, the insurance agreement gets under the highest tariffs. However some banks can give the car credit without such conditions.
Commission percent concern expenses on registration of the car credit for a second-hand car for services of bank in credit registration, commission fee for money transfer to the seller of the car, service of the lawyer, a value assessment of the car experts of bank also.
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