The car credit without inquiries on incomes and some other data has a very great popularity than other kinds of the car credits providing granting of this document, without looking at all at higher interest rate. Heightened interest to this category of credit to explain is simply enough.
It can be informal work as official earnings frequently don’t suffice for reception of the credit for the car. For today banks can give two kinds of the car credit for the car: the interest-free car credit and the car credit without insurance.
Giving out the car credit without percent, the bank cooperates with the partner – a motor show where the borrower will buy the car.
Features of the interest-free car credit:
Availability of the initial contribution, which size constitutes 50 % of cost of the car. The size of the initial contribution depends on a crediting period: the term, the more low percent less;
The crediting period constitutes no more than three years;
Insurance of the car and insurance of the borrower are mandatory conditions. Both kinds of the insurance are performed only by the certain insurance companies with which the creditor bank cooperates that is not especially favorable to the borrower as it is deprived a choice more the than best credit conditions. So the interest rate on car insurance can constitute 8-10 % from its cost;
The car credit interest rate can reach 11 %. However its size can change depending on supply and demand in the market of services of crediting. Establishing the high size of the interest rate bank, thus, insures itself against possible risks;
The age of the borrower should be in limits from 23 till 65 years.
To receive the car credit without percent the borrower should give to the creditor the id data, the work record card, assured by the employer and the driver’s license. If the borrower is married, in addition he should give in bank the passport copy of the spouse. Term of issue of such credit constitutes about 5 days.
Issue of the car credit without the insurance practices at purchasing of the second hand or inexpensive cars more often. Features of issue of the car credit without the insurance:
The high interest rate, which size can reach 18 % annual;
Obligatory payment of borrowers of all overhead costs connected with credit servicing. In general, the sum of such expenses constitutes 2,25 % annual;
The limited size of the credit which constitutes 10-15 thousand dollars;
Term of granting of the credit – till 3th years;
To receive the car credit without the insurance the borrower should give to the creditor the id copy, the work record card, the driver’s license. Car credit conditions mean that uninterrupted length of service of work of the borrower should constitute from 3 months till 1 year. Availability of greater experience can be advantage at credit issue. Term of issue of such credit constitutes about 5 days. Loan repayment and percent on it should be produced by monthly equal parts. Credit advanced repayment is also possible.
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