Having arranged the loan for 5 years, you will in anyway buy one car at the price of two.
For the first time after crisis car crediting again revives. Sales of machines on credit were doubled this autumn! In the beginning of November there is more than half from fifty largest banks gave out loans on purchasing of cars. According to experts, having rung round financial organizations, it is quite possible to find credits with an advance installment not only in 20, but also in 10-15 percent. A crediting period constitutes till seven years. And the effective interest rate (considering the latent payments) for long-term credits have fallen on the average below 20 percent and now fluctuate at level of 18-19 percent.
Borrowers also can get the car credit with not rigid requirements. The inexpensive Chinese car can be taken on credit by the person with the average official income. On loan payment should go no more than half (and in some banks – third) of the income of the client. Thus on each member of a family should remain not less than few hundred dollars.
Nevertheless to rejoice to occurrence of cheap credits specialists don’t advise. The sum which it is necessary to overpay for possibility already now to receive the new car still can beat off all desire to be credited.
For an example we will assume that we want to purchase cheap car that now costs approximately 10 thousand dollars. Within five years at an initial installment in 20 percent and the rate at 18-19 annual interest rates you overpay under the credit of 20-30 % of the cost of that car depending on the repayment form. Add to it you should add the insurance at level of 6-7 percent in a year from car cost (the insurance – a thing, probably, absolutely not out of place, however few owners of inexpensive cars arrange it voluntary). If to reject an initial down payment which is paid at once it turns out that thanks to a deferred payment you, as a matter of fact, buy one car at the price of two!
Do you still remember those good times when practically anybody could take a credit if one needed money? And just imagine the condition of those who have to bear that load nowadays when the economy is facing hard times. And for those people having credits the matter of credit monitoring is as urgent now as never before. It is not only about loan monitoring, this also allows to save money, time, and nerves and be fast in solving loan related problems. Those who are searching for a place where to find out about credit reports, are invited to check out this credit report monitoring site – there is much information about credit monitoring and how to order the service.
In addition we haven’t forget about possibilities provided to us by modern technologies. The Internet network provides us with a really unique opportunity to learn what we want or to obtain anything at the best price on the market.Credit, credit monitoring, credit report, Loan