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What Agreements Should I Sign When I Get a Car Loan?

Наивность соотечественников в легкой доступности auto loan, as well as any method of receiving money "for free and for an hour", sometimes amazes. A lot of banks and credit organizations issue loans only after signing the contract. In general, obtaining a cash loan to translate any desire looks like this: we give you money, and you give us our money, our money, interest for us that used the money and also money for giving us your money. It is a bit strange, but in general, the whole scheme of car loan repayment looks like this. Car loan - one of the types of cash loan, specially issued by a credit institution for the purchase of a vehicle for personal use. That is, buying a motorcycle, auto, or other vehicle is already a car loan. A feature of this type of loan is that the passport for the vehicle remains with the borrower. PTS should be transferred to the bank within the time specified in the contract, and if this does not happen, fines are imposed. Responsibility for the first item cannot be ignored - it is unwise to start a credit history from the negative side and the bank’s distrust. If the transaction takes place in a car dealership where there are representatives of a bank that issued a loan for a car, then there are no problems with the transfer of documents. to take car loan without income certificate or auto loan without down payment is impossible. This is just an advertising ploy by marketers.

Представительство банка в автосалоне берет на following functions - preliminary approval of the application; scoring - assessment of the borrower's creditworthiness, signing of a loan agreement, preparation of documents and transferring them to the bank.

Scoring is the most important moment when a bankconsiders the borrower and in points determines how much he can pay depending on income. The veracity of the completed documents can be checked by a specialist, but their confirmation is required.

If representatives of the bank are in onepremise with a car dealership, then immediately on the spot the contract of sale of the car is signed by a loan officer. Often, car dealership customers are lost and they believe that it is necessary to sign one contract. In fact, there are two contracts - one contract with a car dealership for the sale and payment of a down payment on it, and the contract for issuing a certain amount of the loan is signed with the bank. Often, the bank can change the amount of the loan, intended to buy a car in the direction of both lowering and raising. To determine the purchase of a car and its complete set is best already in the showroom. They can also offer to install additional equipment - parking sensors, navigator, air conditioning. Often this can be included in the account auto loan. All questions regarding car loan registration can be clarified in the credit department of the car dealership or directly at the bank.

Tanya Steinberg, analyst