Often people take money to buy cars.from financial institutions. In recent years, the popularity of banking services, known as car loan refinancing, has been growing. This procedure is beneficial in the following cases:
- when a customer wants to exchange an old car for a new one;
- if the borrower is not satisfied with the current car loan.
Motives
Something constantly happens:interest rates change, new credit programs appear, state subsidies, new motor vehicles. Refinancing auto loan allows you to keep up with the changes. The desire to change the car appears to many people before they fully repay their debt. According to statistics, most drivers change their cars every few years, and they usually give a loan for a car for a period of up to 5 years. Another reason for refinancing is the change in interest. Many such programs appear, banks compete and try to improve conditions in order to attract customers. Sometimes there are changes in the life of the borrower, for example, his income changes, a reliable person appears who can become a guarantor or other circumstances that make the loan more profitable. If someone made a loan in dollars, a change in the rate is also a reason to refinance. Making a car loan without CASCO is also an option for cost savings.
What do car dealers offer
Salons selling used cars, sellcredit cars purchased a few years ago. To reduce the time required for the sale of the vehicle, the salons enter into a contract with the bank, the client signs the necessary documents. "Old" car will be in the showroom, and the "new" is given to the buyer. The cost of the abandoned vehicle will cover part of the price of the pick-up, the loan will be issued for the difference in price. Customers optionally choose an old or used car. It is worth noting that the refinancing of car loans allows you to buy foreign cars no older than 10 years, VAZ cars, which are not more than 5 years old. Older banks do not accept cars as collateral. Cars with high liquidity are popular, their age, mileage are assessed, vehicle inspection is carried out. Usually the conditions offered by car dealerships correspond to the current market situation.
Banking programs
Concessional lending
Когда есть желание приобрести новую машину, included in the program of state subsidies, then you can give the old car on account of the initial payment. It is only necessary to clarify with the financial organization information on the provision of concessional loans. Be sure to ask about everything in order to make a profitable refinancing of a car loan. Banks can set different conditions.
Required documents:
- A copy of the labor (contract that you are hired);
- passport;
- driver's license.
What does Sberbank offer?
In this bank 2 programs are popular:
- exchange of a credit car for a new one;
- change the terms of the loan.
- filing and consideration of the application to the bank;
- registration of a guarantee (additional);
- insurance of the vehicle that is purchased.
Car loan refinancing is an interesting financial tool in the hands of many people who know how to carefully understand all the conditions of the proposed programs.
