Car loans in two documents

Requirements for borrowers


The main document for obtaining a loan is a passport and any other additional document at the discretion of the citizen. This may be a driver's license, TIN, certificate of income, SNILS and more. The client must have work experience at the last job for at least six months, and private entrepreneurs must conduct their activities for more than one year. The aggregate experience of any client must exceed a year. There must be a registration on the passport in the region in which the loan is expected to be issued.


Requirements for the car


Most banks issue loans for the purchase of new foreign-made cars purchased from an authorized dealer. However, there are those who are willing to issue a cash loan to purchase a car of any brand, including Russian. In addition, the car may already have mileage. The main requirements for such cars is that at the end of payments it must be less than 8 years old and the number of owners should not exceed 3 people according to the technical passport.


Credit programs: nuances and features


For car loans in two documents, banking institutions impose additional conditions on the program itself. Due to the fact that the loan is unsecured, since the client’s solvency in many cases is not confirmed, the car should be insured under the CASCO program. The insurance period is usually equal to the loan period, which should not exceed 5 years.


The initial payment may exceed 50% of the cost of the car. The borrower will need to get a personal insurance policy, since this increases the cost of the loan. With a positive decision of the bank payments will be made every month in equal parts. Before signing the contract, carefully read all the main points and also clarify whether it will be possible to repay the loan ahead of schedule.


Many banks charge a fee of 1% of the amount received, but this is best to check with a loan officer when applying for a loan.



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