Special programs stimulate the growth of the market of car loans

In our time, the system of car loans has become increasingly popular among Russian consumers. According to statistics, the amount of the credit market is increasing every year nearly doubled. If these growth rates do not change, by 2010 almost 50% of cars sold will be bought on credit. That is why all Russian banks are striving to create the most attractive loan system , and thus to achieve popularity in this segment. And, of course , they do it . Experts say that to date, car loans have become much more accessible than, say , a couple of years ago. For example, credit terms , on average, increased by up to 10 years , and interest rates are much lower. The most minimal of them to date is about nine percent. In addition, the Russian banks appears competition - foreign dealers of major corporations such as BMW, Renault, Toyota and the like, are showing a strong interest in our market lending.

On the basis of this rivalry came in our banks lending system «Buy-back», which is a loan with the ability to repurchase the vehicle. Many experts believe this system the most promising , but our consumer, in contrast to many European countries , the popularity of the system «Buy-back» has not yet been acquired .

In addition , many Russian banks are abandoning the compulsory acquisition for car loans CASCO policy so embarrassing many buyers. Instead, the bank will charge additional fees that will , if anything , to cover possible risks.

Today, the credit system, many banks are always new offers . Therefore , going to buy a new car on credit , the program is more detailed study of some banks and choose the one that is to your liking. For example, " Binbank " this year has launched a new program called " loan without income verification ," in terms of which to obtain car loan will be enough to provide the bank just two documents - a copy of your passport and any second identity document , such as a driver law. This loan is for a term of up to five years , the minimum down payment on it equal to ten percent , and the interest rate is thirteen per cent per annum. In addition to this you will have to pay a fee for arranging the loan is six thousand.

The Bank of Moscow this year a program of refinancing loans , operating in conjunction with the program «trade-in». On it you will be able to exchange your purchased on credit for a new car , while it is not necessary to credit for the car you take it in the Bank of Moscow. Credited car will be the first installment of a new car. In addition, the Bank of Moscow takes all your debts on the old loan , and even to pay extra for a new car.

There are many attractive programs for car loans , as competition between banks is very high. So before you open the opportunity to weigh the "pros" and "cons" and choose the product that is the bank that will suit you, and most importantly - your budget.