How to get a preferential state car loan
If you fall into the category that is eligible for subsidies, please follow the instructions below:
Select a model from the list of the Ministry of Industry and Trade.
Find a car dealership that has the car you want.
Gather a package of documents. You should find out about it in advance. The specific list depends on the category of borrowers you belong to. The package of documents will include a passport, driver's license, and income certificate. You may need a child's birth certificate and a certificate that you do not have a vehicle registered in your name.
Submit your application at the car dealership. The employee will send it to partner banks.
If you receive several positive decisions, choose russia mobile database the bank with the best conditions.
Sign all documents related to car loans right in the showroom.
Make a down payment if required by the loan agreement.
Take the car.
A car loan is a targeted type of lending, which requires collateral in the form of a pledge on a vehicle. For the bank, this is a guarantee of return of funds, which reduces risks. And the lower the bank's risks, the lower the interest rate.
But a pledge alone is not enough: the vehicle can be damaged or stolen. This is why banks require a comprehensive insurance policy. And car loans with state support are no exception.
Is it possible to repay the loan early?
By law, the borrower can at any time use full or partial repayment of the debt without fees. The same conditions apply to all types of loans with state support.
Advantages of a car loan with government support
The advantages of subsidized car loans include:
discount up to 25%;
fast registration;
reduced interest rates due to collateral and comprehensive insurance.
For those who want to buy a new car, and the desired model is on the list of the Ministry of Industry and Trade, it is difficult to find a better offer.
Disadvantages of government loans
Among the disadvantages we can highlight:
limited choice of cars. Not many models are offered, and purchase is only possible from the showroom. It will not be possible to find a private seller and buy a used vehicle;
Compulsory insurance for the entire term of the loan agreement. You have to pay extra for CASCO out of your own pocket;
a mandatory down payment in most banks. If you need transport urgently, this method will not work, because there will be no time to save up for the down payment;
registration of the vehicle as the bank's property. If necessary, you will not be able to quickly sell it and buy a new one - first you will need to pay off the debt or spend time coordinating the transaction with the bank.
Another significant drawback is that the benefit is not available to everyone. Most experienced drivers who do not have children cannot count on a discount from the state.
An alternative to a targeted loan for purchasing a vehicle is a regular consumer loan for any purpose. You receive cash, which you can use to pay for any car from any seller. You immediately register the car as your property and can make any transactions related to it.
The amount of the non-targeted loan is not limited by the cost of the vehicle. The remaining money can be spent on technical inspection, insurance, tuning or other purposes.
It is believed that targeted loans offer a lower interest rate than non-targeted ones. But if you take into account the cost of CASCO, the benefit becomes less obvious. And in Bank Sinara you canget a loanup to 3 million ₽ with a 0% rate guarantee. To do this, apply for the “Manage easily” service package when signing the loan agreement, follow simple conditions, and we will return all interest paid to you at the end of the term.