Buying a car on credit without a down payment
Banking organizations are willing to issue loans for the purchase of vehicles, but buying a car on credit usually not engaged in full financing, and therefore part of the cost of the car the borrower has to pay on their own and this is called a down payment. The amount of this contribution is 20% on average. It happens that there are no savings, but there is a need to get a transport loan. If you wish, you can find a loan without a mandatory down payment.
Buying a car on credit by bank assistance
Some credit institutions agree to lend without a mandatory fee, but in this case, they impose rather strict conditions on borrowers. In such cases, lenders are serious about checking the borrower’s solvency. He will have to submit documents stating that his monthly income is at an above-average level. It happens that the income of only one borrower will not be enough to get a car loan, then you can attach the documents of other members of your family.
Financial organizations that go on credit transactions always want to have guarantees that they will be able to get back the money spent. Such a guarantee can be the registration of a real estate object as a pledge. Before you decide on this option, you should review everything several times, make sure of your capabilities. An error in this calculation may result in the loss of the mortgaged property.
Credit transactions through car dealerships
If you do not have the funds to pay the mandatory deposit when making a standard bank car loan. You can try contacting a car dealership. Some dealers may accept transactions without making a down payment. The option of contacting a car salon is also attractive for other reasons.
This option should be considered when you want to get a more profitable loan. Salons often offer a very favorable interest rate. They often hold a variety of promotions that allow you to get even more profitable credit. Such transactions are also attractive because they occur in the shortest possible time. The application process usually takes half an hour. After signing the loan agreement, you will be able to leave the salon immediately in a new car. A person needs a minimum set of documents buying a car on credit. If there are difficulties with filling out a credit application, it will be sure to be filled out by employees of banking institutions who work directly in the salon.
Credit for the initial payment
If you can not find a bank that can issue a car loan without a mandatory payment, or the lender’s terms for such a transaction are unacceptable, you can try to issue for buying a car on credit a consumer loan for the amount necessary to pay for this very initial payment. You should only remember that in this case, you will have to pay for two loans at once, and this is not always convenient.