Pros And Cons Of A Car Loan

In our time, you can buy everything you want from credit, from a country house to an iron.

Anyone who is not even the most affluent citizen, thanks to car loans, can make the means of transportation even more recent luxury.

Which loan program, represented by domestic banks, depends on your goals directly, and on the financial situation in general. With the help of the classic version you can save a significant amount of money, and express credit is perfect for those who do not want to collect documents and lose precious time.

Classic car loan. Such a loan for the purchase of a car is issued after the provision of the necessary official documentation and is considered by the bank within a few days. What are the pros and cons of a car loan in Ekaterinburg?

Pros: such a car loan allows you to choose a loan program that will be most convenient and beneficial for you. You can choose from what: a loan for the purchase of a car, both without a down payment, and with it, or you can take an interest-free loan.

Cons: in addition to the extended waiting times for an answer and paperwork, there is a possibility that the bank will refuse to give you a loan if:

- there is a previous conviction;

- there will be doubts about the stability of your salary;

- The law enforcement authorities have seized your driver's license for driving under the influence of alcohol or for an accident.

Loan without down payment. Coming to the salon, make out all the required documents and immediately take the car.

Pros: when you make a deal, you do not need to pay out large sums.

Cons: the bank, not receiving cash from you, is at great risk and therefore insures itself. First, your documents will be studied very carefully, and if there are doubts with the bank - he can put forward additional conditions, for example, in the registration of the transaction will require the participation of guarantors. Secondly, high interest rates.

Loan with down payment. You independently set the amount that is immediately ready to pay for the car - at least 10% of the total cost. Take the loan for the balance.

Pros: there are fewer requirements for documents, while the interest rate is more profitable.

Cons: you must have a large sum of money.