Which bank has the best car loan?

2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16

Currently, one of the most popular banking products is a vehicle loan. It is provided by many financial institutions on various terms for customers. Anyone who plans to purchase a vehicle is interested to know where you can get the most profitable car loan, because the conditions of different banks can be very different. Competition motivates financial structures to develop optimal programs for citizens. Today, every second car is bought on credit, so we can conclude that loans for the purchase of vehicles are popular. Banks are actively cooperating with car dealerships, reducing rates to attract the target audience.

Car loans in Russia: key features

Each banking product has its own characteristics, including the most profitable car loan. Which bank has the lowest rates, loyal conditions and a small down payment - there you need to make a deal. Modern financial institutions are constantly developing new programs for citizens.

A car loan is a targeted consumer loan secured by a purchased car. Due to the fact that the vehicle will be pledged, banks require a CASCO policy. Many citizens believe that the most profitable car loan is the one for which you do not need to buy insurance. There are programs when it is not needed, but in this case, all repair costs are borne by the client if the car has an accident and suffers. In addition, auto loans of CASCO bases, as a rule, have higher interest rates.

Car loan programs have specific features:

1. The client most often does not receive money, they are immediately transferred to the account of the car dealership where the purchase is made.
2. Most banks provide a loan only after the buyer makes a deposit of at least 10% of the value of the vehicle.
3. The vehicle remains pledged to the bank until the client repays the debt in full.
4. The title of the car is kept in the bank until the contract is closed.
5. Almost always an expensive CASCO policy is required.

Citizens who plan to take a car loan, the most favorable conditions can be offered if the client makes an initial payment. Otherwise, you will have to pay interest at an inflated rate. The absence of CASCO also increases the cost of the loan by 3-5% per year.

Government support

There is a unique product - the most profitable car loan with a subsidy from the state. Far from all financial organizations offer it, since this is a presidential program. As part of the offer, you can buy a vehicleRussian production. There are also some foreign models that are assembled at domestic factories, and they can get the most profitable car loan in Rostov, Moscow and other cities.

The subsidy is a compensation for two-thirds of the interest on a car loan. It is calculated at the rate of the Central Bank, which is valid at the time of the transaction. For example, a client plans to purchase a vehicle on credit from Sberbank, where the standard rate is 13.5-18%. With state support, the borrower will need to pay 6.5-7% less. As a result, transport will be much cheaper for the buyer, and domestic enterprises will sell their products.

Under the program with a state subsidy, you can buy a car up to 3.5 tons and worth no more than 1 million 150 thousand rubles. The bank provides no more than 90% of the cost of transport. The loan term under this offer is no more than 3 years.

Best car loan: low rate

One of the most significant indicators for clients is a small overpayment under a loan agreement. To understand what specific amount will have to be paid in excess of the cost of the car, you can use the loan calculator, which is present on the websites of most financial institutions. Using this tool, you can calculate the burden on the budget when applying for a loan and visually see the amount of the overpayment.

The increase in the cost of purchase directly depends onthe rates of the financial institution where the loan is issued. Where is the best car loan? The most attractive interest rates are offered by the Bank of Moscow, Uralsib and Unicredit Bank. Here you can get a loan at a rate of 9-14% per annum.

Small down payment

Most financial institutions require a deposit, which can be up to 40% of the value of the vehicle, which is a considerable amount. The most profitable car loan in Volgograd and other cities of Russia is a loan with a small down payment or without it. You can get it at VTB 24, MDM and Altaienergo banks.

However, it should be borne in mind that the absence of a down payment or its small size can significantly increase the interest rate. In addition, some financial institutions impose additional conditions. For example, you can only buy a foreign car worth half a million. Therefore, it is up to the consumer to decide which car loan is the most profitable (with or without a low overpayment).

Type of vehicle

Currently, lending programs allow you to buy both new and used cars, assembled in Russia and abroad. Each bank has certain conditions for obtaining loans for the purchase of vehicles. In some, you can only buy a new car, while others, on the contrary, lend to citizens who plan to buy a used vehicle.

There are banks where loans are issued only for foreign luxury cars (Raiffeisenbank). Very few financial institutions are readyoffer a loan for the purchase of a used car, and those that are ready impose strict requirements on the vehicle (year of manufacture, condition, etc.). According to many customers, the most profitable car loan in Ufa and other Russian cities for used cars can be obtained from Gazprombank.

Insurance

Car loans in Russia differ from other banking products in that one of the obligatory points of the transaction is the presence of a CASCO policy. The fact is that the purchased car will be pledged to the bank until the borrower fully pays off all his debt. In all advertising offers, banks announce loan rates, which are valid only if a full package of insurance services is issued.

Due to insurance, the purchase becomes more expensive at times. In case of refusal to purchase a policy, the borrower will be able to save on the first payment, but the interest on the loan will increase. In addition, you can choose the insurer yourself, this will also save money on buying a policy. However, not all financial institutions give their customers the opportunity to choose an insurance company.

Minimum package of documents

Many citizens are most dissatisfied with the bureaucracy. To conclude a loan agreement, a huge number of certificates and papers are required. However, today you can make a deal by providing only two documents. If we consider financial organizations from this position, then the most profitable car loan bank, according topassport and driver's license issuing loans - Sberbank of Russia. As a second document, you can also provide SNILS, TIN or military ID.

In addition to Sberbank of Russia, according to two documents, a transaction can be executed at Rosbank or VTB 24. Since a financial institution cannot verify the solvency of a potential borrower without relevant certificates, such a loan will be accompanied by increased interest. In addition, the bank may require a significant deposit, which is not always convenient for the client.

Programs from manufacturers

Many official dealers are trying to develop special offers for customers who want to purchase a vehicle of a particular brand to increase sales of their products. Thus, Toyota Bank and Renault Nissan Bank appeared on the market. Here you can buy a certain brand and model at very attractive conditions.

It is also worth paying attention to seasonal offers and partner programs of banks with official dealers. As a rule, the conditions for clients under such loan programs are very tempting.

VTB 24 programs

This financial institution is the second largest in Russia and offers citizens a huge number of services and products. Car loans are in great demand and are very well developed in VTB Bank. Here you can apply for a loan with a subsidy from the state, take advantage of privileges for corporate clients or conclude a profitable agreement within the framework of existing promotions.

Standardcar loan conditions in this bank are as follows:

• amount - no more than 5 million rubles;
• you can buy vehicles of Russian and foreign production;
• rate from 14% per annum;
• deposit - at least 15% of the cost of the car;
• The term of the contract is up to 5 years.

Favorable rate at Gazprombank

This financial institution offers the most profitable programs to corporate clients. The car loan rate is relatively low here, and there have been no significant increases in recent years. Borrowers can draw up a loan agreement in this bank for up to 7 years. The base rate for car loans is 14% per annum, but regular customers can get a discount of 1.5% per annum. The bank requires a deposit - at least 20% of the cost of the car and issues loans in the amount of no more than 4.5 million rubles.

Offers from Sberbank

Sberbank of Russia offers a wide range of different car loan programs for citizens of the Russian Federation. Here you can apply for a loan to buy a foreign car or a domestic car. The amount of the overpayment directly depends on the loan term and varies within 13.5-16% per annum. If there is a quota, you can get a profitable car loan with a state subsidy, if the client is not against domestic transport.

For all programs, Sberbank requires an initial payment, the amount of which must be at least 15% of the cost of the car. The maximum amount for the purchase of a vehicle is 5 million rubles. The term of the loan agreement is up to 5 years.

Sberbank provides discounts of 1% per year oncar loans to the following categories of citizens:

• payroll clients;
• for contributors;
• holders of a social card receiving a pension on it.