Car loan or consumer loan: what is more profitable? Which loan to choose: reviews

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

According to statistics, the average cost of a car in Russia reaches 800,000 rubles. It is worth emphasizing that this figure may vary depending on the region, for example, in Primorye this amount can reach a figure of one and a half million rubles. At first glance, it is clear that it is impossible for a simple layman to earn such money even in a year. As always, credit organizations come to the rescue. Often the population asks the question: "Car loan or consumer loan, which is more profitable?". In order to emphasize in favor of a particular type of lending, it is necessary to identify the positive and negative aspects of a car loan and a non-purpose loan.

Car loans: pros and cons

1. The possibility of obtaining a loan in a car dealership. Having in stocksmall cash for the down payment on the loan, you can apply without leaving the dealership.
2. Extensive car loan program. Almost all banks provide loans for the purchase of an "iron horse". Due to the fact that when applying for a loan, the bank automatically secures itself with collateral, the decision to approve a loan is much more frequent than decisions on a consumer loan.
3. Low interest rate. Unlike consumer loans, where the average interest on a loan is 20%, car loans in this regard are at the level of the mortgage interest rate - 11-12% per annum. The announcement by General Motors earlier this year about the departure of the American manufacturer from the Russian auto industry, due to a drop in consumer demand for manufactured products, made it possible for developers of other cars to offer profitable offers for consumers: an unprecedentedly low interest rate on a loan - 5-6% or their absence at all. Although the economic situation in the country at this time leaves much to be desired, this is the best time to buy a car at a bargain price. Of course, when asked: "Car loan or consumer loan - which is better?", without a doubt, a loan aimed at buying a car wins in this regard.



4. The impossibility of selling the car to third parties. With a car loan, banks always take your purchased car as collateral, and the title remains with the bank until the day the loan is repaid. If you default on a loan, your creditthe organization takes ownership of the car. But here you can go for some trick, if you do not have the necessary financial resources to make a monthly payment and you are left "with bare pockets". To do this, you need to go to the traffic police, write a statement about the loss of the TCP and after a while you will receive it. Now you can sell the car and pay off the loan. But all these activities are illegal!
5. Compulsory CASCO insurance. When applying for a car loan, all banks without fail impose CASCO insurance services on buyers, whether you like it or not. This is rather in favor of banks in order to protect themselves.

Consumer credit: pros and cons

1. Use funds at your own discretion. Thanks to the general purpose loan, it becomes possible to buy a used car at a lower cost, in contrast to a car loan, where funds are issued only for the purchase of new cars, with rare exceptions used.



2. Full disposal of your car. Of course, this is a definite plus in obtaining this type of loan. You can sell, exchange, pledge your "friend" without crossing the line of the law.
3. Possibility of denial of a loan. Not all banks are ready to give you their hard-earned money if there is no collateral or guarantor. In this regard, a car loan or a consumer loan - which is more profitable? Of course, the targeted purchase of a car with bank funds.
4. Significant interest rates. In practice, consumer loan rates are always higher than car loans.

Car loan or consumer loan: reviews

According to the reviews, the majority of the Russian population prefers to use a car loan, focusing their attention on the fact that this type of lending is easier to obtain, without too much "hassle", and puts up with the fact that the TCP remains pledged to the bank.

But there are those who are categorically against it, guided by the fact that when buying a car on a consumer loan, people have the opportunity to use it at their discretion: sell, change, give away, and so on.

Car loan or consumer loan - which is better? 2014 as an indicator of financial instability

The imposition of sanctions, the fall in oil prices, led to the instability of the ruble. In this regard, most banks throughout Russia have tightened the conditions for acquiring a consumer loan, making it almost impossible for people with low incomes to receive it. The car loan was practically not affected, with the exception of a slight increase in annual interest rates, and the conditions remained the same.

So after all, a car loan or a consumer loan - which is more profitable? In 2014, a car loan is a priority, with its ease of obtaining and low interest rates.

Sberbank "folds"car loans

Sberbank is the largest representative of state banks. Almost every family is served in this bank. He does not bypass the party and car loans. But due to the current circumstances in the country, since the end of 2014, Sberbank has refused car loans and transferred these functions to the subsidiary Cetelem Bank. Therefore, the question of what is better to take - a car loan or a consumer loan at Sberbank, remains irrelevant. If you are a regular customer of this bank, you can only rely on consumer loans.

Reviews on the former car loan system of Sberbank

The question of what is better for a car loan or a consumer loan at Sberbank was often discussed on the forums? The reviews showed that the majority of the population preferred to take out a loan to buy a car in this bank, due to attractive interest rates compared to other financial institutions.

But part of the population is still waiting for the restoration of the car loan system from this bank.

Which is better: a car loan or a consumer loan?

Answering the question: Car loan or consumer loan - which is more profitable? persons to apply for a loan and third - most banks offer bonus, special programs forcar loans. And at the time of the crisis, sometimes it is possible to take a car on credit without overpayment at all. If you lack to realize your dream - buying a car - quite a bit, then it is better to use a consumer loan. This will allow you to save on CASCO.