Loan On Used Auto - Is It Really Li?
Many banks today issue loans forused cars. The sizes of such loans fluctuate within 10-15 thousand dollars, which means that they are affordable for any person with stable work and average wages. However, be prepared for the fact that when you receive a loan for a used car, you will have to wait for a lot of restrictions.
The first nuance that anyborrower - limited choice of the seller of the car. Banks often issue loans for the purchase of used cars from official dealers or in car markets, that is, to purchase a car from a private person, the loan does not give an opportunity, since from the bank's point of view the probability of misuse of money is high. Also, according to bankers, buying a car through the showroom reduces the legal risks of both the financial institution and its client, while
Making a loan and buying in this casesimple, as with conventional lending. You will only need to choose a car with a mileage in the market or in the showroom, and then provide the bank with the appropriate package of documents depending on the car loan program. Usually, after a few days, the financial institution makes a decision to grant a loan, draw up a relevant agreement and, if necessary, a surety agreement. The client provides a car purchase and sale agreement with a notarized copy of the vehicle's passport that will be kept in the bank until the loan is fully repaid. Then the borrower makes an initial payment, the bank makes out a pledge agreement, a loan is granted.
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And do not forget that the rates for CASCO forUsed cars will be much higher than for new ones. On average, car insurance at the age of six will cost at least one and a half times higher than the insurance of a brand new car. The minimum down payment on obtaining a loan to buy a car with a mileage above. The maximum term of the loan is usually not more than for second-hand machines of three years, when as a loan for new cars in many banks can take for a period of five to seven years.