In the car loan segment of the modern American financial services market one can find many programs. Consider briefly the most popular ones.
Express loan . Benefits:
- the buyer gets the car in the property on the first day;
- a small package of documents provided.
Cons can be counted a little more:
- increased interest rates;
- the size of the down payment – at least 30% of the cost of the car;
- loan term – up to 3 years;
- Compulsory insurance full hull insurance.
Purchase of cars by installments or factoring (interest-free car loans). Benefits:
- short term of registration – up to 5 days;
- minimum package of documents.
- you can only buy a new foreign car;
- large down payment.
Loan without down payment
Already, by definition, this novelty in the financial market is very attractive to the borrower. Another plus is a small amount of documents. The disadvantages include the possibility of acquiring only a new foreign car, high interest rates on loans and insurance.
Loan without insurance . Plus: not being a subject of pledge, the car does not require insurance.
- the maximum amount of such a car loan does not exceed $ 10 thousand;
- highest interest rate.
The above information suggests that a newcomer to the financial market will certainly encounter difficulties in choosing a suitable lending program. Therefore, in no case should not refuse the help of professionals.
However, with this kind of purchase, it is necessary to take into account two more important factors. Despite the fact that some programs do not provide for mandatory auto insurance, you just need to do it. You will then get rid of the risk of inability to repay a loan by selling a car, because as a result of an accident it can lose a significant part of its market value. This is especially true of those who can not boast a great driving experience. In this case, car insurance will help them out.
And the second factor follows from the first. Before you start moving independently on a new car, do not neglect the services of professionals who will help you master the basics of the driver’s craft. To do this, use the largest catalog in the Russian Internet of tool makers posted on our website. A combination of auto insurance plus driving skills will reduce the likelihood of late repayment of the loan to zero. On our web site, having passed the exam online, you can test your knowledge of traffic regulations. In addition, on its pages you will find many useful articles.