What is the car loan rate. Which bank has the lowest interest rate on a car loan? Where is the best place to get a car loan?

07.05.2022

Today, banking institutions and car dealerships exist in beneficial interaction, providing car loans to those customers who decide to buy a car. Under current legislation, only banks can provide auto loans. For official dealers, this cooperation becomes an excellent opportunity to increase their sales and receive an additional percentage of the cars sold.

Conditions for car loans in 2018

For 2018, the conditions for a car loan are quite attractive from most leading banks. Cooperation with car dealerships implies a number of programs through which the applicant can buy the car he likes. But the question of how profitable these programs are should be considered separately.

Today, banks provide targeted car loan programs with a reduced interest rate, preferential interest-free car loans, various stock loans for certain brands and models of cars. All this is done in close cooperation with car dealerships and each side receives its own benefits.

The main conditions for car loans are as follows:

the presence of a passport with citizenship of the Russian Federation, as well as permanent registration at the place of registration of a car loan or in the region where the bank is present;
the second document that will confirm personal data, most often this is a driver's license;
certificate of income and a copy of the work book officially confirmed by the employer.

The last point is not mandatory, many car dealerships are ready to issue a car loan with just two documents. However, if we are talking specifically about the bank's program, then confirmation of income will be an opportunity to reduce the interest rate.

To get a profitable car loan, you should also take care of the down payment. Quite a few banks are ready to consider applications for which funds for the purchase of a car are fully provided by the bank. Typically, the down payment is from 10-20%, the higher its share, the more profitable the interest rate will be.

What is the best car loan

Car dealerships offer each of their car loan programs as a bargain. However, it should be understood that not a single financial institution will miss the opportunity to benefit. Otherwise, it is no longer financial, but charitable. In this vein, it is worth considering individual car loan programs in more detail.

The minimum interest rate for a car loan in a car dealership is possible if the client fully meets the requirements. That is, it provides a down payment, confirms its solvency, and provides CASCO insurance. Such a client is beneficial for its reliability, and therefore a car loan can be provided on minimal terms.

In case of refusal of auto insurance, failure to make a down payment and the provision of only two documents, a car loan can only be issued in some banks at an overestimated percentage. Car dealerships usually refuse in such cases.

Preferential interest-free car loans also have their own nuances. Usually it is transferred immediately to the bank under a factoring scheme. To make a profit, the dealership increases the cost of the car, which means that the client overpays in any case. You will also need CASCO insurance, often in those companies with which there are agreements. Interest on insurance is often too high.

There is also a state program that allows you to get a car loan at a reduced interest rate. In this case, the state bears part of the costs by providing subsidies for car loans.

Often, car dealerships do not provide ownership of the purchased car until the car loan is fully repaid. With this point, you should be careful.

Comparison of a consumer loan and a car loan in 2018

An increase in the interest rate on a car loan creates situations where it becomes more profitable to take a consumer loan. It has its advantages over car loans:

there is no need to make an initial payment;
CASCO insurance is also no longer needed;
the purchased car will not be listed as a pledge.

At the same time, the percentage of consumer credit may well be at the same level as the interest rate on a car loan in a car dealership.

Is it worth taking a car loan at a car dealership - expert opinion

Opinions and reviews of experts on the issue of whether it is worth taking a car loan at a car dealership vary greatly. On the one hand, experts agree that this is a convenient opportunity to make a purchase with comfort and without unnecessary hassle. But there are so many nuances in this issue that the advantage of car loans according to reviews becomes doubtful.

Car dealerships cooperate with a narrow circle of banks and banking programs. Accordingly, you will have to issue a car on their terms, and they are not always loyal. Expert reviews recommend that you familiarize yourself with all the offers in detail, compare and calculate the benefits. If necessary, seek advice from a financial specialist.

Moreover, there are many banks that approve the loan and provide time to choose a car in different car dealerships.

The car has long ceased to be a luxury. Today, for many, it is a necessity. At the same time, not all citizens are able to accumulate an amount sufficient to buy a car for cash. In this situation, a loan can help. There are two types of loans available for buying a car – a car loan or a cash loan. But not everyone knows which one is preferable.

Advantages and disadvantages of a car loan

Before you understand which borrowing option is best for buying a car, it is worth considering the distinctive features of a car loan. It is important to understand what advantages and disadvantages it has.

Some of the benefits of car loan programs include:

Opportunity to participate in promotions when buying a car through a certain car dealership. In this case, discounts on interest, insurance and other benefits may be provided.
Simplified registration procedure. To get a loan for a car, you will need a minimum package of documents, the requirements for customers are usually quite loyal. When buying a car in the cabin, you may not even have to visit a bank branch. The registration procedure is often carried out directly at the point of sale.
The presence of a CASCO policy. Traditionally, the bank requires you to insure the purchased car. In this case, the owner will not be obliged to continue to pay off the loan in case of loss of the car, the insurance company will do it for him.

To understand whether it is worth taking a car loan: is it profitable or not, you should consider the disadvantages of this borrowing option. Among them are:

A significant increase in the cost of a car compared to purchasing for cash. So, when paying off a car loan within five years, the overpayment can reach half of the original cost. At the same time, the selling price of the car is likely to decrease significantly.
The increase in mandatory expenses leads to the fact that the amount of free money in the family budget is reduced. With an incorrect assessment of one's own capabilities, the likelihood of financial difficulties increases.
The car in the case of purchase in a car loan until the full fulfillment of obligations is pledged to the bank. This means that you will not be able to dispose of the property at your own discretion. That is, it will be possible to sell or donate a car only with the consent of the bank.
The need for additional costs. Most car loan programs provide for mandatory CASCO, which requires the payment of rather high insurance premiums. Moreover, most often an insurance company is chosen by a credit institution, that is, CASCO conditions may not be the most favorable. Online reviews confirm this.
Do not forget that the bank is the beneficiary under the insurance contract. That is, it is unlikely that it will be possible to fix the car at the expense of CASCO payments, the reimbursement will be transferred to the bank.

What is more profitable to take: a car loan or a cash loan

To understand whether it is profitable to take a car loan in 2019, it is worth comparing this type of borrowing with non-purpose lending. Today, in the face of fierce competition between banks, they are constantly developing new programs. That is why interest rates on cash loans are constantly falling. In some banks, they are already approaching interest on a car loan. The benefit will be even higher if you apply to a bank where the future borrower has already paid off the loan or receives a salary.

It is best, of course, to calculate the overpayment for different programs. But it can be noted that with the right choice of conditions for a non-purpose loan, the difference in overpayment of interest will be insignificant. At the same time, consumer lending eliminates the need for CASCO. Insurance premiums under such contracts significantly increase the final cost of the car.

There is one more nuance - with consumer lending, the car will not be pledged. This allows you to drive the car as you wish. You can sell it at any time and buy another one. You do not have to report to the bank in such actions.

The only case when deciding whether to take a car loan, it is worth leaning in favor of targeted borrowing is the presence of state support. It has a place to purchase domestic cars.

Thus, upon closer examination, as well as detailed calculations, it is possible to unequivocally answer the question of whether a car loan is profitable. In most cases consumer loans should be preferred. Ultimately, this approach can significantly reduce the overpayment. Accordingly, the final cost of the car will be lower.

To buy a new car, you have to save money for several years. Buying a used car is also not a cheap deal, and for some Russians, even this option is still in their dreams. Due to the fact that car loans in Moscow allow you to purchase any car without exception, the ranks of the capital's motorists are replenished every year.

What car loans are offered in Moscow?

Let's start with the fact that you can buy a car on credit in Moscow right in a car dealership. As a rule, car dealerships cooperate with 2-4 banks, whose representatives accept and consider applications on their territory. An application submitted in this way shall be considered under the general terms and conditions.

loan for a new car
funds for a used car;
program for the acquisition of a particular brand of car;
a new car on credit in Moscow on preferential terms with a state subsidy;
loans for the purchase of cars assembled in Russia.

Car loan in Moscow - conditions and basic parameters

In Russia, established requirements for individuals applying for a loan have long been in effect. They change a little, may differ in different organizations, but in general, Russian banks adhere to this list:

age: 18+;
Russian citizenship;
registration: permanent;
experience: from 4 months;
solvency;

Not all banks in 2019 establish a requirement for registration in the area of their location; registration in any region is allowed. The same applies to proof of income. Certificates in the form of a bank or employer, statements of a pension account are accepted for consideration.

You can take a car on credit in Moscow on these conditions:

an initial payment of 10-50% of the cost of the car or without a down payment;
interest rate from 14.00%;
for 5 years;
without proof of income
secured by the purchased vehicle and / or other property;
with bad credit history subject to collateral.

How to find a loan on the site?

All you need to choose a loan here is to know the amount and period of the loan. In addition, the car loan calculator in Moscow makes it possible (at the request of the user) to look for a loan subject to additional conditions.

In order to attract customers, banks improve and develop new products aimed at meeting the financial needs of the population. A car loan, being a targeted loan with additional collateral, allows you to acquire a personal car at a fairly low interest rate. However, recently the offers of banks have been reoriented to the issuance of consumer loans, the overpayment on which has significantly decreased. To find which bank has the most profitable car loan, you will need to thoroughly study the issue, taking into account all the basic parameters of lending.

With due perseverance, you can find good offers with a low interest rate, a minimum down payment, no insurance requirement and no documents confirming the person's solvency.

Features of car loans

The main difference that benefited from targeted loans (mortgage or car loans) was the low rate for using borrowed funds to purchase an object strictly agreed with the bank. The guarantor of the return of funds has always served as collateral in the form of acquired property. However, a unique situation has developed this year, when consumer loans with traditionally high interest rates began to be offered at a rate comparable to the overpayment on a target loan.

As a result, finding a really profitable car loan option has become much more difficult, and Russian borrowers who do not want to take out additional insurance and incur other costs have begun to prefer taking out consumer loans to obtaining car loans.

Despite this, many government-funded programs have emerged that allow you to buy a new car from a strictly defined list of cars at a record low rate. You should understand the nuances of applying for a car loan in the new conditions, providing yourself with optimal lending conditions.

Parameters for determining the benefit on an auto loan

In the process of selecting a program, it is necessary to evaluate what parameters will be optimal, based on the individual needs of the borrower:

The amount of interest overpayment largely depends on the annual rate on the loan. This parameter is the main one that determines the final overpayment for the purchase of a credit car. However, there are other criteria that affect the overpayment.
Loan term - most car loans are issued for 3-5 years, however, there are offers where the loan repayment period to the bank reaches 7 years. It should be borne in mind that as the loan term grows, the amount of the monthly payment decreases, but the total overpayment for the car increases.
Making the first installment. The higher the share of own savings used to purchase a vehicle, the lower the additional costs for attracting a loan. If the borrower has no savings, no down payment programs are available.
The breadth of the choice of purchased cars. Profitable offers apply to specific models and brands of cars. Before making a decision, the borrower specifies whether the preferential offer is valid for the selected brand. Similarly, the issue is resolved with the purchase of a used car, from hands or through a car dealer.
Compulsory CASCO insurance for collateral. Since, within the framework of targeted lending, the bank issues a car as collateral, financial protection is required in case of an accident, other damage, theft, total loss of transport. CASCO insurance is designed to resolve any financial claims and pay off the debt to the creditor in any insurance situation. Taking out insurance leads to a general increase in the cost of a car loan.
Additional costs usually include personal insurance aggressively offered by the bank. This option allows the bank to issue funds with confidence, since in the event of a negative development, if the financial situation worsens due to disability, the bank will still receive back the borrowed amount along with interest in full. For the borrower, such a requirement represents an additional expense item.

IMPORTANT! When choosing among general car loan programs, it is recommended to study preferential offers - it is possible that a promotional offer with a minimum rate is valid for the car model you are interested in.

Popular car loan programs

Among the options most in demand in the banking services market are the programs of the following lenders:

Vostochny Bank issues car loans for the purchase of a new car with an interest rate of 19% per annum. The organization is loyal to borrowers, without putting forward special requirements, except for having a good credit history. It will be checked for sure, and the level of the rate directly depends on the reliability of the client when repaying past loans. You can buy a car with or without mileage, worth up to 10 million rubles and with a maturity of up to 59 months.
Alfa-Bank is implementing a car loan program with a limit of up to 5.6 million rubles. It is allowed to register a car without CASCO insurance, and the interest rate will be 12.5-15.5%. Preferential conditions apply to payroll customers. The maturity date is 72 months.
VTB 24 offers to issue a car at 17.9%, however, certain requirements are put forward for borrowers in terms of wages and an increased down payment of at least 1/5 of the cost of transport. You can get up to 10 million rubles with a 7-year repayment period. Requires collateral in the form of an existing car.

Government supported programs

Aiming at obtaining a car with a minimum of overpayment costs, it is recommended to check whether the brand of interest is included in the number of funds subject to concessional lending with the involvement of public funds and a reduced interest rate of 5-6%.

The list of these models is quite large, and each specific financial institution sets its own conditions for participation in this state program.

Rules for the use of assistance from the state when compensating for the cost of interest on a loan:

The purchase is made for rubles.
The list of vehicles is determined at the level of federal legislation.
Machine cost<1,45 млн рублей.
Auto - from the category of passenger cars, with a weight of up to 3.5 tons.
Year of issue - since 2016
Purchase only through a car dealership or other legal entity.
The amount of the first installment is from 1/5 of the cost.
The debt repayment period is 36 months.

On the video about preferential car loans

When choosing a car loan, finding the lowest interest rate is not an easy task, but it is possible. In addition to the rate, it is necessary to pay attention to other conditions of banks.

For most Russians, a car has long ceased to be a luxury. In recent years, the need to have a personal vehicle arises among 70% of the country's inhabitants, because many professions require an employee to have a car, and in general, in terms of speed of movement, this is a very important tool. But in an era of financial crisis, it is very difficult to save up to buy the car of your dreams without resorting to the help of banks.

Car loans have always been in demand in banks, but after the crisis of 2014, many banks stopped issuing targeted loans for the purchase of cars, replacing them with simplified consumer loans. But today it is already 2017 and it seems like the crisis is less and less affecting the Russians. In this article, we will tell you about which banks in Russia you can get a profitable car loan in 2017, without high interest rates and, if possible, without a down payment.

Where to get a car loan

There are many banks in Russia, and therefore the choice is not easy for the borrower - to compare all the offers and choose the most convenient and attractive conditions for yourself in order to use the purchased car without worrying about your budget. We instructed our financial experts to analyze the retail lending market in order to find the most profitable car loan offers among all banks that provide such a service to their customers.

The result was a little unexpected - in fact, very few banks that are on the list of rated financial institutions offer such a targeted loan. And even fewer of those that offer their customers favorable conditions. Mostly, the rates in most banks are the same as for conventional cash loans, although earlier you could get a car loan at 9% per annum, if you search.

In any case, we suggest that you familiarize yourself with our personal list of banks where you can get a car loan. Please note that when analyzing banks and their products, we also took into account the feedback from customers who have already used the services of the institutions listed below.

List of banks

Auto loan Orient Express

Absolutely everyone can get a target car loan in Orient Express. At the same time, the bank does not impose particularly high requirements on the borrower. Let the rate and not 9% per annum, but still, most borrowers are satisfied with the terms on which they are provided with money. And the rate, by the way, directly depends on the credit history of the borrower.

Loan rate: from 19% per annum
Loan amount: from 100,000 to 1,000,000 rubles
Loan term: from 12 to 59 months
Issuance: same day

Auto loan Noxsbank

One of the most attractive offers is a car loan from Noxsbank. Unfortunately, this offer is valid only for residents of the Volgograd region, but if you live in Volgograd, this is the best offer.

Loan rate: from 12% per annum
Loan amount: from 100,000 to 10,000,000 rubles
Which cars are covered by the loan: new and used
Loan term: from 3 to 120 months
Issuance: within a week

Alfa Bank car loan

A car loan from Alfa Bank is a great opportunity to purchase your dream car for up to 5.6 million rubles, with the ability to refuse CASCO insurance. If you are not even a payroll client of the bank, then the interest rate of 15.5% per annum is guaranteed to you. You can read about this offer in our special review and decide.

Loan rate: from 12.5% per annum
Loan amount: from 100,000 to 5,600,000 rubles
Which cars are covered by the loan: new and used
Loan term: from 1 to 6 years
Down payment: from 10%

Car loan from VTB 24

Credit Autostandard from VTB 24 is the most balanced offer in terms of rates and requirements for the borrower. If you have a good credit history and a minimum wage of at least 20,000 rubles, then you can afford to take advantage of this offer. There is really one minus - the down payment for a non-payroll client is 20% of the cost of the car. But if you receive a salary on a VTB 24 card, then the conditions will be more favorable.

Loan rate: from 17.9% per annum
Loan amount: from 150,000 to 1,000,000 rubles
Which cars are covered by the loan: new and used
Loan term: from 1 to 7 years
Down payment: 20%
Collateral: pledge of an old car
Read more about the VTB 24 car loan on the website vtb24.ru

Raiffeisenbank

You can also consider an offer for a targeted car loan. In our opinion, and from the point of view of the bank's current clients, a car loan from Raiffeisenbank is the best offer for clients with high wages who live in Moscow, St. Petersburg or another major city in Russia.

Loan term: 1 – 5 years
Loan currency: Russian rubles
Down payment: 15 - 40%
Minimum loan amount: 50,000 (Russian rubles)
Maximum loan amount: 3,000,000 (Russian rubles)
Interest rate: 6.4% - 14.0%
Security: purchased car. Guarantee of the spouse when taking into account the total income
Application consideration period (days): 1 business day after submission of the full package of documents

Rosselkhozbank

In a state bank, the conditions are more favorable - this is the opinion of the majority of customers who plan to apply for a car loan at Rosselkhozbank. And many of those who are already a client of the bank also say with one voice that there are quite pleasant lending conditions here, in comparison with the offers of commercial banks. But let's be realistic - evaluate the benefits yourself.

Maximum loan amount up to 3,000,000 rubles (inclusive)
Loan currency - Russian rubles
Down payment of at least 15% of the cost of a new car
Loan term - up to 5 years (inclusive)
Commission for granting a loan - none
Repayment order - monthly differentiated / annuity payments (at the choice of the Borrower)
Loan security - pledge of the purchased car
A loan can be provided both for the purchase of a car and for the payment of an insurance premium / insurance premium (CASCO) for the first year of insurance
The term for consideration of a loan application is up to 4 working days
Types and amounts of other payments under the loan agreement are not provided

The best car loan 2017

On our information portal about loans and banks, you can find many reviews of loan products from various financial institutions in the country, which are in no way an advertisement. We only analyze the profitable offers of banks and give them to your judgment. The same is true with car loans. We cannot say that the most profitable loan for a car is in such and such a bank, and in another it is better not to apply for a loan. Benefits are just subjective.

A little higher, we talked about the most rated car loan offers in Russian banks, but that information is based on borrower reviews and general information on the Internet. Now, we offer you for review the result of our analysis of the car loan market for individuals for the most profitable offers in 2017. You will learn about where you can get a profitable car loan, but the decision on which bank to apply to is up to you.

Where are car loans better?

As we have said, benefit is a very subjective matter. But if we start from the opinion of the majority of borrowers, then we can say that the benefit is determined by the size of the interest rate and the maximum amount. So, especially for our visitors, we have found banks in which car loans are the most profitable. We will not list many institutions so that you do not waste time comparing offers from different banks, but will immediately indicate the rating of banks with profitable car loans.

Sberbank

Rate: from 11.5% per annum
Loan term: up to 6 years

Eastern Bank

Rate: from 19% per annum
Loan term: up to 6 years
Loan amount: up to 1,000,000 rubles

Alfa Bank

Rate: from 17.9% per annum
Loan term: up to 7 years
Loan amount: up to 10,000,000 rubles