Why refinance a car loan?

Often people take money to buy cars from financial institutions. In recent years, the popularity of the services of banks, known as "refinancing car loans," is growing. This procedure is beneficial in the following cases:

- when the customer wants to exchange the old car for a new one;

- if the borrower is not satisfied with the current car loan.

Motives

Something is constantly happening: interest rates are changing, new credit programs, state subsidies, new vehicles appear. Refinancing a car loan allows you to keep up with the changes. The desire to change the car appears in many people before they completely repay their debt. According to statistics, mostly drivers change their car every few years, and a loan for a car is usually given for a period of up to 5 years. Another reason for refinancing is the change in interest. There are many similar programs, banks compete and try to improve the conditions to attract customers. Sometimes there are changes in the life of the borrower, for example, his income changes, a reliable person appears, able to become a guarantor or other circumstances that make credit more profitable. If someone has issued a loan in dollars, changing the rate is also an excuse to refinance. Making a car loan without CASCO is also an option for saving money.

What do car dealers offer?

Salons that sell used cars are sold by credit foreign cars purchased several years ago. To reduce the time required for the sale of the vehicle, the salons conclude an agreement with the bank, the client signs the necessary documents. The "old" car will be in the showroom, and the "new" car will be given to the buyer. The cost of the left vehicle will cover part of the price taken away, the loan will be issued for the difference in price. Customers can optionally choose an old or used car. It is worth noting that refinancing car loans allows you to buy foreign cars not older than 10 years, VAZ cars, whose age is not more than 5 years. Machines older banks do not accept as collateral. Popular cars with high liquidity are used, their age, mileage are assessed, and technical inspection is carried out. Typically, the conditions offered by car dealerships correspond to the current situation on the market.

Banking programs

You can refinance in the same bank in which the auto-loan was issued, or it can be in another. One of the first to offer this service to banks like Absolute, Raiffeisen, Unicredit. If you consider refinancing a car loan that they offer, then the terms are determined by the period for which they give out money, the size of the initial installment (as a rule, it is equal to the price of the old car), the loan currency.

Preferential on-lending

When there is a desire to buy a new car, included in the program of state subsidies, then you can give the old car on account of the initial payment. It is only necessary to clarify with the financial organization the information on granting preferential loans. Be sure to ask about everything in order to make a profitable refinancing of a car loan. Banks can put forward different conditions.

Required documents:

- certificate of income (2NDFL);

- a copy of the employment contract (the contract that you are hired for work);

- passport;

- driver's license.

What does Sberbank offer?

In this bank are popular 2 programs:

- exchange of a credit car for a new one;

- change in loan conditions.

Refinancing a car loan in Sberbank is a serious procedure that provides for:

- submission and consideration of the application to the bank;

- execution of a guarantee (additional);

- Insurance of the vehicle that is purchased.

Refinancing car loans is an interesting financial tool in the hands of many people who can carefully delve into all the conditions of the proposed programs.