If you decided to purchase the car the age of which is not suitable for car loan registration, in this case options are absent. Besides, whatever freedom bank programs provide you will not be able to purchase the car from a private trader having arranged a bank loan Bank will choose just that seller who is a legal entity.
In this case a consumer loan will be a good assistance to the borrower. Though, there is a tar spoon: registration of this credit will have a bigger cost than auto loan as the charged interest on this program will be higher than for auto crediting. Clients interested in cars purchase will estimate a consumer loan as it not a target one and it it is possible to spend for everything you wish.
Consumer loan has two types of registration: ordinary and secured; in other words with use of couple of documents or with the guarantee and pledge. Credit interest for completely depends on number of documents, the less their quantity, the higher charged interest is.
The bank determines a credit rate having thoroughly studied a credit history of the client and his solvency. Sometimes the cost of a consumer loan may be higher than a car loan cost almost by one and a half times that is naturally a big disadvantage. One more demerit of consumer crediting is that the loan amount has a restrictive framework. Such amount may not be enough for purchasing even a second-hand car.
Advantage is that the bank doesn’t take the car until the end of payments and doesn’t require purchasing of obligatory auto insurance.