Soft loans.

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Soft loans

Car on credit is a high time to get end of year. At this time many banks together with motor shows offer interest-free auto credits and loans without an initial payment. However, to take advantage of these credits it is possible only at purchase of separate marks of auto in certain motor shows.

Now special programs on purchase of cars on favourable terms offer more than ten capital banks. Among them Moscow credit bank, Sobinbank, "Union" and others. Some of them have in an arsenal on some such programs. For example, International Moscow bank (MMB) only in Moscow offers about 30 special programs of autocrediting.

Bankers speak, that these programs use raised demand. "For today of 75-80 % of autocredits given out by bank it is necessary on a share of special programs ", - general managing director on retail products and services of MMB Alexey Aksenov marks.

It is not surprising, in fact these programs provide certain privileges for clients, for example lowered on comparison with usual loans percent under credit, loans on full cost of auto. Without an initial payment. absolute credit for auto is given out by bank" Avant guarde ", Moscow credit bank, bank "Cojuz ", MDM-bank, Sobinbank, Impeksbank, Promsvjazbank, etc. According to director of department of retail business of Impeksbank of Stanislav Voloshin, credits without an initial payment approach for clients who have no accumulation, but possess sufficient monthly income.

Interest-free credits are most attractive to motorists. However, according to head of department of autocrediting of MDM-bank of Elena Bushnjakovoj, their essential minus is obligatory initial payment not less than 40-50 %. On remained part of cost of car dealer gives to buyer interest-free installments till three years.

But material benefit here is obvious. For example, in Finansbank at purchase on credit of a foreign car in cost in $10 000 and at an initial payment of 40 % for term of 12 months on conditions of standard program of crediting " Classics of Premium " overpayment will make $228 in comparison with new program.

Banks and motor shows have taken care and of that to borrowers who have received interest-free credit, it was not necessary to deal with tax services. In fact according to Tax code client, having taken credit with rate less than 9 % in currency or 3/4 rates of refinancing (11 % annual), receive material benefit in form of economy on percent. It also is assessed with tax under rate of 35 %. According to senior marketing expert of management of autocrediting of Finansbank of Ilhama of Hatypova, bank suggests client to sign standard credit contract with rate of 9 % annual, and for a sum of percent due on them motor show gives to client discount. In this case borrower will monthly pay to bank same sum as under credit with zero rate, emphasizes Bushnjakova.

And here interest-free auto credit in bank "Avant guarde " is given by means of a credit card with grane-period and established limit at a rate of cost of desirable car. " Thus client is released from taxes: according to norms of Tax code income received on credit cards during interest-free period, is not material benefit ", - vice-president of bank " Avant guarde " Sergey Tarakanov marks.

However it is not necessary to forget, that interest-free credit is not absolutely free-of-charge. Such loan alongside with usual credits does not cancel monthly commissions for conducting account, disposable bank gathering, and also obligatory insurance of car which is transferred bank in mortgage. On average size of commission for delivery of credit makes $100-200. annual insurance policy of kasko for car can manage in 4-15 % of its cost. However, sum of insurance can be included in sum of credit. "In our program " All inclusive " sum of credit includes cost of policy of kasko and OSAGO ", - director of department of retail bank products speaks" Absolute of Bank " Emil of JUsupov. As he said, this program is interesting to those borrowers who do not wish to bear any expenditure at purchase of car.

Company in which it is necessary to insure car, client can choose from list of insurance companies-partners accredited at bank.
" Special actions allow manufacturers and to motor shows to realize machines which have been let out in leaving year " more likely, - Elena Horkina has noted director of department of retail crediting of Moscow credit bank.

" However autocredits for special conditions are quite often offered during limited time - month or two - and act on limited quantity of cars of concrete mark and model ", - warns Cockroaches. Validity of programs of many banks expires in end of December of this year. That who will not have time to make purchase in allocated terms, it is not necessary to despair: very often banks prolong special actions or replace with their others.

Besides alongside with preNew Year's programs in some banks ("Avant guarde", " Renaissance Capital ", Promsvjazbank, Finansbank, MDM-bank, Impeksbank) are available and constantly operating. Within next few days auto credit without an initial payment will offer Bank of Moscow together with interior "GM Avtovaz ".

Source: Info Cash Loan (24.12.2006)

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