A car loan for a used car
Every year in our country sold more cars and in most cases it is foreign. But used cars are not lost demand. The reason is to save money or the love of one brand of machine.
But here it should be understood that a used car may not always be cheap, because some brands of used cars can cost much more than a new car. This is why car loans on used cars in our country are in great demand. However, the best programs for this type of loan is now very little.
Recently sale of foreign cars was very popular, so the number of proposals for loans is also significantly increased. Today, the warranty on these cars are coming to the end, and owners of used cars to try to sell it faster to buy a new car. Because of this, the automotive market began to increase the number of used cars. Therefore, the most popular was to use a car loan for a used car .
Because of this trend of growth, many banks in the list of credit programs began to include the car loan for a used car, since this type of loan is more advantageous than a loan for a new car. First of all, due to the fact that the loan is to purchase a used car has a higher percent for using a loan . because the Bank assumes rather big risks.
It may happen that a used car can be registered as stolen or to act as the collateral for the loan from another financial institution. And remedies of the machine may be out of date, so it’s easier to open or steal. In the event of default by the borrower of its obligations to the Bank will be difficult to sell a used car.
Loans on used cars have high interest rates (2-3% higher than a loan on a new car). When issuing a loan for a used car, the insurance company, which cooperates with the Bank should evaluate the purchased car. The process of obtaining loan for a used car is virtually identical to the process of issuing of conventional auto loan. Employees of the dealership in which you purchased a used car, charge out insurance or put the car on the account