Car is a vehicle that can provide its owner with real comfort. Having a car, you can become a truly mobile, and sometimes even use your own transport to extract livelihoods. Not everyone can pay the entire cost of the car at once. That is why in recent years, cars on credit have become such popular. At the first fee for the car, you will have to pay only a small part of its value, the rest of the loan will be paid for you will be paid by the bank, which will need to be fully calculated for several years. There are a huge number of opinions of people who advocate and against the use of car loans.
The main advantages of buying a car on credit are:
1. The ability to have your own car here and now. Having stable income and the fifth of the cost of the car, you can already start to move freely in any direction today and use the vehicle for your own purposes.
2. Overpayment when paying a car loan usually does not exceed inflation for the same period in the country. Most often, a car loan is issued for a period of three to five years. If you save the required amount for the purchase of a car without resorting to the help of the bank, then there is no guarantee that in a few years the money saved will not depreciate, and the cost of the car will not increase significantly.
Among the shortcomings of car loans, the following can be listed:
1. Banks give out a car loan at a fairly large percentage. As a result, the final cost of the car increases by at least a third. If, after the full payment of a loan to the bank, the owner decides to sell the car, he will not be able to return all the invested funds, so the buyer will have to significantly yield.
2. In order to take a car on credit, you must have a stable income. Despite their interest in lending, banks decide to issue funds to buy a car not everyone. In addition to stability, the salary of the credited must exceed a certain threshold so that the borrower is able to pay a loan under any circumstances. There are also age -related restrictions in car loans – to avoid the risk of non -payment, the bank employees will not issue a loan for persons younger than 21 years and over 60 years old.