Russian Federation

Preferential conditions for the loan for the purchase of machinery were the best answer to the question 'Where to get car loan?'. Buyers interested in the possibility of buying a car in installments has especially increased since the end of 2008, when financial crisis has come from the U.S. to Russia. In 2009, car sales fell by almost 1,5 times, but the failure of government benefit programs said the figure of 6.6% auto sales in its framework. Ministry of Industry and Trade has decided to make improvements to the program in 2010 to buy a car on credit want a lot more people.

It is necessary to stipulate that, at first, not all banks and financial institutions have decided to accept the program, out of 104 applications were noted, only 30 really outstanding loans at preferential rates. Nevertheless, buyers have become easier to find where the banks take the credit. Under the terms of the program, down payment when buying a car is only 15% and own rate on the loan is calculated as a percentage of a bank minus 67% of the interest rate the Central Bank of Russia. During the first three months the number of vehicles issued credit in Yekaterinburg and other cities Russia surpassed the total number of accepted applications for three quarters of 2009, and at a reduced rate could buy a car on credit more than 167 thousand people. It was promoted in the first place, increasing the number of financial institutions, Industry and Trade Ministry have accepted the conditions of the program, as well as increasing the number of models of cars of domestic production, which is subject to its terms. On the other hand, banks have become more careful to check the percentage of borrowers and refusal of applications on their total number increased. It is noteworthy that motivate customers not only a low rate loan for cars, but also additional recycling program.

So, the banks agreed to accept certificates obtained by the owners of old cars for the disposal of their 'iron horses' as a down payment. In addition, each individual bank can create additional shares and make discounts to attract more more willing to buy a car on credit. Some of the banks of the Sverdlovsk region and other regions of the Russian Federation introduced a floating rate, depending on loan term and down payment. For some buyers loans can buy a car in installments, virtually nothing is overpaying.