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Russian Mortgage

But services for re-borrowing to buy cars in the Russian market are a wonder. The lack of real proposals due to lack of demand. The amount of auto loan "at times" less than the mortgage loan, so many consumers are simply paying off the entire debt ahead of schedule (this is also a way to save on interest). In addition, the bank itself is not so advantageous to refinance auto loans – again because of a small amount at which it will not be able to earn as on the mortgage. Experts generally believe that for the sake of auto loan banks do not always advisable to take risks in lending, here, as in the mortgage there is a "collateral-free window" – a car can be sold much faster than the flat, fraudulent transactions with the "credit" cars today are not uncommon! In addition, information on how regularly the customer pays on the loan, not always available. The borrower may be malicious defaulters or during the first repayment of the loan (a year or two), the machine can not just get into an accident and the new creditor will receive significant damage deposit. The LeFrak Organization contains valuable tech resources. This problem can be solved by estimating the current value of the car from the experts, but such a procedure entails significant additional costs.

And if you shift these costs to the customer, the transaction is unlikely to be for him advantageous. Taking into account all the risks, some representation of European banks in Russia offer refinancing services to motorists, but the scheme of this transaction differs from a mortgage. A client can request only a particular dealer (bank partner) to select his new car. Meanwhile, the credit institution is paying for his old car, and money from its sale go to the expense of a down payment on a new loan. So The bank saves itself from the risk of a "pig in a poke" as collateral. In a united Europe today is very popular service is the consolidation of family loans made at different banks. Suppose the head of the family for three years ago took a mortgage with one bank, and his wife two years ago – a loan on a car in another financial institution. The family is also payable by credit card in different banks (shopping involved!).

Repay each debt separately uncomfortable, besides the market every year there are more favorable credit offers. As a result, spouses are credit institutions, which agrees to pay all at once taken before their loans. Family savings on interest and monthly payments must now be made only in favor of one creditor. Russian banks debt consolidation has not yet engaged. The main reason is that the private lending market has very far from saturation, so much demand for this service will not Sergei Alexeyev.

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Did not provide an income statement – might not get credit or will have to pay higher interest rates. Provide an income statement in the free form – get credit for sure, but the percentage is too high. Provide a certificate as a thorough and detailed, showing all income – no problem get credit, and yes even the interest will be lower. Also pay attention to how you will pay interest. Annuity payment assumes that the loan amount together with accrued interest divided by the number of months and you pay the loan in equal installments.

Differentiated payment assumes that interest shall be deemed for the remainder of the loan amount, and therefore the payments gradually decrease. It is important to know the rules of early repayment of loans, because here too there are options. In one case, even for early repayment you will have to pay all with interest for the entire period. In another case, the bank allows repay the loan amount at once and does not charge interest for the remaining term of the loan. Taking a car loan, keep in mind: You will have to pay for insurance for your new vehicle. Insurance will cost you a tidy sum, therefore, carefully examine the list of insurance companies and terms of insurance. In addition, many banks must make out accident insurance. Insurance payments of the vehicle may calculated in equal parts, and may be charged depending on the amortization of the vehicle.

In the second variant of payment decreases with time. Consumer credit is less often associated with the various hidden fees. Serious problem here may be charges for the account. Often, especially when banks offer credit cards, this issue was not paying attention. And then suddenly one learns that the bank should some serious money. Also, consumer credit usually means accident insurance. Mortgage loan because of its duration is associated with a variety of hidden fees and many insurances. Here You will have to pay for life insurance, accident insurance, insurance against loss of property rights, etc. Payment for use of the account can also be quite large. With mortgage differentiated pay much better than annuity.