What is a preferential car loan program?

A personal car is a good thing, not everyone can argue with this statement. Nevertheless, this purchase is not cheap, and not all our compatriots can afford to look into the auto show. That is why every year, automotive credit programs are gaining increasing popularity, which are quite diverse. Also for several years there are also preferential auto loan programs for Russians. However, everything in order.

How to get a loan on the car

To date, there are three ways to buy a car on credit. Car programs:

Basic. Such a program is akin to ordinary consumer lending. It allows you to purchase a new and used car for use, no matter whether it is a domestic production or a foreign car. From the moment of receiving cash, the borrower is given no more than 90 days to choose and purchase a vehicle. After purchase, the car becomes a bank guarantee. The amount of such a loan can reach up to 5 million rubles, and the interest rate can reach 20%. Money under the basic program of car loans can be obtained for up to 5 years.

Affiliate. This option almost completely repeats the basic autosubsidirovanie with the only difference that the interest rate on the loan can be somewhat reduced if you buy a car in the cabin that is a partner of the lender bank. This program has several drawbacks:

• You can not buy a used car in this way;
• The choice is limited to those models that are presented in a specific car show;
• Will have to prepare an initial contribution of not less than 20%.

State program of preferential car loans. The loan amount for such a program can be 85% of the cost of the car, but it can not exceed 800 thousand rubles. Term of registration - no more than 3 years. The essence of the program of preferential car loans is that part of the interest on the loan is paid off for you by the state, which significantly reduces the interest rate for the borrower. The rate for this kind of subsidy depends entirely on the refinancing rate of the Central Bank, so in each specific case it can be different.

Historical reference

The preferential car loan program was first tested in the Russian Federation during the 2009 crisis. This decision, together with the program of recycling old cars, helped to keep afloat domestic automakers and significantly update the fleet of Russians. However, the first program of preferential car loans had a number of shortcomings:

1. Initially, it was designed to support the company AvtoVAZ, as the average cost of a car of this brand did not exceed 350 thousand rubles.
2. The model range approved by the Ministry of Industry and Trade for the implementation of the program was only 10 items, so there was not much choice for consumers.
3. Another negative side of the issue was a rather high initial payment - not less than 30% of the car cost. It was not everyone who could afford to lay out such a sum at a time.

Nevertheless, over time, the program gained considerable popularity, the initial contribution was halved, and the model line expanded five-fold. Today we can say with confidence that a preferential car loan program is the most popular way of buying a personal car. Nevertheless, at various times the autosubsidization program was then stopped, then resumed, and on the eve of 2015 there was a heated debate over whether it was worth continuing in the future.

The new list of cars

Despite the fact that the current economic situation in the country is rather unstable, from April 1, 2015, a new preferential car loan program has been launched. The list of cars has expanded to 50 positions, but a new condition has been introduced: the car purchased under such a program should be 2015 of release.

Thus, it is clear that the list of cars offered for purchase this year is quite extensive and not limited to domestic models.

Conditions of auto lending

In 2015, also changed some of the requirements for issuing a car loan on preferential terms:

• The total cost of a car purchased under concessional lending can not exceed 1 million rubles;
• The maximum possible loan amount is 800 thousand rubles;
• The minimum amount of the loan can be determined by the bank independently;
• Loans are granted only in Russian rubles;
• The car that the client plans to purchase must be assembled in Russia;
• A truck can not be bought in this way, since the total mass of the selected model can not exceed 3.5 tons;
• A loan can be issued for a period not exceeding 36 months (3 years);
• The purchased car should not be previously registered for individuals and be registered (registered) in accordance with the legislation of the Russian Federation;
• The lending rate is calculated as the difference between the interest rate stipulated in the agreement of the financial institution and two-thirds of the refinancing rate of the Central Bank of the Russian Federation at the time of loan registration;
• Reimbursement applies only to fixed interest;
• The amount of the advance payment (down payment) is 20%, however, there may be more (at the request of the borrower);
• Only Russian citizens can get a loan.

How is the interest rate calculated

Thus, the preferential program of car loans assumes compensation of only some of the interest on the loan, it depends on the current refinancing rate adopted by the Central Bank of Russia. Making simple calculations, you can find out for yourself how much you will have to overpay in each particular case. To do this, use the simple formula:

Пс = Дс - 2/3 х Реф, where:

• Ps - the annual percentage;
• Дс - the interest rate operating at the moment of registration of the loan under the standard scheme of crediting;
• Ref -% refinancing, adopted by the CBR at the time of the conclusion of the contract.

As of 01.04.2015, the refinancing rate is 14%, which means that the recoverable part of it is 9.33%. Thus, if you applied to a bank offering a car loan at 20% per annum, then using the state preferential program, you will pay only 10.67% per year. Of course, the base rates in all banks are different, so in each specific case the result of the calculations will be different.

Basic conditions for obtaining a car loan

To receive a car loan under a preferential program, the borrower is not presented any special requirements. Of course, each bank has its own rules, and the conditions may vary slightly, but the average portrait of the borrower looks like this:

• Citizen of the Russian Federation at the age of not less than 21 and not older than 60 years;
• Has a permanent job at least for the past 6 months;
• Registered and permanently resides in the service area of a particular bank;
• Is able to confirm the existence of a permanent income sufficient to cover a monthly payment.

Based on the practice, we can say that there are only 2 parameters for which a preferential auto loan can be refused: this is a bad credit history and the presence of children under the age of six months (for women).

Additional requirements

Despite the fact that the preferential program of car loans in all banking institutions looks almost identical, some criteria may still slightly differ:

• The base lending rate (the one from which the subsidy will be deducted);
• The shortest period for which a loan is issued;
• Requirements for the borrower, on the length of service and salary;
• The need for an additional collateral or for the attraction of a surety;
• The minimum loan size;
• Need for registration (registration) of the debtor in the region where the loan is issued.

Documentation

In general, the program of preferential car loans assumes that the borrower has the following documents:

• The civil passport of the borrower himself, as well as his spouse, if the debtor is married;
• The written consent of the second spouse to transfer the vehicle as collateral to the bank;
• Driver's license (if any);
• Certificate of 2-NDFL (on income);
• An extract from the work book, officially certified on the last job;
• A sales contract or a certificate from a salon confirming the cost of the car.

Since each organization maintains its credit policy, the list of required documents can vary significantly. Nevertheless, the unwritten rule says: the shorter the loan term and the larger the initial payment, the less documents the bank will require.

Where to apply for such a loan?

So, what is a preferential car loan program, more or less clear, and where can I draw up such a loan? To date, the full list of Russian banking institutions offering to use this kind of services has not been determined, so in each specific case it is necessary to clarify whether it is possible to receive a state subsidy. However, it can be said with certainty that the list is quite long and, as of the end of 2014, it was more than 130 organizations. Among them:

• Sberbank of the Russian Federation.
• "VTB 24".
• "URALSIB".
• "Gazprombank".
• "UniCredit Bank".
• Bank "Saint-Petersburg".
• Bank "Soviet".
• AK BARS Bank;
• JSCB "BTA-Kazan" and many others.

So to find a suitable option and take advantage of the preferential car loan program in Russia in 2015 will not be very difficult.