Preferential car loans will remain an important tool for supporting the Russian car industry and socially important categories of citizens this year.
Irina Frank, Managing Director of FRANK AUTO, told Yuzhny Federal about the conditions for joining the program, requirements and possible pitfalls.
She specified that the right to a preferential car loan is available to contract servicemen, volunteers, mobilized and participants of the military service, as well as members of their families. In addition, such a loan can be obtained by doctors and teachers who work in state institutions, as well as persons with disabilities. The mandatory conditions are Russian citizenship, a driver's license and a document confirming the status of one of the categories.
Frank added that the program includes only new cars assembled in Russia and not previously registered. These include: cars with internal combustion engine costing up to two million rubles, electric cars weighing up to 3.5 tons. At the same time, only LADA, GAZ, Moskvich and Evolute are allowed in the program.
The expert said that it is possible to save money on a car loan. The size of the discount depends on the type of car and the region: 20% - for cars with internal combustion engine, 25% - for electric cars and up to 35% - for residents of the Far East. The funds are covered by the state, and the loan amount is reduced.
Under the terms of the soft loan, the down payment can be from 0% to 70% and the loan term is 5-7 years. The interest rate starts at 26% and ends at 31%. Frank advised taking out a loan for the minimum amount or paying it off early. The application is submitted through the dealership.
Early repayment is possible in most banks, except Sberbank. There it can be done only after a year after the loan has been issued.
Pitfalls can be additional costs, voluntary insurances that are imposed by the bank. Also, state subsidization has a limit. If the budget is exhausted, the program can be suspended.
Frank recommended applying to several banks, compare conditions, and then choose the most favorable option.
Earlier it was reported that in Russia the rates on credit cards rose to a record level in four years.