Life always throws up new challenges and challenges that we solve. Sometimes these are small everyday or major life problems. Very often, money is needed to solve both. If you need a large sum of money, but where to get it. Borrowing money from friends is not always a good option. So one of the solutions may be the most ordinary loan secured by a car. This loan can help out in difficult times for you.
A loan secured by a car is a profitable business that attracts many investors. A consumer loan secured by a car is available for processing in any branch of the bank in one two weeks, and in credit organizations it will take from one to three days. Let us analyze the situation on the example of such a question, where it is most convenient to take a loan for the halls of a car in Moscow.
To obtain this loan at the bank you will need a lot of time. It may take you up to two weeks, in the worst case. The bank will require you a lot of documents, check your credit history, solvency. The loan amount is up to 80% of the value of this vehicle. Having concluded an agreement, you can continue to use your car, but you will have to insure it. The interest rate on average will be 12-13% per annum. But in banks it is very often possible to meet various commissions that will increase the cost of a loan.
A pawnshop loan is a convenient opportunity to get a cash loan. This loan will take one day, a maximum of two. For registration you need your car and a small list of documents. After signing the contract, you will receive money, but the car under the terms of the contract will be placed in the parking lot of the organization. Do not be surprised when you hear a loan rate of 17% for such organizations is normal. If you need to urgently receive money, this option is worthy of attention.
Auto pledge is an alternative to a bank loan. The conditions are almost the same, the difference is only in the set of documents, interest rate, deadlines. Auto pledge is the average between the banking and the pawnshop system. In this company, a loan secured by a car can be signed in a couple of days, get a normal interest rate of 14-15%. Also, the machine remains in your use. Very often, these organizations require a work book certified by the organization’s directorate. In these organizations, the verification is less thorough than in the bank, because the term for issuing a loan is one or two days, but it does exist.
Common between the above organizations is a list of items. The numbers may fluctuate, but only slightly. Standard Minimum Requirements:
- car passport
- ownership of the car
- age must be from 18 years and above, there is also a maximum age limit
- availability of employment
- the loan amount differs significantly in each organization
- regional place of residence
- loan term of three months
- the age of the car varies
The decision is yours, think it over before you make a deal.
