Russian banks are constantly trying to attract as many customers as possible for lending. Experts analyze the market, develop new approaches, programs. The next new and original proposal in 2008 was a female car loan. It was first offered by the Orient Express Bank. Then he appeared in Raiffeisen Bank, etc.
- How to make?
- What banks give women’s auto loans?
- Requirements for borrowers
- Interest rates
- How to repay a loan?
- Advantages and disadvantages
His idea was that women of any age group could get such a car loan.
Money can be presented not only for the purchase of a new or used car, but also for the repair of an existing vehicle. Very often, banks provide this type of loan in cash.
Moreover, the representative of the fair sex may not have a driver’s license at all. The bank only needs to see the driver’s license of the husband or next of kin. We will talk about this type of lending below.
A woman’s car loan can be issued by a woman who is at least 21 years old at the time of contacting the bank.
The bank provides money to buy or repair a car. The amount of the loan can reach 500 000 rubles (East Express). Bank loans to customers from 3 to 60 months.
A preliminary decision (even before choosing a car model) can be obtained by filling out an online application.
It is possible to acquire a new or used car not only at car dealerships, but also from a private individual. When buying a used car, its service life should not exceed 15 years.
If the loan amount does not exceed 300,000 rubles, the acquisition of a hull insurance is not necessary, but life insurance is necessary.
If the client nevertheless refuses insurance, he needs a guarantee from his relatives, husband, or collateral.
How to make? ↑
You can get a loan for a new or used car as follows:
- choose a car;
- pick up a bank that provides female car loans;
get advice, clarify the terms of the transaction (pay attention to some financial issues: are there any additional services and can they be discarded);
- apply online or visit the bank in person and write your own application;
- wait for the preliminary decision, then collect the necessary package of documents;
sign a loan agreement, pay for insurance, make an initial advance payment and after the bank pays the bill, pick up the car from the car dealership or from the dealer.
It should also be remembered that the basic conditions offered by the bank at the initial consultations may differ from the final ones stated in the loan agreement.
Therefore, before you sign the documents, carefully read their content.
What banks give women’s auto loans? ↑
Representatives of the weaker sex can get as special, designed for them car loans, as well as the usual standard loans for the purchase of cars.
The table shows the best deals:
|Oriental Express “Female”||individual
|15,000 – 500,000|
|Raiffeisen “Lady Spark”||11.5-16.5%||60 months||15%||up to 3 000 000|
East Express Bank
The bank was one of the first to offer a unique car loan intended for women, its conditions were as follows:
- You can get a loan for up to five years;
- you do not need a driver’s license;
- money can be obtained in cash;
- preliminary response – within an hour;
registration without insurance policies is possible, but a pledge or guarantee is required.
Speaking of lending, it is impossible not to mention the largest and most stable bank – Sberbank.
There are no targeted car loans programs at the moment, but you can get a car on credit through other great programs, for example:
- A loan secured by individuals (non-earmarked) – up to 3,000,000 , at 14.9% per year, a period of up to 60 months.
- A loan secured by real estate (non-earmarked) – up to 10,000,000 , at 15.5% per annum, a period of up to 120 months, with no down payment.
Want to know what the conditions of car loans in Sberbank? In our article , you will find a lot of useful information on this type of lending.
If you are looking for an opportunity to get car loans with government subsidies on favorable terms, then we recommend to follow the link and read the article.
Requirements for borrowers ↑
To get a female car loan, the representatives of the weaker sex must meet fully satisfiable criteria, namely:
- age from 21, but not more than 65 on the date of last payment;
- Russian citizenship;
- accommodation and registration in the region where the branch operates;
- work experience – from three months;
- solvency – officially confirmed income, which will allow to service credit obligations.
Additionally, other criteria may be prescribed, the fulfillment of which will become mandatory for signing a loan agreement.
Interest rates ↑
As for the interest rates for women’s auto loans, they are slightly higher than in standard programs.
Numerous parameters affect the fee for using a loan:
- the period for which the car loan is issued;
- car loan amount;
- the amount of the down payment;
- CASCO insurance, life insurance, etc.
The basic minimum rates prescribed by banks today are 17.5-22% per annum.
In addition to interest rates, it is necessary to take into account the existence of a commission, “additional” services, fees under insurance policies, which may become an obstacle to the signing of an agreement.
For registration of a car loan, women need a small package of documents, namely:
driving license of the borrower, for which a loan will be issued, or a husband, a close relative;
- PTS for cars;
- when purchasing a car from a private person, you must have a seller with a civil passport;
- general power of attorney of the seller, if he is not the owner of the documents;
- compare account
Additionally, you may need documents on the collateral or the guarantor.
You can apply for a women’s loan for a period from three months to five years, in some cases up to seven.
Early repayment is possible, but as for additional commissions, it is necessary to specify in the bank in which such a loan is issued.
Consideration of an application for a loan to a client takes from several hours to two days.
For women’s auto loans, a preliminary decision can be made by the bank even before the client chooses a car.
As for the conclusion of the contract itself, everything depends on the speed of collecting the documents of the future car owner; the sooner the requested package is provided, the sooner the documents will be signed. Usually the process takes several days.
How to repay a loan? ↑
Car loan repayment takes place in a standard form, that is, the borrower is required to make a specified payment every month.
The loan amount may vary throughout the loan period (differential payment) or remain unchanged (annuity payment).
You can pay the loan in any of the following ways:
- at the bank in which the loan was received;
- in terminals or ATMs that have a cash-in function;
- through the client-bank;
- in other banks and payment systems.
The borrower must understand that the late payment of the next payment will lead to the accrual of penalties, lowering the credit rating.
Therefore, if financial problems arise, it is better to notify the bank in writing about it and try to solve the situation peacefully, for example, to refinance the loan.
If you want to know which banks issue car loans without a down payment, read our article .
Under what conditions and at what interest a loan for a small business from the state is issued in 2019 , you will find out here.
And to find the answer to the question – where to get a loan for small business development, you can in our article .
Pros and cons ↑
Now we will try to understand the advantages and disadvantages of such lending. The drawbacks of such a loan are obvious:
- overvalued interest rates compared to standard car loans programs;
the model range is limited to the female auto loan program (often banks are willing to lend according to the program only “female” or certain models);
- refusal to purchase CASCO not only increases the interest rate, but also transfers all responsibility for the car to the borrower.
As for the advantages, the representative of the weaker sex at any age (from 21 years of age) can apply for such a loan, money can be provided in cash, the loan can be spent on repairing an already existing car, buying a new or used (not older than 15) transport facilities.