Today, the car loan service is gaining popularity among Russian citizens. Very often it is used when buying a new car, and then the purchased goods go to the lender as collateral. A car loan can be issued both in standard banks and in non-banking organizations, such as MFIs.
However, the features of this type of lending in MFIs differ from banks. Unlike banking organizations that allow you to get a car loan, MFIs do not provide specialized loan programs, such as mortgage loans or car loans. Typically, such companies provide short-term loans for a short period. They provide their potential clients with urgent financial support. However, MFIs can also arrange consumer loans for a longer period, and, accordingly, a larger amount. Thanks to such loans, people can get a large amount for any purpose. In MFIs, you can take a loan for a car , but with some amendments to the contractual agreement.
Despite the fact that microfinance organizations do not specialize in issuing targeted loans for the purchase of a car, it is possible to use funds to purchase it. Citizens whose goal is to buy a car can apply to an MFI that specializes in providing large amounts - up to 1 million rubles. You can use the money to buy a new car or a used one. However, in order to obtain such a loan, clients are required to provide collateral, since the risks are very high.
Before choosing an MFI, a citizen should study all the companies that specialize in providing large loans. The Banki.Loans financial service can help users with this , where you can find a list of all MFIs that issue large loans with a long repayment period.
If the client does not want to take a large amount, then there is an opportunity to take a small amount, which will go as collateral to the bank that provides a car loan. Thus, you increase your chances of getting a car loan from a bank by providing the first cash collateral. However, this form of treatment is not popular among borrowers.
Now you can apply for a loan at the MFI in an online format. In addition to the key factors - the return period, the amount of commission deductions, the amount received and the amount of interest - applicants will face a number of additional commission fees that may lead to overpayments. It is also worth remembering that MFIs provide a large amount of money secured by property.
The procedure for applying for a car loan in an MFI:
- Study the microfinance market and choose the most suitable MFIs that provide large loans;
- You can use special online services that will select the right companies. The Banki.Loans service is engaged in such processes, where you can not only get acquainted with the best MFIs, but also calculate a loan online using a calculator;
- After selecting the best option, you need to go to the official website, fill out a questionnaire, write down the goal, provide documents on the pledge and wait for a response.
However, experts advise that such issues be resolved in those MFIs whose offices are located in the city where the borrower lives. This is necessary in order to reduce the occurrence of errors in filling out the application, as well as for the correct settlement of this request.