The specifics of our country are such that most of its citizens still receive “grey” income. Officially, these people either earn the minimum possible income or are completely unemployed. For a long time, this factor hindered those citizens who wanted to get a car loan, since banks were primarily interested in the income of the applicant. However, credit institutions had to adjust their requirements to the federal reality, and now many of them lend money for a car without requiring certificates.
Banks do not lose their vigilance
Despite the apparent carelessness of financial institutions, they do not lose their vigilance. All applicants who want to get a car loan without a certificate of income, pass a more thorough check in the bank than citizens who make such a loan under the classic scheme. The application form of such a borrower will contain more mandatory items, and all the information received will be checked by the security service with greater seriousness.
Bank employees will call each of these numbers and ask a few security questions. Especially important for the lender will be a call to the place of work of the borrower, so the person must warn the employer in advance of a likely call from the bank. The credit history of a person who applied for an auto loan without providing certificates will also be checked more carefully than usual. If there are any “spots” on it, the bank will prefer not to contact such a borrower.
Car loans without a certificate of income-unpleasant moments
The fact that banks gave the “go-ahead” for issuing car loans under a simplified scheme, of course, opened up prospects for many potential buyers. However, there are also many disadvantages to such “light lending”. To begin with, it should be said that, despite the minimum of documents, it will not be possible to get such a loan “quickly”, since the bank will need time to check the reliability of the applicant by available methods. In addition, the choice of the borrower will be very limited. First, the fact that such loans are issued exclusively for the purchase of new cars. Secondly, the borrower will not be able to buy a car anywhere, but only in the partner salons of the bank.
In addition, “light loans” are issued on more stringent terms for the borrower. The applicant is required to make a down payment of at least 30% of the cost of transport. In addition, the loan amount itself is also limited by many banks to 1.5 – 2 thousand dollars. If necessary, the borrower must find the rest of the money himself. The loan repayment period is set to be shorter.