Main types of car loans

The choice of an auto loan depends primarily from the place, where you are going to take it out. So, it is you who decides whether to apply for a loan to a bank or to a dealership. Though it is faster and easier to take out a loan in a dealership.

First of all, time saving is evident as it often takes no more than one or two hours to make a final verdict, while the bank usually considers the application within a week. Besides, car dealers often work with several banks at the same time, thus allowing a customer to choose the most appropriate and acceptable loan option. Moreover, a client is required to submit a much smaller number of documents than in a case of turning to a bank.

The list of documents and requirements necessary for obtaining a car loan includes: loan application, profile of the borrower, the local passport with residence permit, driving license (sometimes there are minimum requirement for a driving experience), an income statement, and employment history.

Read about environmental protection issues to be considered after a car purchase.



 
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