When buying a car on credit it is not necessary to use the “car loan”. You can buy a car on credit using the so-called non-targeted consumer loan. We will tell you about the features of these loans and the possibility of using an “inappropriate” loan to buy a car ...
The main feature of “inappropriate” consumer credit is that this type of credit does not imply monitoring by the bank of the consumer's use of the funds provided. That is, the loan is not tied to the purchase of a specific product or service. You get a loan and spend this money at your own discretion. This can be an additional payment for an apartment when exchanging, expenses for renovating an apartment, buying household appliances or furniture, paying for tuition, buying a ticket to warmer regions ... anything you like, including, of course, buying a car.
And given that today the size of a "loan for urgent needs" in many banks is expressed in amounts of 1 million rubles or more - the choice of cars that can be bought using this type of lending is great.
Benefits of buying a car on an “emergency loan”.
The use of “inappropriate” loans to buy a car depends on the situation. Of course, the interest rate for such a loan is always higher than for a car loan program. The client receives a loan for any purpose without any collateral, so the bank's risks increase, which is reflected in the interest rate and this is perhaps the only significant disadvantage, but there are much more advantages ...
Firstly, there is no collateral and the car is not forced to insure "in full". And for some car brands, insurance can be a very serious expense ... an annual expense. And if for the first year the insurance is "imperceptibly" included in the loan, then next year the car owner himself will have to take care of this (which, for many, becomes an unpleasant surprise).
Another significant plus is that, in the case of buying a car using an “inappropriate” loan, you get the opportunity, if necessary, to sell the car without the consent of the bank (which is required in the case of a car loan).
Additional opportunities for using “non-targeted” loans.
Using a “non-targeted” loan is also convenient when you need to buy vehicles of other categories on credit: motorcycles, utility vehicles, etc.
By the way, “inappropriate” loans are often convenient to use not only for buying a car, but also for buying car accessories. This is convenient in a situation where the “related” goods for the car are of significant value.
Many banks provide the service of accelerated processing of “non-targeted” loans. The amount in this case, of course, is not a million rubles, but sufficient for many situations (today the size of such loans is 150 ~ 200 thousand rubles, depending on the bank). Moreover, the client can arrange the purchase of car accessories on credit directly at the car dealership, where the workplace of the bank employee is organized (in this case, the decision to grant a loan is usually made within no more than 60 minutes, with a minimum set of documents).
