How to buy a Chevrolet Cruze on credit through a car dealership and through a bank

To get a car loan and buy a Chevrolet Cruze, you can go to any car dealership that offers this model, or to a bank that has a car loan program.

The cost of a car, depending on the configuration and place of purchase, is about 500-650 thousand rubles (prices are indicated at the beginning of 2015). When buying on credit you will need to make an initial payment of 10-50% of the amount of the car. A car loan is issued for 1-7 years, depending on the conditions of the bank. Mandatory requirements for car loans are payment of CASCO insurance and pledging a car TCP to the bank.

Buying a Chevrolet Cruze on credit through a car dealership

If your choice is a visit to a car dealership, the task of obtaining a loan is greatly simplified. Car dealerships cooperate with several banks, where you can apply at the same time and get a loan without visiting a credit institution.

Choose the Chevrolet Cruze in the right configuration, apply for a loan in the cabin, present your passport and driver's license. Within a few minutes, you will receive a response from the bank, make an initial payment, pay insurance, sign a contract of sale, a loan agreement, a pledge agreement and an insurance contract, and - pick up the car. All stages take place in one place and in a short time, which will significantly save time and effort.

The car dealership staff will help to draw up the necessary documents for the purchase, borrowing and car insurance. It remains to make part of the cost of the car at its own expense and sign the contract. Car dealerships offer special conditions for purchasing cars on credit: a discount on the cost, additional services, free after-sales service, a discount on insurance, a reduced interest rate in a partner bank or high-quality tires as a gift.

Car loans are characterized by a high speed of provision and minimal requirements for the borrower. For 1-2 hours, you can completely resolve organizational issues and leave the salon already at the wheel of a new car.

The disadvantage is the small number of loan offers. If banks that cooperate with a particular car dealership refuse to approve the application, you will have to look for a car dealership that has a Chevrolet Cruze on sale but works with other credit organizations.

Making a Chevrolet Cruze on credit through a bank

If you prefer to go on the other side and first get a loan from a bank, and then sign a purchase and sale transaction, the procedure will take more time. First you need to find a bank that is ready to provide the loan with the missing amount, submit a package of documents for consideration, obtain approval of the application, and only then look for a car dealership or seller who wants to sell Chevrolet Cruze.

The bank may refuse at the stage of consideration of the application, or after checking the documents confirming the solvency of the potential borrower. A refusal may occur during the search and offer of a suitable car, the purchase of which will require a loan.

The advantage of working with the bank directly will be more favorable and flexible terms of borrowing. A client with a bank salary card or a positive credit history is entitled to a discount and a preferential interest rate. The down payment may be less than 10%, which is not possible when applying for a car loan through a car dealership.

The newly-made owner will have to visit the insurance company separately to apply for a CASCO policy for the appropriate risk package, and the car must be provided as collateral for the requested loan. It will not be possible to sell the car until full repayment of the loan.

A creditor bank, as in the case of a mortgage loan, may request additional guarantees for the repayment of a car loan, for example, a guarantee or life insurance for a borrower, which will increase the cost of a loan.

The process of obtaining a car loan to buy a Chevrolet Cruze through the bank will take from several hours to several weeks, because often the bank asks for additional information, asks for additional documents to familiarize yourself with the borrower's personality, reputation and income.