Happy customers from Krasnodar bought a Changan car in the VitaAuto auto center
My wife and I decided to come to Moscow for a car. We came for another car, but thanks to Dinar, who set us on the "true path", we bought a completely different car with an excellent complete set. We are grateful to the whole team, especially the manager Dinar, who spent the whole day with us. And now we are finally going home in a new car. Thank you very much, it was a pleasure to work with you.
Positive feedback from a client from Nizhny Tagil. September 2019
Today I came to the Vita Auto company
Happy owners of Changan CS35 Plus. Part two
I subscribe to the words that have already been said. And I will add such a small ... Dinara, Andrey, well done guys! Then there I saw more, selflessly refer to their work. Generally, well done! The whole salon is great! It's just ... Well, going up to the second floor, there we met the head of the credit department, Lena, who had already fought for us with the banks, she did everything she could for us. More than we expected. In this salon there were no questions at all. Well done! Lena is standing next to me smiling, she says thanks to us, we are - please. In short, we are delighted with this salon and this place. Work like this!
Customers express their gratitude to the staff of the VitaAuto car dealership. September 2019
We helped with the car! Thank you very much Dinar for the good consultation and thank you very much to Timur Alievich! All the best. A wonderful salon!
Gratitude of the client for help in choosing a car. August 2019
Happy owners of Changan CS35 Plus. Part one
Thank you very much for your competent help and support! They treated us very attentively. Let us stay in the salon for a long time, but we left with the purchase joyful and happy! Thanks a lot!
Positive feedback from the client for the "Vita Auto" salon. August 2019
The car was purchased at the Vita Auto showroom. The choice was not accidental, the reviews on the Internet impressed me. I arrived at the car dealership, appreciated the attention to my wishes of the car dealership managers, the credit manager. I would especially like to note the attention of Renat and the manager of the credit department Marina. I am satisfied with the purchase, I stay with the car.
Happy owner of a new car. July 2019
Thanks to the Vita Auto car dealership for the car provided to me!
Positive feedback on Vita Auto. 06.08.2019
Thank you very much for the car dealership consultation and car selection. Directly to the manager Sergey Morozov. Hopefully not the last car! Thank you all very much!
Maria picked up a wonderful gift for the New Year at the VitaAuto showroom
We bought a Hyundai Сreta car at the VitaAuto showroom. I was very surprised by the pleasant attitude, customer care and attention from the company. I would like to express special gratitude to Artem, for his professionalism, humanity and positiveness. They picked up a car that they only dreamed of. This is a wonderful gift for the New Year !!! Thanks to the VitaAuto car dealership and people like Artem! Good luck! Happy New Year!
Gratitude of the client to the auto center Vita Auto. 09/08/2019
We visited the Vita Auto salon. Renat helped us with choosing a car. Thank you very much!
The happy owner of a new car expresses gratitude to the Vita Auto showroom
Good day! Today, July 26, I bought myself a car in Vita Auto. I hope she does not let me down, the consultant served me with a bang. Sergey, success to you! Thanks to all!
Irina from the city of Penza bought a Hyundai Greta at the VitaAvto showroom
Many thanks to the manager Artem for the friendly attitude towards customers. We came with the whole family from Penza and plunged into the atmosphere of attention and care. Artem competently explained to us which car and which configuration is better to choose! Thank you very much for your care and attention, we wish him good luck and success in life!
Review of a buyer from Moscow who bought a car at a VitaAuto car center with a good discount
I came to the VitaAvto auto center for a new car. Thanks to manager Denis! He was always by my side, and I did not feel abandoned. The car center has a very pleasant atmosphere and staff. Everything was done amazingly: I came for one car, and chose another - for this many thanks to Denis. They gave a lot of gifts: rubber, carpets, a driver's kit, an OSAGO policy. Thank you for your warm welcome!
Olga thanks VitaAuto for purchasing DongFeng
The possibility of refusal from Comprehensive Car Insurance In addition to Liability (CASCO) is available for every car owner. After all, refusing insurance, the driver will save a fair amount of money. To this end, the motorist must find a bank that does not require a policy. Many financial institutions in the Russian Federation have this option in their system.
Can I get a car loan without CASCO?
Unlike OSAGO, CASCO is voluntary insurance. For this reason, there is an alternative to take out a car loan without an insurance policy. The banks issuing these policies insure themselves against possible risks, since in the event of an accident, theft, the owner's inability to repay the loan, the lender is not able to withdraw any funds from the borrower.
For this reason, a bank issuing a car loan without CASCO for a new car performs the following manipulations:
- the amount is limited to 1 million rubles;
- an initial payment becomes mandatory, the amount of which is increased by half;
- the bank obliges the client to make additional payments;
- the subscriber is forced to purchase a car only in a partner car dealership;
- lending time is getting cut back;
- the interest rate is capable of reaching 30%;
- the credit history of the client undergoes a deeper examination for examination.
Each motorist decides for himself whether it is profitable to get a car loan without CASCO, because, saving on the CASCO policy, he overpays for other items.
List of banks
Every year, the list of banks that do not need an insurance policy when concluding a car loan is increasing. For all banks that provide the opportunity to apply for a car loan without an insurance policy, there are standard rules:
- increased first payment (in most financial institutions related to the credit sector, the mark of the amount of the down payment reaches about half of the total cost of the car);
- the loan amount is limited (the amount limit for the customer is limited to no more than 1 million rubles);
- huge interest rates (any bank raises the rate by at least 4-6% to protect its own assets);
- reduced maturity period (term reduced to 2-3 years).
For the above positions, it follows that the conditions for car loans without CASCO differ sharply from ordinary lending. Each creditor bank provides its own down payment on a car loan without hull insurance, further details will be given on the possibility of this service in different banks.
The following banks arrange car loans without CASCO:
- UniCreditBank (rate 8.83-10%; maximum amount - 920 thousand rubles; initial payment from 20%; term from 1 to 3 years);
- Metcombank (rate is about 9-11%; the allowed amount is about 800 thousand rubles; the first installment is also from 20%; the repayment time is within the period from 6 months to 3 years);
- Zenith (about 10-24% interest; loan amount - 800 thousand rubles; initial payment -20%; term from 1 to 3 years);
- Center-invest (rate 15-17%; the amount is not limited; the first installment is from 20%; up to 5 years);
- VTB24 (rate 16-23%; amount up to 1.5 million rubles; initial payment from 20%; term within 1 to 5 years);
- Credit Bank of Moscow (rate 16-32%; amount up to 4 million rubles; installment from 20%; due date - from 6 months to 7 years);
- Svyaz bank (rate 17-39%; amount up to 5 million rubles; installment from 30%; term from 6 months to 5 years);
- Sovcombank (rate 15-23%; maximum amount up to 1.5 million rubles; first installment from 20%; term - from 1 to 5 years);
- Akbars (rate from 15 to 20%; amount up to 3 million rubles; first installment from 30%; period from 1 to 5 years);
- TransCapitalBank (rate 20-24%; amount up to 5 million rubles; installment from 30%; term from 1 to 5 years).
How to get a car loan without CASCO?
Several steps for obtaining a car loan without CASCO:
- choosing a bank - submitting an application (it is best to search for candidates for such a transaction through special services - comparisons that issue a list of banks and their programs in the selected city, it is also possible to apply for a car loan online by submitting an application on the website of the selected bank);
- collection of documents (to submit an application, you will need a passport; the application for a loan itself; a driver's license, if the driver has it; a copy of the work record confirming the client's work experience; 2-NDFL certificate, you can get it at work in the accounting department) ;
- conclusion of a purchase and sale agreement (paperwork for purchasing a car in the sales center and signing an agreement with a bank representative);
- conclusion of an agreement with the bank, first installment;
- registration of a car, repayment of debt (registration of transport in the traffic police must be made within 10 days from the date of conclusion of the contract).
Is it possible to get a car loan with state support without CASCO?
A car loan with state support is made without hull insurance in the form of a concessional loan, the use of which is limited. The car loan received can be reduced in total. The role of the state in this form of loan repayment is that the state pays for 2/3 of the entire refinancing rate, which, in turn, reduces the client's loan repayment by about half.
In case of targeted car loans, the borrower always bears the costs of concluding an agreement with the bank. The main article in this estimate is auto hull insurance, it is also called "iron insurance". The cost of the policy often reaches 10% of the loan amount and is expected to be paid annually until the debt is fully repaid. Considering how expensive such a service sometimes costs, a potential borrower should figure out if there is a car loan without a comprehensive insurance, and what are the features of a loan with and without insurance.
The essence of auto hull - combined auto insurance - is insurance compensation for losses in case of damage to specific property or car. Coverage under this program may differ, but in the case of car loans, it usually covers:
- for any damage as a result of an accident (without reference to the driver's fault in an accident);
- in cases of theft;
- in cases of total death of the car as a result of a road accident, actions of third parties or the whims of nature (a tree fell on the car).
The peculiarity of registration of comprehensive insurance with a car loan is the presence of a third party, a beneficiary. The bank acts as it, but the participation of the beneficiary in the settlement of insurance claims is prescribed in different ways. Standard options:
- in case of minor damage (road accident, illegal actions of third parties), the insured and the insurer will settle the issue between themselves, the borrower continues to make payments to the bank on schedule, the compensation is credited to him for repairs (or repairs are carried out at the insurer's sites);
- in the event of the loss of collateral or theft, the insurer shall reimburse the bank for the full cost (residual) of the car, the rest of the indemnity, if its amount is more than the loan balance, is transferred to the policyholder;
- when insuring a car strictly for the loan amount (and not its full cost, according to the invoice), all payments are made directly to the beneficiary, according to the indemnification table.
What does the financial company get in this scenario of the development of events: the bank's risks are reduced, it can afford to apply loyal conditions to the borrower.
Pros and cons
For the recipient of the loan, having a policy from a serious insurance company is:
- increased chances of getting a loan;
- with comprehensive insurance, it is possible to apply for a car loan without a down payment;
- rate from 11-13% per annum (for comparison, a consumer loan that does not involve collateral is charged at 23-30% rates);
- the prospect of long-term lending (7-10 years for a new car, up to 7 years with comprehensive insurance for used cars);
- guarantees of a positive credit history;
- no requirements for the registration of additional services and commissions for the approval of the application;
- distribution of financial risks (expenses in case of an accident).
These are the advantages of a car loan with a policy. He also has disadvantages:
- annual expenses in the amount of 5.5-10% of the loan;
- purchasing a policy from an insurer from the list of the lender's partners;
- the need to renew the insurance every year;
- obligation to provide the bank with an insurance contract (if the selected insurer is not included in the group of organizations of which the lender is a member).
How much does car loan insurance cost?
The specific amount of comprehensive insurance for a car loan depends on:
- from the cost of the car; age of transport (it is cheaper to insure a new car);
- brand and price category of the vehicle (many car dealerships specializing in a narrow range of brands offer preferential conditions for car insurance);
- the presence of additional protective systems (car alarm key fob, GLONASS, anti-theft electronics);
- insurance history of the insured under OSAGO, if any (driving style);
- driving experience and age of admitted drivers.
The gold standard of bank insurance is a full auto hull insurance along with a mandatory policy (by the way, about whether you need to do MTPL if you have a hull insurance). That is, insurance against all risks without a deductible and with OSAGO. This is the most expensive policy, which costs 10% or more of the loan amount. It is much more profitable to sign a contract with a minimum (5-10%) deductible. Then the insurance price will drop to 6-7% of the loan amount.
If the client does not have cash to arrange an insurance service, the bank offers to include it in the loan amount. Then the policy will be paid for with borrowed money, and its price can be returned in installments. This is convenient but can be expensive.
Is a comprehensive insurance required for a targeted car loan
There are several legislative norms that allow banks to require a client to insure property risks in case of secured lending. These include Articles 353-FZ on consumer loans and Art. 343 of the Civil Code of the Russian Federation, which in clause 1 directly indicates the possibility of compulsory insurance, if it is spelled out in the agreement with the bank.
The law gives the lender the ability to claim the policy, but does not make voluntary insurance mandatory for everyone. The result of this approach:
- for an unsecured non-targeted loan, insurance is not required a priori;
- the bank can offer (and many lenders do) an alternative car loan program without a comprehensive insurance;
- even if there is a condition in the loan agreement on insurance, the issue of buying a policy can be revised or adapted to the wishes of the borrower.
How to get a bank car loan without comprehensive insurance
You can take a car loan without a comprehensive insurance policy. There are several options for getting rid of expensive insurance costs.
- Contact banks that practice two related programs - with and without a policy.
- Get a secured but unsecured consumer unsecured loan that most banks offer.
- Use the target program, but with the replacement of the collateral. By changing the car as collateral for an apartment, you can win up to 8% of the insurance rate (if car insurance costs 7-10% of the loan amount, then real estate insurance - 1.5-3%).
Car loan conditions without comprehensive insurance
The state support program for lending new cars does not include a prerequisite for issuing a policy. If the bank offers targeted programs without insurance, the borrower has the opportunity to get a preferential car loan without hull insurance. Otherwise, the conditions are standard:
- the absence of an additional guarantee determines an increased interest rate;
- it is almost impossible to agree on a longer car loan term than three years;
- advance payment (participation of the borrower in covering the cost of the car) increases without auto hull insurance up to 25-50%, depending on the bank's policy;
- many put forward requirements for additional protection of collateral (satellite signaling system);
- surety becomes a mandatory requirement (with proof of the guarantor's income).
Which banks give a car loan without hull insurance
If we talk about which banks give car loans without hull insurance, then as of January 2018, more than 20 companies of different financial stability are known in Russia that use targeted lending programs with the ability to refuse insurance of property pledged (vehicle). Top three reliable lenders promoting such products:
- VTB 24. Under the Autoexpress program, you can get a car loan without hull insurance for used and new cars worth up to 10 million rubles for a period of up to 5 years at 17–20%. The bank takes part in the state support program, the total cost of the loan will be 10-15% per annum.
- Alfa-Bank JSC. Here you can get a car loan without comprehensive insurance for a new or used car in the amount of up to 1.5 million rubles at 17-21% for a period of up to 5 years. There is a minimum down payment of 15%.
- JSC "Bank Sovetskiy" is promoting "Turbokredit" - a car loan without hull insurance for a new car in the amount of up to 5 million rubles for 2-7 years at 16.5-20%.
Is it possible to take a car loan without registering a comprehensive insurance policy
These are only official targeted programs with a car pledge and standard conditions on which car loans are issued without comprehensive insurance. There are also alternative options - Sberbank loans guaranteed (up to 15% per annum) and its subsidiary Cetelem Bank, services of Rosbank, Rosselkhozbank and other organizations that specialize in consumer loans. Their rates for their own clients (holders of pension, salary, debit cards) are quite acceptable - 13-17%.
If the borrower is interested in the target option (for example, if he wants to receive subsidiary state support), then he can not pay comprehensive insurance in one of two ways:
- Use a special program (where it operates).
- Agree with the lender that the policy will be issued for the first year, but the borrower will be able to refuse comprehensive insurance for a car loan for the second year. It will take up to three months (drawn up by a memo, reviewed by the credit committee), will require proof of customer loyalty, but will give grounds for an official legal refusal.
What are the terms for refusal
If the bank demands to insure the collateral, the insurance contract is signed simultaneously with the loan agreement on the eve of the disbursement of funds or the transfer of money to the seller. Sometimes the entire package of documents is endorsed right at the point of purchase - many car dealerships cooperate with banks and insurers. But here you need to understand: both for the loan and for the sold insurance they receive a commission, therefore they are financially interested in the full volume of services sold.
This is a common practice if the car is issued with a car loan with comprehensive insurance. Although the law reserves the right for the borrower to draw up a policy on their own, providing it to a bank employee within 21-30 days.
If the recipient of the loan intends to refuse to pay insurance, it is worth talking about it right away. The consultant will offer an alternative service program or negotiate specific conditions under which a car loan without a comprehensive insurance will be issued.
The law provides an opportunity for the policyholder to reconsider the decision to conclude a policy. From January 2018, he can “cool down” - change his mind and terminate the insurance contract within two weeks from the date of its signing. But in this case, the loan agreement provides for sanctions. They may differ, therefore, you must read the paragraph that comprehensive insurance is mandatory for a particular loan very carefully.
How credit conditions will change
What a lender can do after learning about the borrower's initiative to terminate the insurance or not pay the comprehensive insurance at all:
- Raise the interest rate. This is an important point to be deducted in the loan agreement. Some banks prescribe the possibility of increasing without specifics (a la to the level of consumer programs without insurance), then the loan rate may immediately rise to 30% or more. Other template documents suggest an annual rate increase of 0.5-1%. With the declared cost of the policy of 100 thousand rubles, an increase in the price of a loan by 2–3 thousand rubles a year looks more attractive.
- Reduce the loan term or the maximum car loan amount, if it has not been received yet.
- Request early repayment of the loan within a month.
- Start court proceedings on the alienation of the pledged property.
- Formally require compliance with the terms of the loan in terms of insurance.
Is it possible to refuse casco insurance with a car loan
No bank is authorized to compel customers to insure. Therefore, it is called voluntary, and bank insurance is imposed. The borrower has the right to a car loan without a comprehensive insurance, but the lender has the right to reject in this case his application for using the service.
A confrontation with a bank is useless in terms of the requirement to issue a loan without insurance, but its recipient can achieve the opportunity to independently choose an insurer and the conditions of insurance coverage. Here, again, you need to read the loan agreement. It may indicate:
- Insurance claim. The very fact of the required presence of a property policy does not mean the need for full coverage when registering a comprehensive insurance policy from a particular company. You can save on this.
- List of risks that the policy should cover. There is a "loophole" here - the completeness of this coverage (you can not insure for the entire cost of the car, apply a deductible).
- Notification of the lender about the change in the insurance conditions. In this case, the change itself is not a violation; such will be the default on their introduction.
How to refuse a comprehensive insurance policy with a car loan
If you want to get a car loan without insurance, this moment must be announced and registered right away. In the bank's questionnaire, if there is such an item, it should be noted “without insurance”. If there is no point, you can write an official application addressed to the director of the bank branch with a request to provide a loan (with justification) without concluding an insurance contract. Such applications are processed within 2-3 weeks.
If it is possible to agree on a waiver of comprehensive insurance for a car loan, the bank will offer alternative conditions. If absent, it will reject the application.
After the credit committee has made a decision to provide a loan for the requested amount and a term with an insurance condition, you can also write an official refusal so as not to pay a comprehensive car loan. But this will restart the whole mechanism: there will be a new committee and a new decision (probably negative).
Is it possible not to pay Casco insurance for a car loan for the second year
Obligation of insurance is determined for the entire period of debt repayment. These are the rules of the banks. In fact, not all creditors carry out verification of the extension of insurance starting from the second year of repayment in the absence of delinquencies. De facto, the customer may not pay comprehensive insurance for a car loan for the third year of return, or even earlier:
- If insurance is not included in the price of the car loan amount, then the client is authorized to agree with the bank on new insurance conditions or simply stop extending the policy. If enabled, then the amount of the annual premium will automatically increase the balance every year.
- Independently change the conditions of comprehensive insurance for a car loan from the second year (increase the franchise, switch to service in another company). The bank requires notifying of such changes, but in themselves they do not constitute a violation of the terms of the agreement, therefore they cannot entail sanctions. After concluding a new policy, you can simply send a notification to the lender with a copy of the insurance contract.
In order not to pay at all for 2 years of comprehensive insurance with a car loan, you must carefully re-read the loan agreement. Much depends on what sanctions the bank has reserved the right to impose for such actions.
Consequences of non-payment of comprehensive insurance
The consequences of non-payment of insurance in the second and third years are the same as when you refuse it (they differ from bank to bank):
- an increase in the annual interest rate;
- early repayment requirement;
- accrual of a fine for non-payment of comprehensive insurance and penalties.
If the cost of the policy is included in the body of the loan, then non-payment will lead to the formation of an overdue payment. This is already a damaged credit history and the accrual of overdue interest.
Early repayment insurance
To change the insurer (and get a lower rate), the borrower must write an official application to the insurance company in which he originally issued the policy. It is better to send such a document by mail or enter it personally (get a mark on incoming correspondence on your copy). The term for consideration of an application for termination is up to 10 days (as a rule). In the absence of grounds for extending the contract (a clearly stated requirement of the bank to be insured in the same organization, which is a violation of the law), the application is approved, the contract is terminated.
If such an application is filed upon the fact of full early repayment of the loan (insurance obligations to the lender are over) and a short time after the next renewal of the policy, the policyholder may return part of the premium paid. How to get your money back on comprehensive insurance:
- If two weeks have not passed since the deposit of funds, you can be guided by the new "cooling" rules. The insurer is obliged to return the entire amount or part of it minus the premium for the days of the contract.
- If two weeks have passed, the refund depends entirely on the terms of the insurance contract. As a rule, insurers meet halfway with the insured with "light pressure" (letter with a complaint to Rospotrebnadzor).
In all cases, the policyholder will be able to return, upon early repayment of the car loan, the amount of the insurance premium paid minus the costs of the insurer for the execution of the contract (23%) and the number of days the policy is valid. To return, a statement is enough with a justification of the desire to end cooperation, a request to return the funds and an indication of the account details where the bonus should be transferred (its balance). If you refuse, you can go to court.
How can you save on collateral insurance?
With all the desire to save on a car loan, you should not refuse car insurance under the Casco program. It lowers the loan price qualitatively and gives the borrower many advantages.
But saving on comprehensive insurance for a car loan is both possible and necessary. There are tons of tools for this:
- deductible - participation in compensation for minor losses of the insured (increasing its size to 15% reduces the tariff to 4.5–5.5%);
- involvement of your insurer when choosing a car loan (large banks are often ready to include it in the list of partners at the initiative of the client);
- 2-3 years of break-even insurance (the right to a discount in the insurance company for 1-3 percentage points);
- restricting drivers' access to the car (if you insure the car under comprehensive insurance with only one driver admitted to it, the tariff will be reduced to 5-6% of the loan amount);
- self-prolongation (extension) of the insurance policy with a revision of the amount of insurance (a good way to save money is to reduce the base from which the tariff is calculated, and which should be the remainder of the debt).
If the remaining maturity is short, it is possible to formally negotiate the cancellation of the insurance requirement. The same goes for waiting for early repayment - a full refund before expiration.
Almost always, you can agree on normal insurance conditions with a large bank (not from the first, but from the second year of use, you should immediately find out whether it is necessary to pay every year until full repayment). A good credit history, experience of cooperation with a lender (deposits, credit cards in the past) increases the chances of an adequate value.
Yes, not all employees of a financial institution can give competent advice on whether it is necessary to apply for comprehensive insurance on the most stringent conditions, and how they can be improved to the recipient of the loan. But this is the art of choosing a partner - you need to be able to find that bank employee with whom you can conduct a dialogue. This is an easy way to get a profitable loan without overpaying insurance.
Due to the high cost of insurance policies purchased with loans, many refuse such deals.
The question naturally arises whether it is possible to take a car loan without life insurance and without CASCO.
Banking institutions require customers to insure a car loan in order to minimize the risks associated with non-repayment of the borrowed amount or damage to property purchased on credit (in this case, a car).
Borrower's accident / illness insurance
The insurer provides the client with a contract previously drawn up by the company.
The policyholder does not have the right to make adjustments to the document, he only accepts or does not accept its terms.
Accident insurance includes protection in the event of illness, accidents, death, loss of employment.
Banks insist on life insurance, in the case of the purchase of a very expensive vehicle, when the loan amount is large.
Collateral protection
This refers to theft or damage to property. In this case, the terms of the contract are agreed upon by both parties (the insurer and the policyholder).
Such insurance allows the bank not only to collect funds (the collateral is subject to collection, here - the car) from the borrower in case of violation of the terms of the contract, but also to receive compensation from the insurer if the car is stolen or had an accident.Deal protection - title
It implies the protection of the bank from illegal manipulations related to the ownership of the collateralized property.
The risk of non-repayment of debt
The client's liability for not returning the borrowed money is also insured. This also includes insurance against job loss.
That is, any risk associated with the inability of the borrower to fulfill the loan obligations.
CASCO
Additional auto insurance, which, unlike compulsory, covers not only the liability of the person responsible for the accident, but also covers the amount of damage to the car for the owner of the policy.
Banks intend to protect their own risks in every possible way and, of course, at the expense of the borrower.
The good news is that today's market is highly competitive for banks.
In the struggle for the client, banks offer to arrange a car loan without CASCO. How this is possible and how to get a car loan without life insurance, we will tell you along the way.
What is written in the insurance law
Lenders who persistently offer borrowers of auto loans to take out additional insurance refer to the articles of the Federal Law regulating the relationship between the mortgagor and the borrower (in the case of a consumer loan, which is auto lending).
Clause 10 of Article 7 of Federal Law No. 353-FZ of December 21, 2013 indicates that the lender, in order to ensure the performance of the loan agreement by the borrower, has the right to demand additional insurance of the pledged property (car) against the risks of loss or damage.
But the same article says that if compulsory insurance is not provided for by federal law, the creditor bank has the right to revise the terms of the loan agreement and offer the client an alternative solution (reduce the payment period, raise the interest rate).
Clause 1, clause 1 of Article 343 of the Civil Code of the Russian Federation states that the mortgaged property (in this case, a car) must be insured by the mortgagor against the risk of loss or damage.Based on this provision, banks require customers to conclude a CASCO. If the borrowers refuse to comply with the requirement, the bank has the right to refuse to issue a loan.
If the borrower has proved his solvency and provided the bank with other evidence of the ability to repay the loan, without placing a car as a pledge, you can take a car loan without life insurance and hull insurance.
The ways
It is necessary to separate two types of insurance, the most common with a car loan.
Life insurance for car loans can be exclusively voluntary.
The law stipulates the obligation to insure the deposit, not the life of the insured, but the safety of the car. That is, in fact, CASCO, when registering a car as a pledge, is a prerequisite.
Let us reaffirm: there is no law obliging the borrower to insure life.
Therefore, you can take a car loan without life insurance.
But in order to motivate the client, the bank comes up with commercial gimmicks. For example, it will increase the interest rate on a loan if the borrower refuses to take life insurance. But he has no right to oblige. And the borrower's right is to choose whether these conditions are suitable? No - we go to another bank.
But it is more difficult to refuse from CASCO. And you can only before the conclusion of the loan agreement.How to avoid buying a policy
Summarizing what has been written, we will give all the options to refuse to buy an insurance policy with a car loan, as follows:
- Agree to an increase in the annual interest rate.
- Provide additional guarantees, for example, offer some other property as a pledge, or bring a surety.
- Agree to return the borrowed amount as soon as possible.
- The bank, upon revising the conditions, has the right to reduce the limit of the loan amount when applying without CASCO.
- Obtaining a car loan without buying additional insurance is possible if the initial payment is at least 30-50% of the market value of the car.
- The borrower is encouraged to have additional income; supporting documents are provided for confirmation.
- It is possible to get a loan if you agree to purchase the model that the bank will offer (for some cars, you do not need to issue a comprehensive insurance policy).
Will you give a car loan with state support without CASCO?
Any car loan, even with state support, at least on standard terms, is almost always issued on the security of a car.
In accordance with article 353 of the Civil Code of the Russian Federation, for the period of validity of the loan agreement, the pledge must be insured in favor of the bank against the risks of damage and loss.
And since until the moment of repayment, the car is pledged by the bank, the bank has the right to demand the obligatory registration of CASCO.
Useful video
Watch a video where the borrower talks in the first person about his experience of taking a car loan without life insurance and without CASCO:
List of banks
There are banks that at different periods of time announced programs for the issuance of car loans without hull insurance and life insurance. Month for month does not fall, the bank can start the program, pause and resume again. Check it out.
However, here's to you a list where the editors of the site saw the possibility of obtaining a loan without life insurance at different times:
Energobank provides car loans for up to 5 years with the possibility of early repayment, the first installment is from 15%. Annual rate - 11.5%, commission 0.75% per annum.
Credit Europe Bank- the maximum term is 4 years with the right to early repayment in a year, the first installment is from 10%, the amount limit is 450,000 rubles.
Monthly rate 1 - 1.5%, one-time commission 4 500 rubles.
Sarovbusinessbank- the maximum term is 5 years with the right to early repayment in 3 months, the first installment is from 20% with the maximum cost of the car at 200,000 rubles. The annual rate is 12.5%, the monthly commission is 0.8%. There is a car loan program without CASCO.
VTB 24- the maximum term is 3 years with the right to early repayment in 3 months, the minimum contribution is 50%, the loan amount is from 1 to 10 thousand dollars (or in rubles). One-time commission - $ 150, Annual rate - 15-17% in rubles, 16-17% in dollars.
Promsvyazbank- for a period of up to 5 years with the right to early repayment at any time, the first installment is from 30%, the limit is 1,500,000 rubles. One-time commission - RUB 4,500, annual rate - 16%.
Moscow credit bank- The maximum term is 3 years with the right to early repayment in 3 months, the first installment is from 30% with the cost of the car not exceeding 900,000 rubles.
Commission - 7,500 rubles one-time, annual rate - 14.5-16%.
Home Credit- the maximum term is 6 years with the right of full repayment immediately and partial in six months, the first payment from 10%. Monthly commission - 0.7% of the loan amount, rate - 12.9%.
Now more and more banks offer car loans without insurance. But, with an increase in risks, the interest rate naturally rises.
If we take into account the fact that in case of damage or theft of the car, the borrower will be forced to reimburse all expenses from personal funds, it turns out that additional types of insurance are beneficial to everyone parties to the transaction. The more risks are taken into account, the more reliable lending will be.
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The history of car loans with state support dates back to 2009. In the conditions of the then raging financial crisis, its goal was to support domestic car manufacturers by stimulating consumer demand. The program is annually extended or suspended, depending on the situation in the Russian car industry. The project is being implemented by the Ministry of Industry and Trade.
Previously, the essence of state support for car lending mainly consisted in the fact that the latter was made at preferential interest rates, and the state reimbursed the difference between the base and preferential interest rates to banks. In 2018, this system has undergone significant changes.
Conditions for car loans with state support in 2018
The mechanism of action of the car loan program with state support in 2018 is spelled out in the decree of the Government of the Russian Federation. The essence of the changes lies in the fact that the state stops subsidizing interest rates on loans, but provides compensation for discounts in the amount of 10% of the cost of cars purchased with credit funds. Such discounts will be provided under the First Car and Family Car programs, which were launched in mid-2017. The number of "preferential" cars for 2018 is set at 55 thousand, and the marginal cost of a vehicle is 1.5 million rubles.
The First Car program is aimed at novice drivers (to buy their first car in their life), and the Family Car program is aimed at families with 2 or more children. Taking into account the fact that the funds allocated for state support for these programs in 2017 ended in October, potential borrowers should not postpone the purchase of preferential cars "for later", since they may simply not be in time for distribution.
What features of car loans with state support should be taken into account?
Along with a discount on purchased cars, potential borrowers receive a whole set of additional conditions that they must meet. In addition to the fact that an applicant applying for a preferential car loan must not have previously owned cars or have a family with 2 or more children, banks have their own requirements - in terms of age, financial solvency (employment, income level) and the composition of documents that must be submitted for consideration of the application and registration of the loan agreement.