Car loans 2015 – steps along the edge of the abyss
Unfortunately, the phrase that the car is a means of transportation, not luxury, in our country still does not coincide with reality. Yes, in recent years more cars have been bought than in the same 90s, for example. However, to the level of the West we still have to grow and grow. However, in the last year, the domestic car market is not experiencing a recession, but a collapse. The market is in a fever, of course, not the first time, but this year the situation was aggravated by the fact that a significant malfunction occurred in the field of car loans, and it was thanks to loans that dealers were able to increase sales in due time.
A sharp curtailment of credit programs in Russia began in connection with the recent crisis and the depreciation of the ruble. In particular, bankers are confused by the national currency itself, released into “free float”. And in general, the difficult economic situation makes it impossible to make any long-term forecasts. Car loans, as you know, relate to long-term loans.
In addition to the fact that lenders, having issued loans now, run the risk of losing out due to depreciation of money in the future, it is also likely that the debtor will become insolvent, because the percentage of layoffs and reductions traditionally grows in a crisis. Meanwhile, banks and now with an excess of problem debts accumulated over the past years.
Considering the current situation, it should certainly be emphasized that the loan offers themselves did not disappear completely, although for some time the banks really almost completely stopped processing any large loans. When the situation stabilized somewhat, and turned out to be even a little more understandable, financial institutions resumed issuing car loans. However, the conditions for their provision have become much tougher.
Firstly, loans have risen in price, and noticeably – by 5-7%, and this is in the best case. At the same time, let’s not forget that even the pre-crisis 15-18% per annum, not everyone could afford. Secondly, the requirements for borrowers have become tougher. In particular, regarding the size of income, as well as their legality. If earlier, an auto loan could sometimes be obtained even without a certificate of earnings, now the list of documents required by banks is no longer just a wish, but a prescription.
Thirdly, banks began to take more seriously the reliability checks of applicants. With particular prejudice, the real income of borrowers, as well as the presence of outstanding debts or past due loans, are studied. Increasingly, checks are being made not only to applicants, but also to their immediate family. Of course, the increased demands of banks could not but affect the percentage of loan failures. If earlier an auto loan could be refused either to a person with very low incomes or to a malicious deadbeat, now even respectable job seekers can get a lapel only because the bank decided to play it safe.
The current situation does not suit anyone. Neither car dealers, whose sales sometimes fell by almost half, nor banks forced to put up with reduced profits, nor consumers who now have to postpone their desired purchase for an indefinite period. However, in the circumstances, waiting is the best solution. At the beginning of the year, the government seemed to have hinted at resuming the program of preferential car loans, as has happened more than once. However, in the spring, officials notified that there was no money in the budget for this program, and therefore the auto industry (even the domestic one) had to get out on its own. It is difficult to say whether the situation will change for the better in the future. The government promises that preferential car loans will return as soon as the economy stabilizes a little. Bankers agree, and in turn promise to revise interest rates at the same time in the direction of their reduction.
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