Race car loan installment that has culminated when the new financial companies to enter the loan package and give to 100% of the value of the car without the need for collateral.
Ridiculous but true
Previously, if the customers buy cars want to borrow 100% of the donations to pay the value of the car, must have collateral. Also pay, mortgage registration paper, then just be borrowing from 70-80% of the value of the car. But now, just as the mortgage loan customers registration is still 100% the value of the car, not the same upfront, after just about 4-8 to “the procession”-box driver home.
Very easy to find the words to such solicitation on the Internet, with statements such as: “attention to hear the ridiculous but that is real”, or “does not need money still buy cars”, …
This lending package is the financial company of the customer-oriented individual who is working or small business. Working with the customer, the required condition is to have medical insurance, agency, work closed. With small business customers, are required to have business registration from 3 years upwards.
The second mandatory condition is to have total income folded 2.5 times the amount of monthly installment. In addition, other documents needed such as: identity card, household, labor contracts, bills electricity, water, parking, address, driver’s license, phone number and his relatives.
The highest loan packages worth up from 500-800 million, as the financial company. The interest rate for the loan term from 10% per year 3-5 year, also from 5.5-7, at the rate of 12% per year. Customers who bought the car going to the car dealer, sign the contract and provide the records to the loan company to appraise. The appraisal is done, will disburse immediately, quick time only from 4-8.
A financial firm employee consumer loans said, because market participants consumer loans late, so the company must create the most attractive product package to pull in customers, win market share.
When asked, if only to prove the basic salary according to labor contracts, will be eligible to borrow, then get the answer: require is total income folded 2.5 times the amount pay contributions monthly. If the salary is not enough to find valid ways by other outside income, such as rental house, or have contracts, cars … whatever is reasonable.
Who would dare try?
Not least the consumers are delighted with this product package. In which the majority said it intends to borrow about 500 million to buy a car size small to go back everyday.
A customer in Hanoi said that considering can borrow about 450 million to buy the Hyundai i10 just shuttle her children, just go do, umbrellas and rain cover families go out last week. With two-income married couples about 30 million VND/month, fully paid and dream up the life box drivers already in hand.
However, of the opinion that with the loan package should carefully keep 100% of the value of the car. According to calculations, if 500 million loan to buy a car, a 5-year term, with a 10% interest per year, the equivalent of 0.83% per month, then the first year must also pay about 10 million per month in both the root and the interest rate. Monthly, the cost to feed the cars also cost more about 3-5 million, including petrol, parking, ferry, bridge fee … If the family income at the rate of 30 million cost for the car was occupied almost half, will no longer have much to spend for other regular expenses.
Also, when buying a car have to add other costs such as stamp fee, from 10-12%, as the number of sea level and locally, if in Hanoi and HO CHI MINH CITY. HCM is 20 million, the same series as the road fee, premium vehicle according to the requirements of the lending credit institution.
If no balance and calculation techniques, the borrowers vulnerable to pressure by debts. This is a long term loan, if does not guarantee payment for credit institutions, trouble happens. In addition, the need to consider carefully the terms regulation of interest rates. Most of the first year, to next year, if the floating interest rates, the loans of course clients will be adjusted.
Customers who have unstable income or low income that listening to employees in the financial companies, legalizing controlled outside income to qualify for the loan, just because want to have cars, would risk. If unable to pay the debt , to the loan fell into bad debt, interest rate, interest rates will lay to the mother at the time the automobile lien debt and equity plus interest paid in advance that no longer.
Except for car purchase made production tools, such as the business of running a taxi, contracts … then just had vehicles to travel occasionally, just to make money to pay the interest and the terms related to it. If buying a car just to serve the needs of families, to calculate carefully the cost of living, the cost of farming and repayment costs.