Monthly Archives: March 2019

Car Loan: Purchase of New Cars and Old Cars

Quick Loans

There are several fast and consumer car loans on the Bulgarian market. On this page we will show you some of the most interesting car purchase credits for both new cars and old cars. Not only are there profitable consumer auto credits, but also fast loans with easy online application.

In addition to buying a used car or a new car, there are also very attractive offers for leasing under good conditions and without any limitation on the age of the car. Even now there is an auto-crediting without proof of income, no guarantor and only with an ID card.

1. AutoCredit

1. AutoCredit

 

We’ll start with credit for buying a car of the old. Applying for a loan from AutoCredit is easy, fast and convenient. Since it is a purchase of used cars. The maximum amount you can get is 8000 leva. The approval deadline is only 1 hour after the application.

If they approve you, you will become the owner of the car right now and it will be registered on your behalf from the beginning. This credit is self-deductible, which is at least 20% of the car’s cost. This credit does not bind you with insurers and repairers because the car is on your name right from the start. Let us summarize the particularities of credit:

  • Fast consumer credit for old cars up to 8000 BGN.
  • Reply within 1 hour.
  • You become the owner of the car right away.
  • Self-participation – minimum 20% of the price.
  • Payment period: between 6 and 24 months.

2. Autocredit New from BNP Paribas

This is a specialized loan from BNP Paribas for the purchase of a new car – up to 3 years from the date of its first registration. The maximum amount you can get is quite high – up to £ 80000 and you can finance the purchase of all cars. In addition, if you need additional funding for any related costs (such as car registration), you may also receive an additional amount.

AutoCredit New is a fixed interest rate for the entire car loan period. It is important to note that this is a credit for a car without self-participation. Become the owner of the car right away. The advantage of the loan is that you save a number of additional payments related to the transfer of ownership of the vehicle. Here are the generic features:

  • Consumer credit for cars up to BGN 80000 .
  • Fast credit with easy and express approval.
  • You immediately become the owner of the car.
  • New car loan with fixed installments and interest.

3. Mog

Although this is not just a credit for a car, but a car lease, we have decided to include it in our article because the conditions are quite interesting and attractive. Mogo offers fast and easy financing of all brands and car models. The answer is extremely fast – in just 30 minutes.

There is no limit to the age of the car – you can make a purchase of both a new car and an old car. This lease and a low initial installment – 15%. the maximum amount is BGN 20000 and the minimum is BGN 2000. Repayment term: up to 72 months. Here are the summarized features of the lease.

  • Leasing a car to 20000 leva .
  • Very fast approval – up to 30 minutes .
  • Maximum repayment term – up to 72 months.
  • No limit to the age of the vehicle.
  • application – only with an ID card.

4. Fast credit for car

 

кредити на вноски

This is an option for those who are looking for a quick credit now or a loan without a contract of employment , without proof of income and no guarantor. This is a loan and without limitation in the age of the car. Answer if you are approved receive up to 30 minutes. From Viva Credit you can take either a quick lease up to BGN 30000 or a fast credit for a car up to 4000 leva.

The application process is as follows: you like a car from a dealer, dealership or online, claim the loan to Viva Credit and get an opinion within 30 minutes. Here are the generic features:

  • Leasing a car up to BGN 30000
  • Fast car loans up to 4000 leva .
  • Approval for up to 30 minutes .
  • Autocredit without proof of income and no guarantor .
  • Quick money loan only against ID card .

5. Autocredit 3+ of BNP Paribas

This is another of the consumer credits for an old car, which is again offered by BNP Paribas. It is for the purchase of a car older than 3 years from the date of its first registration. 

You can finance all car models at a cost of 1500 to 80000 BGN. You can also cover additional costs such as taxes, taxes, etc. Here are the generic features:

  • Maximum amount: up to BGN 80000.
  • Rapid application and approval process.
  • Fixed installment for the entire duration of the loan.
  • You immediately become the owner of the car.
  • Repayment term: from 6 to 96 months

 

Real Estate Loan Insurance Delegation

1 – The “group” contract of the bank

You can choose to subscribe to the contract offered by the lender, the “group” contract.

It is a group insurance contract that each bank has negotiated with an insurer on behalf of its borrowing clients.

The main disadvantage of group contracts is that collateral and rates are the same for all borrowers underwriting a contract. Guarantees are not adapted exactly to the need of the insured does not take into account its personal characteristics, and in most cases the tariff will be much higher because it is calculated on a pooling of risks (age, health problem, extreme sports, smoking

2 – The individual contract leaving free choice

borrower

You can choose to subscribe to a borrower insurance policy of your choice and delegate it to the bank that finances your property. In this case we speak of insurance delegation and free choice of borrower insurance.

This law clearly states that the lending institution is no longer entitled to impose its group contract, since the guarantees offered in the delegation agreement chosen by the borrower are at least equivalent to those offered by the group contract.

Moreover this law stipulates that the banking organization is not entitled to apply a higher credit rate if you decide not to subscribe to their group contract.

If the bank refuses to accept your delegation of insurance, then it will have to justify it and motivate it in writing so that you can look for a new contract whose terms will meet their requirements.

For information, this law came to support the law  which already prohibited the forced sale of related products but which was not sufficient and little applied in reality: the main text of this law mentions: “Is prohibited the sale or offer of sale bundled products or services, except where the goods or services included in the bundle can not be bought individually, or when they are inseparable “.

Tell quickly that you opt for a delegation

In order to put the odds on your side for the delegation to be accepted, we advise you to address the subject from your first meeting with your banker by indicating your willingness to make a delegation of insurance.

He will then be able to give you the terms and conditions of sale of his group contract and this will allow you to launch your research and align with their terms of guarantees.

Delegation of insurance borrower: make the right choice

borrower,money

The borrower insurance delegation can save you a lot of money. However, care must be taken to choose the contract based on your personal need and not just want to favor the lowest rate, something you could regret greatly in case of need for compensation.

The guarantees are not identical on all loan insurance contracts, pay attention, among other things, to waiting periods and deductible periods, especially in the case where you are a non-salaried worker and you do not benefit from the pension coverage as a good majority of employees.

Also pay special attention to exclusions and especially if you practice a risky sport: you should not be guaranteed in case of accident during the practice of your favorite sport!

Determine the quotients for each borrower, which will help protect you and your family effectively.

Call an insurance broker

It is very appropriate to use an insurance broker who can make the comparison for you of the best contracts on the market and choose the one best suited to your profile and your needs. We are here to compare for you and guide you in the best choice.

Indeed, with regard to your profession, the sport you practice, whether you are TNS or an employee, you will be able to select the appropriate guarantees and options and not subscribe to the guarantees common to all the profiles of borrowers of a group contract. Some guarantee conditions of the group contract may be too weak in some cases and will include many exclusions.

Among other things, the notion of waiting period in ITT can be a determining factor for a TNS (which is not lucky for the majority of employees who receives 100% of his salary in case of sickness during the first 3 months, the latter being totally supported by his employer).

Save money with a delegation

Savings, money

The insurance delegation can save up to 60% on insurance costs, especially if you are young, with no health concerns and no smoking. Rates are delegated according to criteria related to each borrower: it is thus made to measure by age, sex, being a smoker or not, the profession and do not bear the risks associated with others borrowers of a group contract.

It is also tailored to the amount and duration of your loan. Thus group contracts are in most cases based on the initial capital borrowed while the delegation contracts are for the most part indexed to the remaining capital of the.

Do well in advance to make a delegation

It is preferable to draw up your loan insurance file at the same time as your mortgage loan file because the medical formalities are sometimes important and long in case the borrowers present health risks. In this case the medical services of the insurers will almost always require additional medical examinations and reports.

Thus it is not essential to have the amount to finance and the final rate to start the process of research insurance loan. We advise you to make comparative insurance quotes based on a rate and an amount to fund in principle in order to launch the file. You will give confirmation of the exact rate, amount to be financed and effective date just before the membership certificate is issued.

In some cases, delegation may be essential

Indeed, if you present risks too high, a large part of the group contracts will refuse to cover you and your banker will invite you to look for borrower insurance on your side. This may be the case especially for senior citizens (because group contracts do not cover beyond a certain age) and for borrowers practicing risky professions or sports.