Credits for individuals

Yes, it is possible. Most of offers – purchase of auto transport. The bank considers the variants of purchase of pledged property put for sale both by individuals and legal entities for cash and credit means.

If bought on a credit, a mandatory condition is a charge in the amount of 50% of property cost. Credit term is determined depending upon the solvency of the client terms and conditions of use of transport vehicle. In case of inability to pay 50% of the price of auto transport, there are variants with less charge (20-30%, but the client will have to produce the additional pledge). As a rule, security under the credit is the purchased vehicle, but there is a possibility to get a credit under real estate or other vehicle.

Here are the main reasons, on which banks usually refuse to give the credit:

• the borrower does not work anywhere or works, but can not confirm it;
• the total work experience of the borrower does not exceed 1 year;
• the borrower changes a place of work too frequently;
• the borrower was officially registered on the last work place for less than 3 (sometimes 6) months;
• the income of the applicant on credit is less than a certain level – fixed by the bank;
• there is no permanent registration in this region;
• the borrower has large not-paid credits or payments on other credits are delayed regularly.

There can be several ways out of this situation. But the variations depend on each separate case. Some debtors can easily borrow money from their relatives or acquaintances. Others, having received the credit under a pledge (automobile, habitation, securities), agree to sell the property in pledge. But, as the practice shows, such variants are good not for everybody. That’s why the debtors should search the third and perhaps more economically justified way.

It is possible to reconsider the schedule of the credit repayment, which is offered to the clients by the bank. Here there are some requirements to the debtor, but it isn’t necessary to be afraid of these cases beforehand. The hushing up of a problem with the credit return can have more serious consequences.

As a rule the banks meet the clients, who address the bank before occurrence of debts, half-way. Then it is possible to reconsider the terms and procedure of the debt return. Thus it is possible to speak about the delay of payment of both the main debt and debt with interests.

Besides the client has the right to ask for prolongation of the term of the loan. (This question is usually determined by conditions of the contract signed by the bank and the borrower at the stage of conducting the credit.) But such cases "are considered individually taking into account the changes, required by the client, first of all paying attention to his solvency and reasons of reference to the bank". Hence both methods of work on recovery of credit debts and estimation of their efficiency depend on the reasons, on which the client performs his obligations to the bank out of time.

Thus, the interests of the clients and the banks on repayment of debts on the credit are often mutual. According to the opinion of representatives of the bank sector the main thing is not to hesitate and to address with questions in case of occurrence of an unforeseen situation. However it is not necessary to forget, that the bank’s employees can probably require the necessary information about the client and his income, if they begin to doubt in sincerity of motivation of requests about reconsideration of the schedule of credit repayment. Therefore it is not necessary to speculate with this opportunity, it is possible to resort to it only in cases of necessity.

In order to receive the credit for an apartment, you should have the money for the first payment (15-20% of the cost of an apartment). The rest is financed by the bank. The conducting of the credit is connected with many efforts. A reasonable person will hardly agree with conditions of any bank: for sure he would like to get the best conditions and will search the lowest interest rate for a long term.

One of the most difficult and longlasting procedures is gathering of the necessary documents. Before giving the credit the bank should check up the monthly income of a person and members of his family, absence of the previous convictions, credit history. The next stage after checking the documents is an interview in the bank. Here everything depends on you. Finding out your solvency, the bank’s employees pay special attention to your real income, instead of the one written in the note from work. In spite of the fact, the bank will like you or not, it’ll necessarily be interested in a subject of a pledge, that is an apartment, and will send its appraiser. The most exciting moment in the whole process of reception of the credit is the meeting of the Credit Committee. These are the people, on whom the fact whether you receive the money or not depends.

When agreeing to the role of a guarantor it is necessary to remember, if the borrower can not perform the obligations, they will have to be performed by the guarantor.

The guarantor has not only moral but also material responsibility for the borrower’s actions. Since the moment the guarantor signs the contract, he becomes the same debtor for the bank, as well as the receiver of the credit. And if the borrower has stopped repaying the debt, the bank has the right to require it not only from him but also from the guarantor.

The guarantor can have either partial or complete responsibility for performance of the obligations before the bank-creditor by the borrower. However in bank practice usually complete responsibility is applied. Besides there is a notion of financial or property guarantee. The latter is possible if the income of the borrower allows to serve the credit, but there is no necessary pledge. In this case not a financial but a property guarantor, who is entrusted by the property – movable or immovable, is involved. More often parents or spouses become property guarantors, as in the family living together the property can be written down on one of its members, who becomes the guarantor. The property guarantors should be the owners of liquid property, which is not in a pledge and meets the requirements of the bank, which are necessary to this kind of property.