How to get an auto loan with bad credit
A car loan is a type of long-term loan for the purchase of a vehicle. Choosing Under this service, the car is initially registered in the lender’s name, but the borrower becomes the car’s user. If you want to buy a car without any hassle and immediately register in your name, consumer loans may be helpful. Once all the obligations have been fulfilled, the car is re-registered to your name and you can do so at your own discretion – sell, mortgage, gift or simply continue driving.
In Latvia, auto loans are offered by non-bank lenders and you can apply for the service online. The answer is given within an hour or at most within one day. If the decision is positive, you will go to the company office to sign the contract and you will be able to drive your new car very soon.
Tip: Fill an application for an auto loan with bad credit at source: Motor.
Documents required for signing the contract
- Car leasing or loan application
- Identity document (passport or ID card)
- it is also possible to print out the bank account for the last months or the SSIA certificate
Can a loan be repaid early?
Yes. Latvian law provides for the possibility of repayment of the loan before the contractual term without additional commission. Pay off debt faster and save on interest payments.
Is car leasing available without a down payment?
Such promotions are held regularly and allow customers to get to the car faster. You can see if a car loan without a down payment is available right now in the car leasing calculator at the top of the page. Note that there may be other promotions that may be more beneficial. When buying a car on installment, often more important than the initial savings is how much you will pay for attracting financial resources in the long run. When evaluating offers, consider all costs. It is easier to compare offers using the annual percentage rate. Unfortunately, every customer is prepared an individual offer, so you can not predict in advance what offer you will receive.
Are there any restrictions on buying a car?
Most lenders want the car to pass a roadworthiness test and not be older than 10, 15 or 20 years. Younger and/or more valuable cars without MTPL may also require PASCO insurance.
What are the alternative ways to get a loan?
Currently, a variety of financial services are offered in Latvia, and many of them can be applied for online. In the Loans section, you can look at current types of loans and compare whether one of them is better suited to your current needs. An auto loan is just one of many types of loans.