Do you want to buy a car? Then this article is for you! Layfhaker conducted a large-scale study of two major financial instruments of buying a car - lending and leasing. What's more profitable, and what "pitfalls" can stumble? We will tell everything in detail, and we give concrete examples.
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What's more profitable: a car loan or a car lease?
In 47% of Russian families have a car. According to the opinion poll, for eight years, this figure rose to 10%. In 2006, the family car was only 37%.
According to the Automobile Manufacturers Committee of the "Association of European Business» (AEB), in 2013 Russia had sold nearly three million new cars. In 2014, sales were down 8%, but the demand is still there.
Plans for the purchase of four-wheel "iron horse" are more likely to build the students (23%) and housewives (25%). No wonder that every second new car in Russia is purchased on credit.
The popularity of auto loans due to the fact that to save and buy a car with cash is difficult. But there is one financial instrument that makes the dream of the car sbytochnoy. This lease.
Car leasing - popular in the US and Europe, a way to purchase a car. There are up to 30% of the cars bought by private individuals are in leasing. In Russia, this figure is negligible. Why is that?
Let's analyze the mechanisms of car loans and car leasing, weigh their pros and cons and try to understand what is still profitable.
Car Loan
Car loans - interest loan is issued by a bank or other lending institution to an individual to buy a car.
This popular form of consumer credit. Features:
This target credit: the money can be spent only for the purchase of cars.
This mortgage loan: the car remains pledged to the bank until the loan repayment.
Legal regulation of car loans made by the Civil Code (Chapter 42), the Law "On Banks and Banking Activity" (on 02.12.1990), the Law "On consumer credit (loans)" (from 21.12.2013) and other regulations.
Types of car loans
To buy a car, there are a variety of loan programs:
"Classic" (Read more below);
Express Credit: simplified application procedure, but high interest rates;
Loan repurchase (BuyBack): part of the loan is "frozen" and paid at the end of the contract or by the borrower or a dealer, provided the proceeds credited to the purchase of a new car;
Trade-in: the exchange of the old car to the new surcharge. Cost b / y car goes to the cost of a new Ladder;
Factoring (interest free loan) is paid 50% of the value of the car, the rest is paid in installments;
Loan with no down payment: in lending in the absence of the first installment car dealer may be a bonus.
In addition, as certain areas we can talk about loans for used cars and loans without insurance.
The mechanism of car loans
More often resorted to the classic car loans. Consider his scheme.
Driving car loan
Do you want to buy a car. Money for a new "iron friend" no. You go to the bank or credit broker.
Mortgage broker - commercial organization, which is the intermediary between the borrower and the lender (bank or car dealer). Assists in the design and approval of car loan.
Also, as the lenders can act dealers. They provide loans from its own resources or cooperate with banks.
You choose the bank (or a car dealer), study credit conditions. Determine and fill out the form to collect documents. The bank must ensure that you will be able to repay the loan (solvency), and you have no other debts (credit history). Within a few days, the bank thinks to give credit or not.
If the decision is positive, the bank and the borrower (now you) enter into a contract. It specifies the term, interest, the first payment, rights, duties and responsibilities of the parties.
You buy a car. Sometimes banks recommend a particular car dealer, sometimes build cooperation with the interior chosen by the customer.
All efforts on the design of the car fall on your shoulders. Also, most of the credit agreement provides for insurance at the expense of the borrower. And not only insurance but also helmets.
You are a lucky car enthusiast! The main thing - carefully to repay the debt and do not forget that you are the owner, though, but the car is pledged to the bank. You may not sell it, donate or exchange. And if hard times will come and pay on the loan will be nothing, a bank (car dealer) will take your "swallow".
Pros and cons of car loan
Car loans, as a financial instrument has its own advantages and disadvantages.
Pros:
You can have a car without capital. Buy a car for cash can unity and to save long and not always successful.
Big choice. You can buy what you like, not what the lack of money.
A variety of loan programs: you can choose the most favorable for itself (with a minimum period or, for example, without a long registration).
Minuses:
The complicated procedure of registration. Strict requirements for the borrower.
Rise in the cost of cars. We'll have to pay interest + mandatory insurance.
Collateral car.
Car leasing
The word comes from the English leasing lease - «Rent." However, Russian law is not identical lease rentals. We have a kind of lease. In them, one party (the lessor) to invest money in the purchase of the property, and the other (the lessee) accepts the financial services and uses the purchased property.
Leasing legal regulated by the Civil Code (Chapter 34), and the Federal Law "On financial rent (leasing)" from 29.10.1998, the
The subject of the lease can be any non-consumable items (excluding land), including vehicles.
The mechanism of car leasing
Car Leasing - is the acquisition and transfer of vehicles for temporary possession and use for a fee based on an agreement between the lessor and the lessee.
The general scheme is as follows.
You want a car. No money to buy. You apply to the leasing company. It tells what kind of car would have, and will show some of the paper.
In contrast to the registration of the credit, minimum package of documents. Typically, this application, passport and driver's license. From a procedural point of view, leasing is much easier lending.
Between you and the leasing company is a contract. From now on you - the lessee.
Currently, the lessee can be both legal and natural persons - non-entrepreneurs.
Until 2010, the Law "On Leasing" contained a clause, according to which the subject matter of leasing could only be used for commercial purposes. The leases were taken mainly buses, trucks and agricultural machinery. Finance lease passenger vehicles was practically nonexistent.
But now there are leasing programs for citizens, which they can use to get into any car. Currently, the Russian leasing for individuals engaged in only three companies.
After signing the contract, the lessor buys for you "dream car" and sends it to you to use.
Keyword - use. The owner of the car is the lessor. In this regard, it is engaged in registration of cars passing the inspection, and other troubles.
It should be noted that all the additional expenses incurred by the lessor (insurance, taxes, etc.) ultimately pay the lessee, as they are included in the lease payments.
Lease payments are usually lower payments on the loan. The fact that they are calculated net of the so-called residual value.
The residual value - is the redemption payment for the car, which has to pay the lessee at the end of the lease term to get cars in the property.
Also the value of payments affected by the presence / absence of the advance and its size. In other words, the more you pay at the beginning and the end, the less will have to give monthly.
During the lease term (from one to five years), you - a happy car enthusiast. The main thing - do not forget to make monthly lease payments and remember that at the end of the contract you will either have to buy back the car or return it.
Types of car leasing
There are two car leasing scheme:
Leasing the transfer of ownership. When the leasing period comes to an end, you will be able to become full owner of the car, buy it from the lessor on the residual value.
a car loan or a car lease
Leasing without transfer of ownership. When the leasing period comes to an end, you can return the car to the leasing company and choose another, signing a new contract.
Car leasing for individuals without foreclosure
Pros and cons of car leasing
Car leasing exempt from many troubles. For example, do not need to spend time searching for the seller and car decoration. And it's not the only benefit.
Pros:
More flexible payment schedule. As a rule, they are lower than fees for the loan.
Simplified procedure of collecting the documents and sign the agreement.
The ability to update the car every few years.
Minuses:
Auto is owned by the leasing company. At the slightest problem with the payments, and the financial difficulties of the lessor, it may be deleted.
The user of the car can not take it for sublease.
Individuals who do not have tax incentives for leasing vehicles.
Automotive arithmetic
Knowing the mechanisms of auto loan and car leasing, still remains the main question: "What is more profitable?".
To answer this question, we asked the company "Leasing-Trade" to compare spending on leasing for individuals and car loans under the same conditions. Here's what happened.
"It was chosen property - a car Toyota Corolla 2014 release, cost 690 000 rubles (sedan, engine capacity - 1.6; 122 hp).
Conditions of auto loan we took sample: loan amount 690 000 rubles, the advance of 20% or 193 800 rubles for 36 months. The basis of the calculation of auto loan taken a well-known bank (let's call it X). The interest rate on its loan program with a standard set of documents is 15% per annum. The calculation was made without taking into account the programs of financial protection, insurance, hull insurance and other expenses.
Calculation of leasing for individuals promoted on the basis of proposals from one leasing company (call it Y). The monthly fee is not included insurance, hull insurance, as well as mandatory and related charges (transport tax, vehicle registration in the traffic police, annual maintenance, etc.).
The cost of maintaining the car will be roughly equal in both cases are mandatory and are calculated separately.
CASCO insurance and insurance was made on the basis of the following parameters:
CTP: 5500 rubles; Region - Kazan; driver's age - older than 22 years; driving experience - more than 3 years; Car power - 122 hp By managing permitted one driver.
Hull 86 000; place of registration of the vehicle - Kazan; Information about a person: a man, 30 years old, marital status - married, one child; driving experience - more than 6 years, trouble-free riding. By managing permitted one driver.
Car loan Car leasing
Car cost 690 000 rubles. 690 000 rubles.
The interest rate of 15% is not, as the car is returned
Term (months) 36 36
The initial payment of 20% 138 000 rubles. 138,000 rubles.
Type of payments uniform uniform
Monthly payment 19 135 rubles. 11,790 rubles.
Overpayment Interest 135 000 rubles. No, because the car is returned
Total payments = amount of payments under the contract (loan / lease) + advance 688,860 + 138,000 = 826,000 rubles. 424,440 + 138,000 = 562,440 rubles.
Security deposit 0 0
Insurance CASCO 86 000 rubles. 86,000 rubles.
CTP 5500 rubles. 5 500 rubles.
Registration of the vehicle in the traffic police 2000 rubles. 2000 rubles.
Transportation tax 4,270 rubles. 4270 rubles.
Minimum income to buy 31 900 rubles. 31,900 rubles.
The market value of the car at the end of payments to 539,000 rubles. 0
Pre-payment of the redemption is not 441,000 rubles.
The cost of acquiring the ownership of the car 826 000 rubles. 562,440 + 441,000 = 1,033,440 rubles.
Thus, if we consider a variant in which the lease does not provide for the transition of the car in the property of the client, the monthly payment on a lease agreement will be lower by 7,345 rubles (ie 38%). Expenditures on property insurance will be equal in both cases and are binding.
But if you take a situation in which the car is purchased with a view to long-term (5 years) of operation, and in the case of an individual lease and subsequent purchase in the property, no doubt, a car loan would be more cost-effective and cheap way to get a car. Since the acquisition costs (excluding insurance and mandatory spending) will be in the car loan 826,000 rubles to 1,033,440 rubles for the car leasing. "
At the same time our expert drew attention to the fact that:
by mass and popular brand (Kia, Opel, Nissan, Mitsubishi, Chevrolet) and premium (BMW, Audi, Mercedes-Benz, Porsche and others) discount leasing companies may be an average of 10%, which allows you to make calculations much lower (often twice) than for car loans.
for premium customers with high-income countries will be profitable leasing service and comfortable as possible in the payment including insurance, taxes, maintenance and repair of the car.
What to choose?
After making changes to the Law "On Leasing", many experts predicted a boom of leasing transactions with individuals. After all, it would seem, the benefits are obvious. We do not need guarantors, less nerves at registration, and the main thing - the lease payments less burdensome for the family budget. But the boom did not happen.
Comparative table of car leasing and car loans:
Car Loan Leasing for private individuals
Property New and used cars only new cars of foreign manufacture, except Chinese cars
Term funding 12-60 months 12-36 months
Advances to banks rarely give out auto loans with no down payment. The minimum down payment of 15% advance payment from 0%, but leads to higher monthly payments. The minimum down payment of 20% to 49%
Standard package of documents: passport, certificate of income 2-PIT, a copy of the work book. Short package more expensive standard rates: a passport, driver's license (or sometimes income statement 2-PIT)
Car insurance is mandatory annual insurance insurance, CASCO. Optional voluntary life and health insurance, financial protection programs. Perhaps the inclusion of Hull in the mandatory annual insurance payments insurance. CASCO insure necessarily, but it leads to higher monthly payment
Ownership of a car owned by the client, but is pledged to the bank's car is owned by a leasing company, and the customer is transferred to the temporary use of the contract
Speed of execution is possible to buy a car on credit in a short time with a minimum package of documents on the program "Autoexpress." As a rule, interest rates go up by 2% You can buy a car in a short time in the leases with a minimum package of documents
Unlimited mileage Unlimited mileage limit of 25 000 km per year
Other restrictions - Check the vehicle abroad only for official permission of the leasing company
Additional services and service - The lease agreement may be included full insurance, annual inspection, seasonal tire storage of tires, especially accounting, payment of vehicle tax and other. All this leads to higher monthly payment
Early partial or full repayment in loyal banks usually not limited in the amount and timing of Strictly no earlier than 6 months
No redemption value Adjusted based on the state of the car, can be calculated at a pre-stage of the conclusion of the contract
Dispossession through the court in the event of a delay in the contract According to the contract owner of the property is a leasing company in the event of default under the contract withdrawal made without a court order
According to experts, the main reason for lack of demand for leasing for individuals in Russia - in the tax system.
In the United States, where car leasing is very popular, there are so-called "Financial Statements of the household." That is the budget of a private person is treated the same as the budget of the enterprise. In this connection, taking the car leasing, a citizen receives the same tax benefits as a businessman. In Russia, the return of VAT may only legal entities. For them, leasing is really beneficial because it allows to minimize taxes. For individuals, VAT is included in the leasing company monthly payments.
In addition, no significant difference in the psychology of domestic and foreign motorists. "The car is not mine - it will take away a little, and cried my money." Such reasoning is stopped many who looks at the car leasing. Indeed, the leasing company to reclaim the car if you have problems, do not even need to go to court. Paying the loan, the person perceives it as a contribution to their property.
Thus, choosing between auto loans and car leasing, it is important to thoroughly understand their needs.
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