OREANDA-NEWS.  August 21, 2012. Share of “PRAVEX-BANK” in car lending market makes up 4%. This result was achieved due to Bank’s constant participation in special offers with car dealers and insurance companies as well as launch of Pravex Drive Plus program on car lending the analogue of which is absent at the market, reported the press-centre of PRAVEX-BANK.  

According to the conditions of this product Borrower can execute car loan without pledging the car to the Bank, without payment for notarial services and obligatory purchase of hull insurance. Client can independently choose from which options out of the stated above he/she agrees to refuse. Also Client should decide about loan maturity.

Hereby, when Client takes decision to use this product he/she has an opportunity to buy a higher class car, which he or she couldn't afford in case of usual car loan. That will be achieved by means of saving on the necessity to annually buy hull insurance and notarial costs. Besides, it will not be required to annually provide the car to the Bank for examination. Also, Borrower may sell the car at any moment which is practically impossible under standard conditions of car lending.

Aside from that the procedure for Pravex-Drive Plus loan execution is the same as for the standard product – Client chooses the car, submits documents for execution to the Bank, then the Bank takes decision and transfers the loan funds to car dealer.  In parallel with that Client transfers the downpayment to car dealer in the amount not less than 40% of car value.

“Launch of this product arose heightened interest on the part of potential borrowers – since under such loan there are no additional commissions and payments on the part of the client and in addition he/she also acquires the right to choose additional options for loan execution” — Taras Kyrychenko, Deputy Chairman of the Management Board, Head of Retail Division of PRAVEX-BANK, provided his comments.