‘We used to use Bank URALSIB’s car loan schemes, but we had to give this up since they have no competitive advantages any longer, while their interest rates exceed the market figures,’ says Sergey Rzhevskiy, the lending expert of Toyota Center auto show.

‘When deciding on a car loan scheme, we are trying to look for a moderate interest rate without hidden additional payments and commissions and for the banks that would treat our clients nicely and only ask for a reasonable amount of documents to be collected,’ Mr. Rzhevskiy says.

‘Bank URALSIB does not demand that the customer provide any statement of income only if the latter wishes to pay 40% of the sum as their first installment. However, the bank has to estimate a client’s earnings anyway, so it uses the average pay figures in the region. These pay figures are normally lower than those provided in the statement of income. Furthermore, a lot of banks are now willing to offer loans without any first installment whatsoever, or they ask for no statement of income whereas the first installment can come to less than 40%,’ he explains.