
How to buy a car in installments without a bank?
Is it possible to buy cars in installments without a bank? Not everyone can now meet the conditions for a bank loan. Therefore, let’s consider what alternatives there are to a standard car loan, and how favorable they are for customers.
What are the options for buying a car in installments?
There are several ways to buy a car in installments with down payment in Ukraine.
Car loan
The most common option offered by banks and their representatives in car dealerships. The financial organization lends the borrower a sum of money to buy a car, which must be paid back with interest.
Advantages:
- sufficient choice of programs and conditions from different banks;
- possibility to buy a new car (but some programs also support used cars);
- clear checkout process.
Disadvantages:
- it is difficult to obtain due to inspections and collection of a large package of documents;
- proof of income and collateral is required (in most cases);
- large number of additional costs (including life and health insurance of the borrower).
Lease
Getting cars in installments without a bank is possible by concluding a contract with a leasing company. The leasing company purchases vehicles and transfers them for temporary use (car lease). At the end of the contract, you can buy the car at the residual value, extend the contract or return the car to the lessor.
Advantages:
- down payment is lower than for a car loan;
- car replacement option;
- legal entities receive tax advantages.
Disadvantages:
- there are restrictions on the way the vehicle is operated and the mileage of the vehicle;
- monthly payments in some programs may be higher than for a car loan.

Car leasing: profitable or not?
Installment from a car dealership
Companies that specialize in selling or leasing new and used cars offer to buy a car in installments. In most cases, this service is also a car loan and is provided in partnership with one or more banks.
Advantages:
- paperwork takes a minimum of time;
- sometimes car dealerships offer favorable credit terms.
Disadvantages:
- the loan application requirements are almost always the same as those of the bank;
- there are restrictions on how the car can be used (for example, this vehicle cannot be used as a taxi);
- the car remains pledged to the car dealership until the installment is paid in full.

Traditional car purchase installment via bank
A large number of people prefer a car in installments from a bank, believing that this is the best option. Above we have already considered the advantages and disadvantages of such a decision, so let’s focus on other nuances.
Advantages and disadvantages of purchasing a car in installments through a bank
The main advantage is financial flexibility: the cost of the car can be divided into payments convenient for the client over a certain period of time. You can choose any scheme: either repayment of the amount in equal installments or gradual reduction of liabilities. Another important plus is a significant improvement of credit history. Having paid off the installments, the client can count on other large loans – for example, a mortgage loan.
But banks impose many restrictions. In particular, not every vehicle can be purchased. Most credit programs apply only to new cars. The borrower’s age, occupation, income and credit history are important. For example, Individual Entrepreneurs are reluctant to lend money: banks consider entrepreneurs to be unreliable payers.
Bank requirements and conditions faced by prospective buyers
The sale of a car in installments from a bank is possible only if a number of conditions are met. These are different for each financial institution, but there are standard general rules as well:
- Credit history should be positive, as it affects the decision to grant a loan.
- Monthly income is important. The bank is interested in two criteria: amount and stability.
- Down payment is a mandatory part of the loan transaction. The higher it is, the more likely it is that the loan will be granted.
- Having guarantors and/or collateral. This is an important part of almost any loan program.
- Absence of other obligations. Car loans are issued to people who have no other outstanding loans.
- Additional payments. The bank requires auto insurance and often additionally imposes the services of partner insurance companies that sell policies for individuals.
- Other conditions. They are not publicly announced, but they are taken into account when making a decision. For example, people with families are lent more often than single people, men are more likely to get loans than women, etc.
In addition, only a citizen of Ukraine with a passport and tax number, who is ready to confirm their solvency and pay up to 50% of the cost of the car can take a car in installments.
Alternative solution: car lease with the right of redemption
Is it possible to buy a used car profitably in installments without a bank or to buy a new car in the same way? There is a solution, and it is provided by our company 7Cars.
Advantages of car lease with the right of redemption compared to installment through the bank
Rent a car with the right to buy is a service with more flexible conditions: starting from a smaller down payment and ending with a simplified procedure of contract registration and, if necessary, termination of the contract. Unlike a car loan, where a down payment of 30% or more is welcome, in 7Cars you can buy a car with an initial deposit of 15%.
Banks never agree to lend for the purchase of a used car. In our company you can buy a passenger car or buy a used minibus in installments after a detailed inspection of the vehicle’s condition.
For us, the real financial stability of a client is important, not the indicators of algorithms. That is why in 7Cars you can buy a car in installments without the need to confirm your credit history, after a standard preliminary check. The decision will be issued quickly, and in 2-3 days the client can use the leased vehicle already.
Another option is to buy the car in advance. After six months of lease, you can pay the remaining amount and become a full-fledged owner of the car. Banks are usually not interested in this.
What are the terms and process for a car lease with the right to redeem?
To buy a car in installments without overpayments you can follow the algorithm like this:
- The customer contacts the rental car lessor and expresses readiness to take the car with subsequent redemption within 6-36 months and making a down payment (from 15%). Representatives of the company conduct a check of the client on the basis of the provided documents.
- The client can take a car in installments from the fleet or specify which car they would like to buy. The conditions are simple: the vehicle must be no older than 5 years and with an official history.
- After selecting a car and agreeing with the client, a decision is made and a contract with a payment schedule is signed. The client makes the first installment, pays CASCO insurance with 0 deductible, MTPL insurance and covers the costs of installing the tracker.
- Within one business day, the company buys the car for the full amount, and within another day registers it, insures it, and installs the tracker.
The car is registered at 7Cars and the client receives a temporary technical passport. The client makes a copy of the key and provides it to the lessor. Full re-registration and return of the copy is carried out after full payment is made.
The Customer fully bears the expenses related to the car operation: maintenance, tire replacement, etc. 7Cars representatives control the performance of maintenance and reserve the right to request certificates or photos of replaced parts, as well as inspection of the car once a quarter. In addition, the client undertakes to inform the lessor about insurance claims, as well as to pay fines in a timely manner.

Where is it profitable to lease a car for buyback?
The company 7Cars offers new and used cars in installments on favorable terms. Choose a vehicle, pay the first installment, and in a couple of days you can fully use the car. Transparent conditions, efficiency, reliability are the key advantages. Here you can buy passenger and commercial vehicles: easier than in a bank and without unnecessary payments. Contact us to buy a used car in installments without a bank, as well as for more information, consultations and assistance in choosing a car.
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