Car loans for primary market | Ameriabank
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Car lending for primary market

Get your new car

Find your ideal car and enjoy your road trips. Choose a car from the dealership, and we will help you with financing.

You can directly get your loan for purchase of vehicle from primary market, or you can transfer your primary market car loan from another bank or credit organization to Ameriabank.

  • Advance payment: from 10%
  • CASCO to be obtained by the Bank
  • No loan service fees

AMD 3 - 50 million

Loan amount

36-84 months

Term

16.96-18.39%

Actual percentage rate

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 Consumer loan1 for purchase of vehicle on primary market

Purpose

Purchase of a new vehicle on primary market (car dealer) or transfer of a car loan from another bank/credit organization to Ameriabank

Eligible age of client/co-borrower/guarantor

18-65 years old, provided that the borrower's age at the time of expiry of loan agreement will not have exceeded 65, otherwise a co-borrower or guarantor is required. The eligible age of co-borrower or guarantor is 18-65 provided that at the time of expiry of agreement it will not have exceeded 65.

If involvement of a co-borrower or guarantor is a required condition under loan terms (except where co-borrowers or guarantors possess at least 70% of the income included in OTI calculation), the eligible age is 18-65 provided that at the time of expiry of agreement it will not have exceeded 65.

Residency

Citizens and non-citizens of Armenia who are resident in Armenia

Currency

AMD

Minimum and maximum loan limit

AMD 3 million - AMD 50 million

Term (months)

36 months

84 months

Nominal annual interest rate, insurance included

Fixed

Adjustable fixed (rate can be changed starting from the 37th month)

16.4%

Fixed component 7.9% + variable component (base rate)

https://ameriabank.am/business/sme/financing/support/base-rate

Annual percentage rate, insurance included

18.13-19.58%

17.9-18.61%

Other terms related to interest rate

Where insurance is obtained by client, the interest rate is decreased by 1%.   

If repayment schedule is differentiated or mixed, the applicable interest rate is increased by 0.5%.

If the collateral related ratios (loan-to-value ratio) differ from those approved by the internal regulations of the Bank, the applicable interest rate is increased by 0.25%.

If the creditworthiness criteria differ from those approved by the internal regulations of the Bank (any or some of the declared income related criteria, OTI and OSM), the applicable interest rate is increased by 0.25%.

In case of other deviations, the interest rate may be increased by 0.25%.

Loan disbursement lump-sum fee

0.5% of the loan principal or AMD 50,000, whichever is greater

Cashing of loan by borrower

Free

Minimum advance payment

 At least 10% of price of vehicle

Repayment1

Annuity (equal monthly installments consisting of a portion of loan and a portion of interest)

Differentiated (monthly repayment of equal portions of principal amount while interest accrues to outstanding loan and decreases each month)

Mixed (client may choose an individual repayment schedule based on seasonality of cash flows, provided that at least 20% of contractual loan amount is repaid each year; interest payable on monthly basis)

Eligible security

The loan is secured by the vehicle being purchased.

Loan-to-value (LTV) ratio

The Bank lends 90% of the price specified in the reference provided by car dealer.

Details of vehicles to be pledged

Car bought from car dealer (not registered)

Appraisal of pledged property

N/A, if the car is bought from car dealer.
Estimated pledge value is based on the price specified in the reference provided by car dealer to the client.

Additional security

The bank may request guarantee of individuals and/or companies as additional security.

Insurance of pledged property2

 Insurance for pledged vehicles to be maintained throughout the term of loan:
1. If obtained by the client: at least to the extent of outstanding principal
2. If obtained by the bank: to the extent of outstanding principal
The bank does not obtain insurance for the following vehicles:
• Vehicles transporting hazardous materials (toxic substances, chemicals, radioactive and explosive  materials)
• Vehicles to be used in races, test drives; vehicles which have three wheels, snow removers, motorcycles, special purpose vehicles
 • Taxis and rental cars

Required documents

Required documents filed together with loan application

Loan application

• ID [original]

 • Certificate of ownership of property to be purchased/pledged [copy]

Documents required after initial approval

 • Proof of employment and/or other income

 • Marriage (divorce, spouse death), birth certificate [original]

• Certificates of registration and ownership certificates of vehicles to be pledged [original]

• Initial report on appraisal of vehicle

Documents required after loan approval

• IDs of owners of vehicle to be purchased/pledged [originals]

• Copies of marriage (divorce, spouse death) certificates of owners of vehicle to be pledged

• Statement, issued by the Police, on encumbrance of vehicle

• Vehicle appraisal report (final)

• Vehicle insurance policy

• Documentary proof that the down payment was made in a non-cash manner (e.g.: original receipt, or, if paid electronically, a document showing that the electronic payment was confirmed). Such proof is not required if the payment was made from the accounts maintained with the Bank and the Bank specialist has exported the payment document from the system.

• Other documents as the bank's specialist may request

Early repayment

No early repayment fee

Late payment fines and penalties

The interest rate specified in the loan agreement shall continue to be applied to overdue loans.
Fine in the amount of 0.13 % of overdue loan/interest for each day beyond terms

Other fees payable by the client

• Fee for notarization of pledged vehicle and filing of the bank’s security interest under pledge agreement
• Fee for statement from the Police on encumbrance of vehicle

Cooperation between car dealer and the bank

Other terms can be defined under cooperation agreements with car dealers, such as interest rate, minimum advance payment and LTV, or certain terms related to interest rate might be skipped.

1Availability of a cooperation agreement between the bank and the car dealer is a required condition.

If the client does not make payment within 30 days, the car dealer buys the car back paying the full amount of debt outstanding as of that day, if stipulated so under the Cooperation Agreement. If 30 days have not expired yet, the bank can request the car dealer to buy the car back only if the loan is likely to be classified.

***The annual percentage rate (APR) may differ from the above specified values if there is any or a few of the following factors:

- When the property insurance is obtained by the Bank at the customer’s request

- When the borrower selects differentiated or mixed form of loan repayment

- If there are deviations from the creditworthiness criteria approved under the internal regulations of the Bank

- If additional property is pledged as collateral

- If there are other deviations

Attention. The adjustable nominal interest rate may be revised no more than twice a year.

Furthermore, depending on the change of the adjustable nominal interest rate, the threshold above or below which the nominal rate cannot change is ±4%.

Attention. The consumer receives an offer of the agreement and has seven days to make a decision.

 

 

Car model Company
Toyota, Lexus "TOYOTA YEREVAN" LLC
Kia "CAPITAL MOTORS" LLC
Nissan "MURAN" LLC
Renualt "MEGNA" LLC
Chevrolet Niva VEKAR" LLC
Opel "MULTI MOTORS" LLC
Ford "FORA" LLC
Mitsubishi "MEGAMOTORS" LLC
Lada "GLOBAL MOTORS" LLC
Mercedes Benz, Volvo "AVANGARD MOTORS" LLC
Audi "SLAV MOTORS" CJSC
Porsche "AUTOHAUS" LLC
Bentley "BENTLEY YEREVAN" LLC
Land Rover, Jaguar "FORA PREMIUM" LLC
BMW, Mini "EUROMOTORS" CJSC
Suzuki "MAGYAR AUTO" LLC
Honda "GRAND MOTORS" LLC
Hyundai "MAGAS INVEST" LLC
Mazda "SKY MOTORS" LLC
Dodge, Alfa Romeo, Chrysler, Fiat,Fiat Professional, Ram, Jeep "FINE CARS OF ARMENIA" LLC
Skoda "CZECH AUTO" LLC

Loan service fees, including fees for modification of the loan terms and substitution of the collateral, are presented at the link below.
Purpose (AMD)
Modification of loan terms and conditions 15,000
Change of real estate pledge (including change of pledge owner) 10,000
Change of vehicle pledge (including change of pledge owner ) 5,000
Provision of pledge-related consent/permissions/references 5,000 (VAT inclusive)
Change of due date 5,000


These fees apply if changes are initiated by the client. Where several fees are payable due to a single change, only the highest of them shall be charged for one time. These fees do not apply to loans secured by cash, bonds and metal accounts. Where a new collateral or guarantor is added due to the change of pledge, the fee is not charged.


The client will pay for the following services:

  • Notary fee: AMD 14,000-16,000 lump-sum (in case of vehicles)
  • Notary fee: AMD 13,000-18,000 lump-sum (in case of real estate)
  • Fee for unified statement from the State Real Estate Cadaster on encumbrance of the property: AMD 10,000
  • Fee for registration of security interest in the real estate: AMD 26,000
  • Certificate of the right to purchase real estate and registration of the security interest: AMD 3,000 and AMD 50,000
  • Certificate of acquisition of the title to the real estate and registration of the security interest: AMD 21,000 and AMD 50,000
  • Certificate of acquisition of the title to the commercial real estate and registration of the security interest: AMD 41,000 (if the area of the premises to be purchased and pledged is above 200 sq. m) and AMD 50,000
  • Fee of the Police of the Republic of Armenia (for lien and pledge of movable property): AMD 5,000 lump sum

Collateral appraisal

N/A, if the car is bought from car dealer. Estimated pledge value is based on the price specified in the reference provided by car dealer to the client.


Insurance of pledged property

Insurance for the pledged property to be obtained on an annual basis throughout the loan term:

  • By the bank to the extent of outstanding loan 
  • By the client at least to the extent of outstanding loan

The Bank doesn’t obtain insurance for the following vehicles:

  • Vehicles transporting hazardous materials (toxic substances, chemicals, radioactive and explosive materials) 
  • Vehicles to be used in races, test drives; vehicles which have three wheels, snow removers, motorcycles, special purpose vehicles
  • Taxis and rental cars

Required documents filed together with loan application

  • Loan application
  • ID [original]
  • Certificate of ownership of property to be purchased/pledged [copy]
Documents required after initial approval

  • Proof of employment and/or other income 
  • Marriage (divorce, spouse death), birth certificate [original]
  • Certificate of title to real estate to be pledged [original]
  • Geodetic measurement report of land plot to be pledged**
  • Initial real estate appraisal report
  • Construction costs estimate
Documents required after loan approval 

  • Copies of bases of title to real estate (to be submitted upon request)
  • IDs of owners of property to be purchased/pledged [originals]
  • Copies of marriage (divorce, spouse death) certificates of owners of property to be pledged 
  • Statement from the State Committee of Real Estate Cadaster on encumbrance of real estate (unified statement)
  • Real estate appraisal report (final)
  • Other documents as the bank's specialist may request

We will provide you the statements of your credit accounts through communication channels and at frequency agreed between you and us and/or in accordance with the Armenian laws and regulations. The statements are provided by post, email, Internet-Bank or in person at any branch of the Bank. 

Provision of statements, information and copies of documents 

Service

Provision of account statements, copies of account statements or other documents kept in electronic form, backdated up to 1 year

Free

Provision of account statements or copies of account statements backdated more than 1 year or other documents kept in electronic form7

AMD 5,000 per annual statement per account, VAT included

Provision of copies of documents kept in paper or backdated more than 1 year and kept in electronic form

AMD 5,000 per document, VAT included

Provision of references

 

To holders of 3+ months old accounts6

AMD 3,000, VAT included

To holders of less than 3 months old accounts

AMD 5,000, VAT included6

Attention!

THE LOAN INTEREST RATE MAY NOT EXCEED THE DOUBLE OF THE BANK RATE DECLARED BY THE CENTRAL BANK OF ARMENIA.

Attention!

THE PLEDGED PROPERTY MAY BE FORECLOSED IF THE BORROWER FAILS TO REPAY LOAN AMOUNT AND INTEREST IN TIME. IF THE VALUE OF THE COLLATERAL IS INSUFFICIENT, OTHER PROPERTY OF THE BORROWER WILL BE ENFORCED TO REPAY THE BORROWER’S OBLIGATIONS.

Attention!

IF YOU FAIL TO PERFORM YOUR OBLIGATIONS IN A PROPER MANNER, THE LENDER WILL REPORT INFORMATION ABOUT YOUR OVERDUE OBLIGATIONS WITHIN 1-3 BUSINESS DAYS TO THE CREDIT BUREAU WHERE YOUR CREDIT HISTORY IS GENERATED. YOU ARE ENTITLED TO OBTAIN YOUR CREDIT HISTORY FROM THE CREDIT BUREAU ONCE A YEAR, AT NO COST. ATTENTION. BAD CREDIT HISTORY MAY AFFECT YOUR FUTURE ATTEMPTS TO GET A LOAN.

When you repay your overdue debt, the payment will be made in the following order:

  • Fines and penalties
  • Interest
  • Principal

Attention!

Consumers are allowed to cancel the credit agreement at their own discretion, for no particular reason, within 7 business days following its execution unless a shorter period is stipulated therein (cooling-off period). In such cases, consumers are required to pay the interest accrued at the annual percentage rate under the credit agreement. The consumer will not be required to pay any other reimbursement in relation to the cancellation of the credit agreement.

Attention!

LOAN INTEREST IS CALCULATED AT THE NOMINAL INTEREST RATE. THE LATTER SHOWS THE ANNUAL INTEREST ON THE LOAN CALCULATED AS A PERCENTAGE OF THE OUTSTANDING LOAN BALANCE. THE LOAN INTEREST IS ACCRUED TO THE OUTSTANDING LOAN PRINCIPAL IN THE LOAN CURRENCY DAILY, BASED ON A 365-DAY CALENDAR YEAR. 

THE ANNUAL PERCENTAGE RATE SHOWS THE COST OF THE LOAN IN CASE OF DUE AND TIMELY REPAYMENTS UNDER THE AGREEMENT.

Attention!

The amount of interest is calculated based on the annual nominal rate and manner of the loan repayment.

ATTENTION! “YOUR FINANCIAL DATABASE” IS AN ELECTRONIC SYSTEM AIMED AT FACILITATING SEARCHING AND COMPARISON OF THE SERVICES OFFERED TO INDIVIDUALS AND MAKING THE CHOICE EASIER FOR YOU.


Old Terms

Last updated on 28.09.2021, 11:53