Typical example of total consumer credit annual percentage rate calculation (for natural persons who have acquired leased assets for personal, family or household purposes, but not for business or professional purposes):
Assumptions: Price of the car selected – 15 000 EUR, contract term – 60 months, advance paid by the Client – 20 percent, financed amount – 12 000 EUR, interest rate – 3 percent, contract fee – 150 EUR (monthly instalment – 215.62 EUR).
In order to receive consumer credit, the Client must have (open) an account with Swedbank, AB, with a set minimum daily services fee of 0.70 EUR per month. The client must also, at his/her own expense, buy insurance for the car at an insurance company acceptable by Swedbank under conditions set out in the agreement (insurance cost is not included in the total consumer credit annual percentage rate). Total consumer credit annual percentage rate is then equal to 3.7 percent, and the total Consumer Loan cost payable a receiver would amount to EUR 13 098.49.
Calculations of the total consumer credit annual percentage rate and the total amount payable by the borrower are based on the assumptions that the agreement will be valid for the entire duration of the agreement, the total credit amount will be paid out on the day of signing the agreement, the parties to the agreement will fulfil their obligations arising from the agreement by respecting the terms and conditions set out therein, the annual interest rate, the amount of fees and other charges paid by the Client will remain the same as at the time of concluding the agreement and will continue to be applied until its expiry.
- After finding a suitable vehicle, agree with the seller on all conditions of the contract: price, additional equipment, delivery and payment deadlines.
- Submit a loan application on the Internet bank or come to a bank branch.
- Swedbank Lizingas, UAB will submit a financing proposal.
- If you agree on it, Swedbank Lizingas, UAB will familiarize you with the conditions of the contract and will conclude a lease agreement with you.
- Make the down payment, as agreed in the lease agreement. Congratulations on your new purchase!
- Make lease payments according to the schedule set out in the agreement.
- Following the expiry of the financial lease agreement, a conclusion instrument will be drawn up, and the ownership will be transferred to the lease receiver.
We would like to note that the Bank may assess your creditworthiness and take a credit granting decision in automatic manner in case of Home small loan and all Consumer credits (except Car lease). For the purpose of taking the automatic decision the Bank may collect the data about you from different sources (e.g., public registers, financial institutions, Sodra, the Bank of Lithuania, UAB Creditinfo Lietuva). This process can involve the processing of your identification data, contact details, data about your marital status and family structure, links with legal persons, education, employment relations, income, property, financial and other obligations and their fulfilment, as well as other data necessary for the assessment of creditworthiness.If you don’t want that the decision is taken automatically, please specify this in the field of Comments.
- financing application;
- passport copy;
- statement of income (upon request);
- commercial offer for acquiring a car from the car seller.