March 20, 2020 admin 0Comment

When the time comes to making the decision to acquire a new car, people have doubts about which car model to choose, the consumption and performance of that car and most important of all what price it will have.

For this reason, it is common that in order to find and acquire the best vehicle, the best loan to buy a car is sought among the different entities.

Nowadays it is common to use loans to buy cars

Nowadays it is common to use loans to buy cars

As a source of financing to acquire a vehicle since fewer and fewer people decide to buy cash due to the situation in which many people’s economy is.

In recent years, the percentage of loans to buy cars granted by financial institutions has fallen, and to increase this percentage and facilitate the acquisition of new vehicles, the Government grants such as the New PIVE 4 Plan, which seeks to encourage the purchase of new vehicles, as well as making the expense to be paid for buyers more bearable. Next, we will highlight the best car loans offered by financial institutions:

Best Car Loans

Best Car Loans

  • Young car loan: Maximum amount of $ 60,000 hiring at the office and $ 30,000 hiring through Good Credit. The return period is up to 10 years. It is offered at a fixed interest rate of 6.50%. This loan is offered without opening and study fees.
  • Car loan: Maximum amount of $ 50,000. The return period is up to 8 years. It is offered at a fixed interest rate of 7.75%.
  • Car loan, Bank Roads : Maximum amount of $ 48,000. The return period is up to 5 years. It is offered with a fixed interest rate of 7.65%. It has an opening commission of 1%. No commission for early amortization amortization.
  • Supercar Loan, Good finance: Maximum amount of $ 50,000. The return period is up to 8 years. It allows deferring the payment of the first installment 3 months, and deferring up to 30% of the total loan amount for the last installment. To get an economic interest, you need to pay the payroll.
  • Young car loan: Maximum amount of $ 60,000 hiring at the office and $ 30,000 hiring through Good Credit. The return period is up to 10 years. It is offered at a fixed interest rate of 6.50%. This loan is offered without opening and study fees.

These are the best car loans intended for financing them, but before making the decision to purchase a vehicle, certain considerations that can help make a better decision must be taken into account.

Things to consider before purchasing a vehicle

Things to consider before purchasing a vehicle

  • Be clear about the budget you have, and what is the limit debt that can be reached so as not to endanger the particular economy, so it is advisable to choose the vehicle taking into account this budget limit.
  • Try to adjust the price of the car as much as possible. By consulting with several dealers you can find one that makes an offer and adjusts the price below the sale price. For this, it is important to take into account the “extras” that you want to add, since the more extras the more price and the more difficult to adjust the price.
  • Knowing all the aid and subsidies for the purchase of existing cars, such as the New PIVE 4 Plan, since when purchasing a new vehicle this can help us save a good amount of money.
  • It is important to take into account the use that will be given to the vehicle since depending on this use it will be more convenient to buy a car that runs on diesel or gasoline. The price of diesel fuel is cheaper than gasoline, but against cars that run on diesel are usually more expensive than cars that run on gasoline. When consuming a diesel engine less than a gasoline engine, it is important to know if you are going to use it to see which type is best for you.
  • When purchasing a car, it should be borne in mind that in addition to the price of the car, it is also necessary to face a series of expenses such as car insurance, Circulation Tax, Registration Tax (if the car it’s new).
  • You have to take into account the requirements that banks require when granting a loan for the purchase of a car. Requirements such as the financial situation of the applicant to know if they have the solvency to be able to face the loan, be of legal age, not be included in a delinquent file.

As you can see when purchasing a vehicle you have to take many things into account and have many clear aspects. Financial institutions have seen how the amount of loans to buy cars was decreasing, and taking into account that the automobile sector is a sector from which they could obtain great benefits, they have decided to improve the conditions of these car loans in order to attract more customers.

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