Is 2019 the year you will leave public transport behind and drive your own car? Many have that dream and are already thinking about how to obtain adequate financing to achieve it. According to surveys, more than 70% of Peruvians seek to buy a vehicle on credit, which means that being clear about the keys to achieving a good deal is essential to generate savings and end up happy with the transaction.
When looking for a loan for your car is if you meet the requirements
It is not necessary to be a millionaire or business owner. The truth is that it is possible to access a vehicle loan earning from S / .1500 soles per month, of course, the exact amount will depend on the entity you choose. Check the age, minimum wage and seniority criteria, as well as your credit history, as it is necessary to show that you have sufficient payment capacity .
Secondly, you should know what is the amount necessary for the initial fee . If you already have in mind the model and brand that you will buy, remember that the initial fee is equivalent to 20% of the value of the car, in most cases. There are exceptions? Yes. In many banks they allow you to access a 10% fee, depending on your evaluation, and in others, they can even grant you 100% financing, if you have a salary account of the entity.
Another point to consider is the monthly fee and the term
Both go hand in hand, because the higher the fee, you will finish paying the credit in less time, that is, the term will be shorter, and vice versa. However, it is necessary that you make this decision carefully. The point is not to have a fee so high that it prevents you from fulfilling your obligations and neither is it so low that your credit lasts as long as possible, as you would pay more interest. The best thing you can do is make a list of income and expenses, to see how much money you can pay monthly.
Finally, something that many forget is the collection of insurance, commissions and taxes. New cars pay taxes, the credit comes with additional insurance – but you can also choose which company to apply for – and banks usually charge commissions. Take all this into account as it will demand the investment of an extra percentage.