Sometimes requesting a credit to buy a vehicle is confusing; Also, many feel pressure because they want to take advantage of the new promotions that different companies are launching for the sale of their cars. However, many of us do not have all the money involved in buying the vehicle we dream, so it is best to look for a form of financing. Then you will know what you need to take into account when looking for financial support.
Do you want to buy a car but do not have all the money yet?
Then you need a loan to finance it. Thanks to the reduction in interest rates and the numerous offers of credit, today is an excellent time to get into debt and buy a car in Colombia
Before, you had to have the total amount of the value of the vehicle to be able to make your gadget; this made purchasing a mid-range or high-end car practically unthinkable for many of us. Now it’s history. Thanks to the numerous payment facilities offered by financial institutions, you can buy any vehicle.
Where do I start?
The first thing we suggest you do is to select the dealer where you plan to buy your car. This will not be responsible for offering you the credit directly, because who should do it is a financial institution duly regulated by the authorities.
So I must first look for a financial institution to apply for the credit before going to the dealership? Not necessarily. You can do it, but many dealers have agreements already agreed with some financial institutions specialized in granting credit to buy a vehicle. So go to the dealership of the brand you like, and they will tell you which entities have agreements.
What should I know before applying for a loan to buy a vehicle?
What matters when applying for a loan for the vehicle you want is the debt capacity you have. Remember that you are about to acquire a financial commitment, that is, a debt with a financial institution for a specific time, to which you must respond with the payment of monthly interest. So look closely at the amount you need and the interest rate at which that money will be financed. 1% of 20 million is not the same as 1% of 100 million. Avoid headaches, so you better have accounts before signing the credit.
What are the ways to finance the purchase of a vehicle?
Today there are plans such as 50-50, that is, you pay 50% of the value of the vehicle to get it out of the dealer and the remaining 50% you spend in an agreed time that generally ranges between 6 months and one year, with its respective rate of interest.
There are also plans with higher payment facilities (like 50-25-25), with more deferred payments or even, there are some dealers that allow you to take out the car without paying a single penny, and you start paying it in 12 months, of course with interests. The way in which you agree on the type of financing will depend on what they offer you in the market, so it is also essential that you report well, since the marketing ones do not estimate when it comes to catching you.
The rates that can be found currently in the market range between 0.3% and 1.3%. Keep in mind that the longer the term for payment, the higher the rate may be. That is, if you make a 50-50 plan, you can get a more favorable interest rate than if you made a 50-25-25 plan.