Buying a car is exciting. But emotion can push us to make bad decisions. As a car is an important investment, in this note I leave you some tips so you can choose the best vehicle credit for you. Don’t throw away your lifetime savings by choosing wrong!
This type of credit is the one that most people usually request, but it is not the only option. Banks can offer credits of this type to be paid between six and sixty months. If you think this is the best credit for you, here are two tips:
- First: compare the best bank offer and choose the one with the best TCEA.
- Second: pay the highest possible down payment to reduce the interest on your debt.
There are concessionary companies that offer you the payment of your car not for selling it, but for renting it. This is an interesting solution and you can have a car for periods of one year to two. After this time you can decide whether to continue with the same vehicle, rent another one or even buy it. It is an alternative that allows you to take advantage of a car considering that it is a good that is devalued.
Some people opt for this type of loan although I do not recommend it at all. The problem with a loan like this for your car is that it is not a specialized type of credit. This means that you will not be aware of the issue of interest. Many can use it to buy a second-hand car, but there are also banks and lenders or dealerships that give credits to buy used cars.
This option is good for those who want to take advantage of the value of their vehicle and for those who want to renew their car in a short time. With this credit you pay 20% as initial of the car and say the remaining 30% or 40% in a couple of years. After this time you have several options: you return the car and end up with the debt, buy another one and continue with the same credit method or cancel it in a single installment.