Low Income Car Help, Save money on the purchase of your car, learn to finance yourself well. Analyze the differents alternatives that exist in the market: leasing, vehicle loans from banks and direct financing offered by dealers.
When a person decides to buy a momentous decision for his finance, not only because of the size of the investment but because in many cases the resources are not enough to buy the cash Low Income Car Help. Colombians, for the most part, seek financing for the purchase of their car.
In the market today there are different alternatives. You could study them carefully before getting into debt. Finanzaspersonales.co offers you a guide that includes everything you need to find the best financing option for your car.
Choose your Low Income Car Help
When you choose your car, visit several dealerships and several websites. In the market there are many brands, there are imported or national cars, sports or classic, family or small, luxury or economic. It all depends on what you want, your needs and obvious, how much money you have available.
Define if you want to buy a new or used car. The percentage of the company’s economy Finandina, for example, gives 60% of its value for up to 36 months, while for cars of 15 years.Low Income Car Help.
Also keep in mind that when the business closes you have to assume the costs of insurance (SOAT), insurance against accidents and theft, the cost of registration and taxes.
Evaluate your ability to pay
You must have selected your Low Income Car Help, request your dealer or directly, financial institutions, to study your debt capacity, such as your income, job stability, credit history and real estate. These will be determined if you are eligible for the loan and the interest rate.
The rates offered at this time range between 1.1% and 1.85% expired, standing on average at 1.5% monthly, which is 19.8% annual cash. The terms, meanwhile, range from 12 to 72 months.
To make your credit application, you must submit a minimum income. In Sufinanciamiento, for example, if you are an employee you must prove that you at least 3.5 minimum monthly salaries ($ 1’802,500) to be able to apply for a vehicle loan.
These companies are Finandina, GMAC, Sufinanciamiento, Occidente and Colpatria.
Study the different financing alternatives
When you know that your ability to pay, you need to study the financing alternatives offered by the market. There are many, some more expensive than others (Table). Define which is the best for you, taking into account your income, your debt capacity, and all your resources available.
Credit is the traditional option to finance the purchase of cars. If you are going to buy a Clio 1.6 RS / GP 2010 model, which costs $ 37,990,000, you can request for a credit of 90% ($ 34,191,000) at 60 months. At an average rate, you would have to pay $ 880,000 per month for this credit. The $ 46.4 million, that is, $ 8.4 million more than if he had bought it in cash.
If you agree with a fixed rate, you will find a cheaper option. It would start with a fee of $ 1.1 million and end up paying $ 579,000. His car would come out for $ 45.39 million, one million less than a fixed fee.
In most cases, these loans have life insurance under their validity, as well as a collective policy against risks.
Financial entities also offer modalities such as ’50 and 50 ‘, ’50, 25 and 25’ or ’40, 30 and 30 ‘, which show the payment method. If you know that in a short period of time, one of the two years, you would have the option of choosing one of these options.
If you choose to pay 50% of your Low Income Car Help today and the other 50% in a year, your car will go for $ 43.4 million, that is, $ 5.4 more expensive than if you pay everything in cash, but $ 3 million cheaper than the credit with fixed fees. The option ’50, 25 and 25 ‘is even cheaper, your car would come out for $ 41.7 million.
Keep in mind that dealers offer ’50 and 50 ‘or ’50, 25 and 25’ options without you having to pay interest. Jeep, for example, has this option, which is cheaper than paying for everything in cash.
Another option to finance your Low Income Car Help leasing, which is a lease with purchase option. The financial entity acquires the vehicle that is used by the customer (lessee) in exchange for the payment of a monthly fee.