Tasty pastries are not found easily. Our objective in this report is not plum or discover the ‘ofertón’ of each brand, but guidance to finance a vehicle. We have placed considerable emphasis on the different options you have to pay for the car of your dreams. But you must know certain terms that appear on your purchase contract. The TIN, the APR, fees for opening and cancellation of all, renting … I do not play in Chinese.
You have several options for funding and to ignore the issue, you made a mess? Would you have liked to buy the car for cash but your financial situation prevents you and you have to finance it? Relax, do not worry, just like you that there are many more people. In fact, according to a study by Ganvam (National Association of Motor Vehicle Sales, Repair and Spare Parts) and Automotive Finance Professionals, the funding is the most common form of payment among Spanish consumers when purchasing a vehicle, to the point that today 84 percent of cars purchased through this formula.
To choose one or another financing option, plus details of current opportunities that exist, you must also know the documentation is usually required when one wants to formalize a loan. In the same way, we recommend that you know the types of loans that are at the time that you should know the meaning of certain key terms for your financing. I explained everything, but also give you a series of tips and recommendations. In fact, we suggest that you are patient and do not accept the first offer you. If you are interested in a particular market, visit several dealerships and keep the lowest price. From there, you must initiate another round of visits to find the best financing option. Other tips can be found on the ‘Recommendations’ of the story.
Main options
Roughly speaking, there are two main options in the financing of a vehicle: First, through financial institutions, banks and building, and secondly, through its own financial brands. Both options are the most widespread forms of financing, but not unique, since in recent years have emerged so-called business credit fast. Here’s all three, plus details of two formulas that are becoming increasingly popular as they are leasing and renting.
1) Financial institutions, banks and
They are the first choice that every consumer should keep in mind. In many banks and, if you have located a number of payroll and bills, you can offer more advantageous conditions and interests that specialized institutions or to financial brands. If not, simply take any account opened in your name a few banks offer certain advantages. A possible drawback is the significant delay with respect to the financial brand. Sometimes, also tend to ask you a guarantee.
In this type of option, together with the other possibilities (financial brands and companies fast loans) suggest questions by a number of terms that appear on your loan. These words, which are explained in the section ‘terms are the TIN (Nominal Interest Rate), fees, depreciation and partial cancellation and APR (annual percentage rate). Asked by them, do not forget to none. When you have evidence from different sources of funding, then choose the one that suits you.
2) Financial brands
Present interests and conditions similar to those of banks and savings banks. Sometimes, they offer very good conditions, but in these cases the time to pay the loan is very short. Other times, by the way Multiopción (Fiat, for example, Formula Fiat calls it), we offer financiarte at first only a portion of the car, which shares will have more casualties. Once paid for all, we offer the following possibilities: change your car for another of the same brand; returned without explanation, at no additional cost and without risk of depreciation, and you guarantee the minimum value at the date of termination, continue your car with the last installment paid in cash, or refinance.
3) Business credit fast / virtual banking
They are companies that provide loans in just 24-48 hours. Some of the best known are Mediatis, Cofidis and Credial. They are usually not very demanding in asking for documentation, for only showing the last payroll is sufficient. In the media, announcing a drum and cymbal with slogans such as’ The loan for your car, just 24 hours. Is perhaps its only advantage, as they offer very high interest rates when compared with those of the depositories or banks. The Organization of Consumers and Users (OCU) discourages such businesses.
4) The leasing and renting leasing contract is also known as financial leases.
It is a contract by which the lessor transfers the right to use a vehicle on payment of rent (rent) for a specified period. After this period, the lessee has the option to purchase the leased property by paying a certain price, return or renew the contract.
The leasing is another form of renting a car can last between 3 and 5 years, but that does not, a priori, the purchase option at the end of the contracted period. In this case the client seeks, rather than an investment, the functionality. Through the monthly fee, the leasing company covers the entire vehicle maintenance, repairs, taxes, insurance, roadside assistance and replacement of tires. A disadvantage presented by renting, according to the OCU, is that if you decide to cancel the contract before the stipulated time, will pay a very high penalty.
