To save on the time to buy a car the first thing you need to do is research on the best financing and refinancing vehicle . Understanding about interest, terms and financing modalities is key to getting a good deal. Some information needs to be clear so you do not take damage. http://sonotheque.net for a critique
Know the type of car that best fits with your economic profile, know what is the best mode of financing so you can focus your negotiations on the price of the vehicle and not the financing and have a clear notion of your financial conditions avoiding getting stuck to a that does not fit in your budget.
Duration of the loan:
Many buyers opt for vehicle loans of five years or more. SerasaExperian notes that in the last quarter of 2012, the average duration of car loans was 65 months. That’s almost five and a half years! The advantage of a longer loan is that your payments will be lower. The downside is that throughout the financing the vehicle will suffer from depreciation and you will continue to pay for a car that no longer has the same market value.
To buy a vehicle and ideally it is to make a planning with a certain advance. Saving at least 20% of the vehicle’s value to use as an entry can help you get a faster credit approval with more attractive interest rates. Another option is to use the value of selling your old car as an entrance ticket to your new vehicle, this operation is worth it because most of the time your used value exceeds the 20% mark of your old one and this causes you have a lower value to finance.
Now if you can not or can not save a sufficient amount to give as a sign and do not have a vehicle to sell, do not worry, not all financials require an input value, there is always a solution to your needs.
Credit Score: SCORE
Your credit score, known as the “score,” will be used to help determine the interest rate you will pay. This rate fluctuates as you make use of the credit you are given, using credit wisely and paying your bills on time will help you get a higher score, however contrary to what most people think if you pay all your bills in cash, your bank account and even your credit cards, even if you have a good salary your score will always be low. The score is a score that the bank confers on its customers to determine what type of customer you are, if you do not relate to the bank, there is no way to know if you are a good or bad payer.
Vehicle Refinancing, How Does It Work?
Did you know that your vehicle can be used as collateral for a bank loan ? The advantage of this procedure is that when you are willing to use a good as collateral for a loan, the bank understands that you intend to use the borrowed amount with utmost caution, this causes the interest rate of the transaction to fall considerably if compared to an unsecured loan. It is a great choice for those who need to get out of credit card interest, overdraft or for those who open their own business and need a quick cash and low interest.
In vehicle refinancing the bank grants up to 70% of the value of the vehicle by up to 48x for vehicles up to 15 years. It is a very safe and cheap operation, the contract conditions are the same as the normal loan, so this loan modality in recent years, according to Valor magazine, this mode has grown more than 15% in 2017. The car is the passion of the Brazilian is the companion of every day, to go to work or to walk with the families on weekends. Now it is also the real possibility of getting out of the high interest rates of conventional loans and of being financially organized.
Get a car loan with one of our representatives, without commitment, and 100% reliable. One of our experts will be willing to see the best option for you. VMACRED offers several solutions. Be sure to check out our latest post with tips on renovating and refinancing your property .