Overview Of Financing Options When Purchasing A New Car

If you are thinking of buying a new car and still do not know whether to finance it with the help of the dealer or directly with the bank, LR tells you the differences and benefits of buying your car through these two modalities. And even if in general terms it seems the same, in the long run, you could see the differences.

While performing the calculation initially depends on the model of the vehicle to be purchased, its cost and the initial fee with which you want to buy the car,

For this analysis a automobile was taken for around $ 60 million, an initial fee of $ 10 million and a maximum term of 60 months;

Which is one of the programs that is most taken with financial institutions.For Alfredo Barragan, a specialist in banking at the Universidad de Los Andes,





When buying a car the rate of the banks is very similar. “However, the commission for the study of credit and the benefits when buying a vehicle through a bank loan or the intermediation of the concessionaire can make a difference, since there is a cost that people do not look at much and it is the Insurance. In many cases, it can be a plus of the concessionaires “.



Financing Modality

But what should you take into account when looking for the best credit option? For Barragan, as well as for other experts, usually, the first step is to adjust your ability to pay. Banks or cooperatives conduct a study where they take into account the applicant’s income, credit history, and job stability. In that sense, if you meet these requirements, it is time to look for the best financing modality.

In banks, banks have very similar rates. According to Banlinea, a portal that performs the comparison of rates to make the best financial decisions, the average price for new vehicle credit is 1.5% month due. Thus, for a $ 60 million vehicle, the fee to be paid would be around $ 1.2 million.

Credit Options When Buying A Vehicle Through A Dealer