Acquiring the car itself helps a lot in the daily lives of people, facilitating the movement not only of personal routine, but also of work. In addition, investing in a vehicle, whether it’s semi-new or even zero km, is interesting to create an equity .
However, many people leave aside the dream of having the vehicle of their own , because they are not able to make a good entrance or because of the uncertainty that they will be able to take out the parcels .
Hint: How to evaluate if an interest rate is attractive?
But know that there are credit options to buy car that can help at that time. With proper planning and analysis of available options, you can make the right choice.
If you have questions about this, follow this post and find out the available lines and what it takes to hire them . Check out!
What is auto credit and how does it work?
Auto credit is the one offered by financial institutions for the purchase of vehicles intended for both personal and commercial use – but it should be noted that this is a financing line for individuals only.
It works as follows: your interest rate is fixed and can finance used or new cars, imported or domestic, with the potential to reach up to 100% of the value of the vehicle , depending on the year of manufacture and the customer relationship. Due for payment is up to 60 months. There is authorization for the debit balance to be paid in advance or in part.
What does it take to get this kind of credit?
Next, we will see what are the criteria most used by financial institutions to grant credit to buy a car .
To finance a vehicle, you need to have:
clean name in the square;
age between minimum (18 years) and maximum (70 years);
proof of income;
Tip: 9 reasons to change cars now!
Also, if you really plan to purchase a vehicle , the ideal is to save money for it. So when an opportunity arises, it will be easier to start the process .
What are the main funding for vehicles?
Each mode of credit to buy car presents particularities, such as different interest rates, for example. In the following sections, learn more about the three main lines that can be used for used and new cars :
Direct Lender Credit (DLC)
Through this form of loan, it is possible to carry out a bank loan to buy the car. The DLC offers credit directly and easily to the consumer when he needs it.
When requested through banks or financial institutions, the DLC can be obtained in cash . Other possibilities are department stores, when you open shop for predetermined purchases or you get a limit for spending with credit card.
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The DLC offers greater flexibility in the negotiation of interest rates , since it allows the consumer to have direct contact with the creditor company. The rates do not change during the total period of payment of the benefits, since they are fixed at the beginning of the contract .
This modality is based on an agreement signed between the concessionaire and the bank . Those who opt for leasing should note that, as long as the vehicle is not taken out, the property is in the name of the creditor company .
The main aspects about this credit to buy car are:
has a duration of at least 24 months, and may be extended to a maximum of 42, by agreement;
the amount remaining for discharge, after the end of the rental period, known as the residual value, can be agreed in different ways;
the determination of model, color and year of the car is made by the buyer of the vehicle, however, the ownership of the name is from the bank;
the agreement is prefixed through interest and fixed accounts;
the user has full responsibility with insurance, maintenance and transfer fee;
the buyer can pass the vehicle to his name after payment of the last installment, if it is decided by the ownership of the property.