5 TIPS for choosing a | CREDIT VEHICULAR |
After choosing the car that we like or that best fits our needs, there are only two purchase options: cash or through financing or credit vehicle. For the latter there are several proposals that financial institutions offer. To help in this election, then we give you some points to consider.
1. Debt soles or dollars?
It is better to opt for a vehicle loan in the currency you have your income to avoid 'currency mismatch'. For example, if you receive your salary in soles and you opted for a plan monthly fee of US $ 100, equivalent to S /. 280 with referential exchange rate (RER) of S /. 2.80, have to worry that the dollar is not triggered, ie the TCR does not rise to S /. 3.00 or more and also increase your payment.
2. TEA or EEQT
When reviewing the various proposals of vehicular credit, it is best to look at the TCEA (Annual Cash Cost) in TEA (Effective Annual Rate), since the former includes all fees and additional payments and not always TEA lower means having the lowest TCEA.
3. Negotiates and encourages competition
Like any trade deal, trading is always a good choice. Find three or four proposals from different banks or financial institutions and classify them between your first option and last resort. Then you can go to the company that offers you the next best thing and show the first, and the same with others. So you will promote competition and could get a lower rate.
4. Conventional vs Smart Buy Credit
In a normal credit, the minimum down payment is 20% and the bank lends you the other 80% to pay up to 60 months. With 'Smart Buying' offered by some banks like BCP and Interbank, the company will finance only 30% in two years or 40% in three years. Completed within two choices: stay with the car and refinance the remaining amount or buy a new car with a new smart purchase. This system is best for those who seek to renew the car continuously.
5. Consult with institutions of our financial products
If you have a good credit history and financial products in a particular bank, it is very possible that our bank offers us a better rate, although not listed in the rankings as the best option.
