5 TIPS for choosing a | CREDIT VEHICULAR |

5 TIPS for choosing a | CREDIT VEHICULAR |

You have to be cautious with companies that we provide funding and see every detail to take no surprises in the future.

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.

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Which is better: Buy a car in cash or credit? This tells us the BCP bank

Which is better: Buy a car in cash or credit? This tells us the BCP bank

For BCP bank executive, it is best not borrow in dollars. If we buy a car it is better to purchase through a credit vehicular

Buying a car can be summed up in a chain of decisions. Once you have chosen the model and brand that we like and should last -this according to the need of each- touches us decide whether to fund cash or credit. This is where most of us tend to have more doubts than certainties. To help we will show you the most interesting points that were exposed at breakfast organized by the BCP bank.

Buy credit is cheaper than cash

Yes, this is how you read it. According to Daniel Lindley, area manager vehicular BCP credit, the car loans have lower rates of interest than other loans. The specialist recommends us to ask for financing to buy a car and that we allocate our savings into investments with profitability.

But that is not all. Vehicle depreciation is another point to be taken into account, the executive said BCP. "Shopping for a car spot is the worst decision because the vehicle is not an expense but an investment, it's like putting our money in a business that after five years will be worth almost half," he said.

Do not go into debt in dollars and analyzes the total cost of purchase

We know that most car loans are in dollars, however this scenario generates some drawbacks. For BCP bank executive, the main problem is the upward trend that has this currency. "The healthiest thing for people who want to buy a car on credit is to borrow in the same currency with which they pay his salary," he said.

Now, the "trick" to not end immersed in a debt we can not afford is to plan the total cost of the purchase. In the specific case of buying a new car, Daniel Lindley recommends us to analyze the following:

• The share of credit vehicular
• Car insurance
• The monthly consumption of gasoline
• Preventive maintenance vehicle
• The resale value of the car

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