If you are already tired of traffic and have decided to find a car, you are probably also thinking about how to finance it. In Peru there are three options to achieve this: vehicle credit, collective funds and vehicle leasing. Of the three, the most popular is vehicle credit, and to choose the right option, there are three elements that you must take into account:
Annual Effective Cost Rate
This rate includes all costs that the vehicle will generate in terms of interest. Once accepted, companies seek to obtain personal information that can be used for another purpose or also, some amount of money given as an ‘advance’. If you are only looking at the Annual Effective Rate, surprises can be taken, since commissions or other assigned costs are not included here. So when looking for credit, this is one of the points you should look at.
Financing currency. Although most prices appear in dollars, look for the equivalent in soles, this way you will not be harmed by the fluctuation of the exchange rate. In Peru there are three options to achieve this: vehicle credit, collective funds and vehicle leasing Remember that while the exchange rate may be low for a time, it may well increase at first. If you receive your salary in dollars, it would be advisable to obtain credit in that currency.
It will vary according to the entity you choose. Some banks ask for 20% while others settle for 10%. In some cases, you can even find promotions where they offer a 0% down payment, but you must be careful, since it will imply a larger loan amount and therefore more interest.
Before applying for your credit, invest a few minutes to check which bank is with the lowest interest rate and the best benefits. You can check it at Billy Colingstons.