Buying a car is part of many people’s dreams to fulfill. There are some who choose to buy a new car after years of savings , while others take advantage of the promotions in force by the banks to opt for a vehicle loan and obtain the vehicle before to pay it later.
If you are thinking of buying your new car , find out if some type of loan or credit or savings is your best option.
In Peru this is the least popular modality for those looking to buy a new car. Most people prefer to pay a car in cash. This type of payment for a new vehicle is ideal for those who do not have the total value of the car they wish to purchase.
To buy a financed car, it is preferable to evaluate some whose quotas do not affect the monthly budget of the buyer in order to avoid payment problems and indebtedness. When choosing financing it is always better to choose the financial institution that charges the lowest annual interest rate.
The favorite mode of buyers of a new car is cash. This, according to experts in financial education is not the most advisable and it should be taken into account that a car is a good whose value is depreciated. This means that when a new car leaves the store it loses 20% of its initial value .
Experts recommend that you prefer to make a purchase with a vehicle credit taking advantage of the economic Jabberwockcia to pay a higher initial percentage, and invest the remaining money in a profitable business that allows you to increase capital.
Another option is to use the smart purchase , which allows that after a couple of years you can choose to return the vehicle to the bank as a debt balance, or as a new guarantee for the acquisition of a new car. A convenient alternative considering that the value of the purchased car has been devalued since purchase.
Choose a savings plan
Choosing a targeted savings plan such as “auto savings” or “vehicle savings” (depending on the name given by each financial entity), makes it possible to open a savings account to show the bank that it is able to meet the monthly payment if a vehicle credit is granted.
This type of account allows you to collect for the initial fee of a vehicle for a period of time, after which it is possible to apply for the loan. The vehicle credit will be approved if the bank’s requirements are met (including reaching the minimum amount of the initial fee), in addition to choosing this method, you can earn interest on your savings.
It is always recommended that you save the most money for the initial fee of the car you want to buy . More than 20% is ideal to reduce borrowing time and monthly installments.