What should you consider before applying for an Auto Credit?

It is never easy to know which are the best options of banks or banking institutions when applying for an Automotive Credit. Therefore, prior information and investigation of the matter is essential.

In addition to these results, they offered a small guide that should not be left out if you are thinking of applying for this type of loan. The first thing to know is that it is a medium or long-term commitment (up to 5 years, generally), where the delays are expensive and the interest rates are not always low.

It is advisable to look for several options before deciding

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– Before requesting the Automotive Credit, it must be taken into account what is the rating that the entity has in the market. This can be done online or at the Commission that gathers users of financial services. For example, the banks have an average of 9.2 points, the dealers, 8.2, and other entities, between 3.8 and 7.1. The elements considered are: contract, account statement, information offered and title page.

– It is necessary to look at the contract, which must be explained in detail, and you must always read ‘the fine print’. It must include a special section where the client is authorized to exchange information. If you are not sure of the answers, don’t be afraid to ask again as many times as necessary.

Always demand everything specified

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That the payment dates are included, and coincides with the data specified in the contract.

– Search for more information, on the entity’s own website or through the opinion forums of other users. Never stick with one person’s comment. Another option is to talk to friends or family who have applied for an Auto Loan.

  • Know the details of expenses and requirements, also interest rates. This can be achieved by attending directly to a branch or online;

The first alternative is always recommended because you can directly ask something that is not clear

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  • The transparency of the place: conditions too ‘good’ for the client are to be distrusted. Do not get carried away by fantastic promotions, it is better to turn to well-known companies than to new or unrecognized ones.

A tip that you should never forget before requesting your Automotive Credit is to compare the offers and simulate your loan to see how much you will pay monthly. In Compare you can do that and more. Just enter your information to our Automotive Credit Comparator and you can review all the offers on the market, totally free and without leaving your home.

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