With the aim of guiding you and the rest of the consumers, the Fine Bank presented a recent study on Automotive Credit. In this one, differences between automotive loans of up to 53% in the final price were found, which can lead you to pay for the same car, up to one million dollars more.
Given these results, it is recommended that, when choosing automotive loans, pay attention to the Annual Equivalent Charge (CAE); an index used to compare the credit alternatives offered by different financial entities, under the same conditions. So the higher the CAE, the higher the price of the loan.
When you buy a car, you must make a large investment
You even usually pay it in several years. This is when you get to why the importance of comparing among several, to select the best Automotive Credit. Therefore, you must follow the tools provided by the Law of the Fine Bank to select the best alternative. As well as paying attention, always in the real quota that you will pay each month.
A point that you should always take into account is the CAE or the real annual cost of the credit. This is information that companies are obliged to provide you. If you do not pay attention to this factor, you can pay up to 166%; with variations in the CAE from 13.35% to 34.45%.
The Automotive Credit is a consumer credit, so in addition, you will have operational expenses that add to the agreed cost. Therefore, it is advisable that, before requesting it, you look closely at all the letters of the contracts, to know what exactly your final disbursement will be, including operational and financial expenses.
Another fundamental point to take into account is the time when you apply for the credit
Since the amounts may also vary according to the months of the year. For example, August is usually the best month to contract these credits, since there are many gifts and promotions. However, in September, you must be careful, since there are too many offers and you can be dazzled by one that is ultimately misleading.
Remember that in Agree Bank you can hire the Best Automotive Credit on the market. Enter our Auto Credit Simulator. You will save time, money and make a smart purchase.