Are you thinking of getting a loan to buy a new car? Or is it better to make a loan? Check out the advantages and disadvantages and find the best option for you!
If you are thinking of switching cars or realizing the dream of buying your first car , you should be researching various makes, models, prices, comparing the cost benefit of new versus used and various other things. But if you have not raised money or have another car to check in, one of the main concerns is being “how am I going to pay” and in these cases the most popular solutions are consortia or financing.
The advantage of the consortium is that it does not charge interest, you only pay the monthly fees to compete for the premium that, among many goods, can be a vehicle. The more tuition you pay, the more chances you have to be paid, so it may take years for your new car to arrive, which makes this solution impractical for those in a hurry to buy a car.
While auto finance, which is usually the first option that comes to mind when buying your new car, has interest rates that, depending on the amount financed and the credit approval system of the finance you choose, can be very tall.
But you still have a third possibility that is not very much cited but can be quite attractive: how about making a loan to buy the car? That’s right! A loan can be a great solution to solve this issue.
Your head should be full of questions like:
- What is the best loan option?
- Can I finance a dirty-named car?
- What does it take to finance a used vehicle?
- How to buy car without debt?
The doubts may seem endless, but calm! In this article we will give you answers to most of them and help you find the best solution for you to buy your car.
Is it better to borrow or finance?
When you make a loan or a loan, you borrow, through a bank or financial institution, to buy a good. The main difference between the two solutions is that, in financing, the available amount has a specific destination, while when making a loan you can use the money to buy a car, motorcycle or property (as in financing) and use it to Several other things, such as starting a business of your own, paying off a debt, organizing your financial life or whatever you prefer.
The main advantage of making a loan is the convenience of being able to use the money as you wish. In addition, you can install the entire value of the vehicle, while in some financing you need an down payment.
In loans, the advantage is in the interest rate, which is usually lower, since the financial institution can use the vehicle itself as a guarantee of credit in case of default. But, there are also some very secure and low rate loans, such as payroll loans and secured loans.
What is the cheapest type of loan and the best option?
Knowing that when borrowing, you have the convenience of being able to pay the full value of the vehicle, use the money as you wish and still have modalities that offer very competitive interest rates, the question is: what is the best option? loan?
As we mentioned above, among the loan options that have the lowest interest rates on the market are payroll-deductible loans and secured loans. Both solutions are able to offer very competitive rates because in both situations banks or financial institutions are very secure in trading and therefore do not need to charge abusive fees. Now, let’s give you more details of each of these loan models.
This loan model is generally intended for public servants, retirees or pensioners or employees of companies that are linked to a financial institution. The loan amount can correspond to a maximum of 30% of your income and is available on a payroll credit card. Installments are discounted directly from the contractor’s benefit or salary, which provides low interest rates.
A very important detail is that the loan to civil servants or CLT workers is made by the bank or finance company to the institution in which you work, but it is also possible to make credit portability. The problem is that this process is bureaucratic and not guaranteed either, because you need to find a financial company that wants to absorb your debt.
Another issue to think about is that, because you have the amount directly deducted from the benefit or salary, if you have any unforeseen circumstances, in this loan model it is not possible to delay the payment or renegotiate the date.
The secured loan, as its name implies, uses a property as collateral for credit repayment. Therefore, the financial company is very safe and can offer very competitive interest rates. Besides the low interest rates, other great advantages of this type of credit are that you can use the loan however you want, you can have the amount available in up to ten days and have a long repayment term: up to 180 months.
Another important advantage is the available limit. By having a high value guarantee, the credit limit released is also high, usually from $ 30,000, which is perfect for buying a zero car. Also, as with payroll loans, the value of installments can only consume 30% of your income, which changes the number of installments in the negotiation, but ensures that you will not compromise your budget too much.
Be sure to compare your loan options well. The most important thing when choosing the mode, besides the interest rate and the number and value of the installments, is knowing the Total Effective Cost , which corresponds to the total amount you will pay for the credit.
Advantages of Buying Your Car With Gcredi
We have already explained that to choose the best loan for you, you need to compare a lot. And if you’re wondering what is the best financial loan, we have 5 reasons why Gcredi is a great option.
Being a digital service, you can simulate your loan, negotiate and contract the secured home loan service without leaving your home.
One of the main questions when hiring an online service is about the security of your information, right? But you can rest easy! Gcredi invests heavily in technology to host your data in 100% secure environments. What’s more, we have no prior deposit requirement like insurance or hiring fee.
Attractive rates and deadlines
Gcredi’s interest rate is among the best in the market: from just 0.99% per month + IPCA. In addition, you have up to 180 months to pay.
Super-low rates, long terms and very wide limits: Gcredi real estate loan values range from R $ 30,000 to R $ 2 million, depending on the value of the property that comes as collateral in the negotiation and also on the income proven by the bank. contractor.
Better than having the value you need is getting it fast! At Gcredi credit can be available within 10 days of approval, provided you have all the necessary documentation and approvals at the time of request.
Disadvantages with other banks
The services offered by most banks for car purchases are usually financing. As we mentioned earlier, the main characteristic of financing is to have the right destination for money, which can only be used to purchase the car.
Vehicle financing may seem like the most convenient solution, as it is a model created especially to offer credit to those who want to buy a car. But now that you’ve looked at interest rate figures and found that Gcredi home loan has the advantages you need, with one of the best rates on the market, flexible payment terms, and very long terms, you don’t need it anymore. be in doubt, right?
Also, it is good to remember that you can use the amount of your loan however you like, so if you have tight bills, it may be a good time to organize your finances and just stick with the loan installments.
So take the opportunity to use our online loan simulator and see all the possibilities you have for getting a loan and buying your new car right away.