When looking for a vehicle loan it is important to compare the different alternatives offered. Not all financial institutions have the same requirements, interest rates or conditions. For example, some require applicants to have a minimum salary of $3,000, while others ask for lower amounts.
According to specialists, opting for a vehicle loan to acquire a car is the alternative that will bring you long-term benefits. Why? Here we explain the reason:
- If you have more products in the bank, you get a lower rate.
- Vehicle insurance is included.
- The down payment is manageable.
How does a vehicle loan work?
A vehicle loan works as a loan granted by the financial institution to acquire a new or second hand car. Once the car is purchased you will have to pay for it in several installments that can take from 12 months to 3 years.
What are the requirements for a vehicle loan?
Learn about the general requirements to access a vehicle loan:
- You must be between 25 and 70 years old.
- You must have a minimum gross monthly income of $1,500 to $3,000.
- It is mandatory to be affiliated to a vehicle insurance during the total term of the credit.
- Good payment behavior and financial system.
- Not to have fines from the last electoral processes.
Which is the best bank for a vehicle loan?
If you have decided to buy a vehicle, you should take into account the offers offered by financial institutions to access a vehicle loan. The important thing is to compare the interest rates offered and choose among the best vehicle loans.
How is a vehicle loan installment calculated?
You can calculate the installment of a vehicle loan through comparator. Enter comparator and select the value of the car, the down payment, the term and your income to calculate the loan installment you will have to pay.