3 myths about buying a car on credit that you should stop believing

In developed countries, most cars are purchased through vehicle loans; However, in Peru there are still many people who prefer to buy a car in cash rather than on credit. However, not everything that glitters is gold, so before accepting any offer, it is better that you know all the alternatives, so you can check which one is really right for you. That happens because there are many myths that are passed from mouth to mouth and that cause people to distrust this financing tool, when in reality, it is one of the most convenient options for the purchase of a car.

If you have heard any of these myths, we tell you the truth so that you are well informed:

“Buying cash is cheaper”

car loan with money cash

According to financial experts, buying a car in cash is like throwing away your money, since you are paying for something that, in a few years, will be worth half. Applying for a loan allows you to invest that money in something else that generates greater profitability.

“Vehicle loans are difficult to obtain”. Actually, there are requirements to access these types of credits, as well as any other, so they are not particularly difficult. In addition, there are vehicle credits for different profiles, so it is not impossible to access them

“Loans indebted for 5 years”

car loan with money cash

If you choose a vehicle loan to finance your new car, you can choose the term that best suits you and not necessarily the full five years. Many people choose to finance it for three years, with mid-range fees. Ideally, the term should be according to the amount you can pay monthly.

Do not believe everything you are told and find out for yourself what are the options you have available. A good way to find the cheapest alternative is to compare the banks and the credits they offer. To do this, you can use web comparators like Dasovick Federtis’s.

 

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