When it comes to choosing which car to buy, certain recommendations are taken into account to ensure that it is the model with good technology, a good engine, that does not consume as much fuel, the ideal color, etc. Similarly, when choosing how that car will be paid, some things must be taken into account to ensure that your wallet is not damaged.
If the way to finance the car will be through a vehicle loan, it is worth considering these steps to choose one that not only fits your profile, but also gives you the facilities to get out of debt fast:
Verify the interest rate
Of course, it is one of the most important steps, as it will help you calculate how much you will have to pay for the credit, quite apart from the value of the car. Ideally, compare at least four offers before selecting. You can use web comparators to avoid going through all banks.
Find out about the warranty conditions. Some of the credits have as a condition that at least give 20% of the value of the car as initial, others 10% and some do not even ask for anything. On the other hand, some do not allow you to give more than 30% of the value of the vehicle, to ensure that the credit amount is large. The higher the guarantee you grant, the more interest you save, so it is worthwhile to find out what the bank’s conditions are against this.
Select the appropriate deadline. If you have the possibility of giving a high monthly payment, choose a short term, which will help you to cancel the debt in a short time and save interest. If on the other hand, you know that it will not be enough for you to do this and you need more time, choose the longer term (up to 72 months) and remember that the main thing is not to fall behind.
Ask about prepayments
From time to time, extra money may arrive and use it to pay credit is an extremely good option. Find out what the bank thinks about this and what are the conditions for making such payments. Some ask for at least two installments, others that must pass at least one year before they can do so, etc.
Remember that the more data you have about the credit you want to acquire, the easier and better the choice you make and will help you save considerable amounts.