Tips for acquiring a credit for the purchase of a vehicle

A growth of 51% has had the sale of vehicles in Ecuador until October 2021, the COVID-19 pandemic limited the commercialization of automobiles.

Raising the sale of a vehicle is an important proposal that a family plans to avoid affecting its economy, in many cases.

Saving is one of the first alternatives that is sought to achieve this objective, however, it is not always possible or even being able to cover the total value of the chosen vehicle becomes endless. Given this, acquiring a credit or loan is a good option.

This is what you should take into account to acquire a credit for the purchase of a vehicle

To access a loan, the concessionaire or financial entities review the customer’s credit information, for this reason it is important that they maintain a good record to be subject to this product. Having a score Credit implies that the person honors their debts, that is, avoids falling into default.

These are some of the tips you can take into account before making the decision:

• Look for financial entities specialized in granting loans and credits for vehicles, sometimes dealerships have agreements with them and have lower rates.
• Provide an entrance for the acquisition of a vehicle and with this reduce the value of the credit. A common mistake is to finance the entry as well.
• The vehicle can also be financed in cash, through credits granted by some of the savings and credit cooperatives.

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• Finance the credit for less than the maximum time, if your finances allow it.
• Before applying for the loan, know the amount of the monthly installments and that this does not exceed more than 15% of your income, since the vehicle will also entail other expenses such as gasoline consumption and maintenance. (I)