In the last month, the brands present their new vehicle models for the Ecuadorian market, traditionally in July Autoshow fair in Guayaquiland that is that in these months the entire offer of the sector – which in the first months of the year recorded a sales growth of 16% – and financing plans in dealerships and financial entities is presented.

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AND minimum 10% of the vehicle price on certain models, for example from Chevrolet and Chery. Terms are up to 72 months and up to 84 for those costing more than $20,000. AND the interest rate may depend on the model and thus the price of the vehicle, according to sales offers. Banks, through their car loan products, offer deposits of 20% and a repayment term of up to 72 months; with insurance or without, and even months of delay, the client chooses.

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Gabriela Ponce shopped around at various dealerships of different brands and her first option was a $17,000 model with a $7,000 down payment, $306.65 in fees (including insurance) for 72 months at 13.99% interest . But now he is thinking about buying a different model and a different brand because another salon offers him an interest rate of 13 percent, which, he says, is the lowest he has found.

Financing options for buying a car in Ecuador

Therefore, those who want to buy a car are provided with various financing options.

trading house Continental Automotive The Chevrolet brand has financing plans for its various vehicle models:

On the other hand, the 84-month term is valid for vehicles whose price starts at USD 20,000.

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Henry Toala, Adviser to maresa corporationexplains about the financing offer in the Mazda vehicle brand.

Forms of payment are: bank transfers, checks, credit and debit cards, and used vehicles are also accepted as part of the payment, in which case an assessment of the vehicle is done to determine the status and it is free of charge, according to the advisor.

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Also, another brand that Maresa operates with is Chery, and their plans are different:

For example, in this corporation they give a direct loan, and for the Tiggo 2 Pro whose value is 18,590 dollars – with a 10% down payment and a term of 72 months – installments of 199 dollars will be paid. For the $16,990 Arrizo 5 Pro, monthly fees would also be $199.

While the Tiggo 7 Pro model, whose price is $23,990, would have installments of $249 with the same financing conditions: 10% down payment and a term of 72 months.

From AutoMekanowhich is also on the market with different brands (Soueast, DFSK, Great Wall), shows how they handle their financing plans:

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Corporation nexumcorp which offers brands such as Peugeot, Changan, Opel and Toyota also presents its financing plans:

equator kia is promoting on social media that from June 6-10, the purchase of All-New Carens brings benefits of up to $6,000, with a 15% down payment and a term of up to 84 months. Its reference price is $28,990.

Between January and May 2023, 57,819 units were sold in Ecuador, an increase of 9.4% compared to the same period in 2022, according to data from the Association of Automobile Companies of Ecuador.