Interest rates for buying a car on credit in Ecuador

Acquiring a vehicle, which depending on the model and characteristics can be more expensive or cheaper, requires planning and resources. But it is not impossible.

In Ecuador, there are several options for financing the purchase of a car, either through banks or dealerships. These entities analyze various factors of the applicant, such as their economic stability and their credit history, to approve the loan.

Depending on the profile of the applicant and the vehicle model, different interest rates apply to purchases on credit.

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Some banks and concessionaires have payment simulators so that the same user can calculate what the interest rate of his loan would be, which must cover the risk premium, operating costs, financing costs, taxes, contributions and profit.

He Pichincha BankFor example, you have the option of providing a loan to cover the purchase of a light vehicle and other costs arising from it. This bank processes a 20% deposit for amounts from $3,000 to $150,000. The loan has a term of up to 72 months with an interest rate of 15%. Start the simulator here.

ProdubancoInstead, it approves a repayment period of up to 84 months with a down payment of 20%. The interest rate is calculated in the simulator, and depends on the value of the vehicle, its brand, the applicant’s application, the number of signatories and the desired term.

He bank of Guayaquil offers an autofácil loan for cars, with a 20% down payment for the vehicle and a term of 72 months. The interest rate is obtained through a simulator, in which the client first knows its pre-approved value depending on his financial profile.

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Brand nissan it states on its website that it has an interest rate of 14.9%. The client can create a credit simulator by selecting the amount of the desired vehicle, the registration value and the number of months for which he wants to pay off the debt, which is a maximum of 72.

Chevrolet also offers financing options for its clients, by selecting a specific model from its web portal. In addition, you can choose whether to pay for the ticket to reduce the burden of fees later. Here you can offer the desired car.

Entity Casaplan Motorplan approves loans between USD 13,000 and USD 80,000 for vehicle financing, with a single registration value and monthly installments for a maximum of 72 months. As it says on the website, you can get a loan without paying a car ticket, with fixed installments and without interest. See here how to finance the desired vehicle.

Representation car park also manages vehicle financing loans. Here you can run the simulator, choosing the model of the car, the value of the application and how many months you want to postpone.