Acquiring a vehicle is a big step, that is why it is essential to look for the best financing options and comply with the payment. Different concessionaires have direct financing plans and agreements with financial institutions, for this reason it is important to consider that each month the Central Bank of Ecuador (BCE) disseminates its technical report with current active interest rates; for February 2022 this rate, in the area of ordinary consumption (which includes the purchase of vehicles), is a maximum of 16.77% ahual.
At the time of buying a new car, commercial houses ask for between 20 and 30% of the price as down payment, the remaining debt is divided into terms of up to 72 months, with readjustments considering the active interest rate. However, in the market there may be offers with less interest that should be analyzed. Some financial entities and commercial houses have their exclusive credit programs or programmed purchase for vehicles, here are some examples:
Auto Easy BG
Banco Guayaquil will qualify the loan with the most convenient rate and term for the interested party. Once qualified, you will pay 25% down and you can finance the balance for up to 60 months, with interest that can be readjusted every 360 days, granting benefits such as financing of up to 80%, choosing the day of the month to pay, financing of security devices , accessories, etc
ChevyChevrolet Plan
It is a programmed purchase plan for new vehicles in which there is no financial institution involved that generates interest for the client. It charges an administrative fee that ranges from 3.5% to 5.65% per year; which makes the monthly fee and the final value to be paid less. The plans (expedited delivery, without entry and with entry) apply to the vehicle portfolio; among the cheapest are Chevrolet Sail and Chevrolet Onix.
How does it work?
It forms groups of 150 customers registered in the purchase, who with their monthly installments generate a common fund managed by the company. All plans have dates for the delivery of the vehicle, according to the client’s need and ability to pay; they also have the option of advancing this date through tenders. As an added benefit, no-entry plans have a monthly draw for on-time payments, and the winner will be awarded the vehicle without the need to pay a ticket or bid.
Source: Eluniverso
Paul is a talented author and journalist with a passion for entertainment and general news. He currently works as a writer at the 247 News Agency, where he has established herself as a respected voice in the industry.
