Well, do you know how to finance a vehicle? Do you know how it is? Or do you know how it works?
These are some of the main questions that are asked very often, especially by people who want to finance but don’t know how.
How to finance a vehicle
Because this is a subject that raises many doubts, in this article you will have access to the best and main information about it.
And so that we can explain everything in an organized and easy way, we will present all the information, in the form of topics with the Meu Leão website.
INFORMATION ON CAR FINANCING
See below some of the main information related to this subject.
So that, when you finance a vehicle, you can be up to date with all the information related to this much-discussed subject:
What is vehicle financing and how does it work?
Well, car finance is basically a way to make a car purchase, but much easier.
It is possible to find many types of vehicles to carry out financing, such as: trucks, motorcycles, cars, buses, among many others.
But one thing that many do not know is that it depends a lot on which bank will be used to carry out this process, for the simple fact that not all banks allow any and all types of vehicles to be financed.
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Therefore, we recommend that even before you go after all the necessary documents to make the financing, you contact your bank branch.
Only then will you be able to be sure that you have permission to do this financing.
Also check if your bank agency carries out vehicle financing, because just as some do not allow everyone to do it, there is a chance that your agency does not carry out vehicle financing.
An information that many are not aware of is that the amount of financing is defined according to the salary of the buyer, so the amount corresponding to the financing can change a lot according to each person, and can thus increase or even decrease.
With this, it is possible to conclude that the negotiation that is carried out, there is no intermediation from the dealership (ie, from the store where the vehicle was purchased).
For more information, visit the official website of the financial institution you are negotiating the vehicle financing.
What are the types of vehicle financing?
Well, one of the things that not all people are aware of is that there is more than one type of vehicle financing.
If you didn’t know this, see below what these types are:
CDC (Consumer Direct Credit):
In this type of financing, the consumer takes out a loan from the bank, so that he can purchase a certain vehicle.
When this vehicle is purchased, it remains in the buyer’s possession, but what many do not know is that it cannot be traded (since it is alienated with the bank agency) until all its installments are paid.
The buyer can choose two options when carrying out the financing, which are the following:
-With the intermediation of the concessionaire;
-Or without the intermediation of the concessionaire;
If the first option was chosen, it will be possible for you to negotiate the interest rates that will have to be paid over time.
These interest rates, are established at the beginning of the contract and the same, do not change and, in relation to the price over time.
Leasing:
In this option, the person purchasing the vehicle is not a person, but a company.
This company is called Leasing, it works with this type of service.
Instead of selling purchased vehicles, it leases these vehicles to consumers.
In practice, this service works as follows:
The consumer pays the installments, as if it were a lease (the vehicle will be in the company’s name, not the consumer’s) and when all the installments come to an end, the consumer who made the payment of all parcels, takes possession of the vehicle (and then the same, is passed from the company name to the consumer name).
Like the CDC, this option can be carried out without the intermediation of the store that sold the vehicle (that is, the dealership).
By doing so, you can have a negotiation regarding the value of interest rates.
These rates are defined at the beginning of the contract and do not change, either increase or decrease.
Consortium:
In this option, the consumer is part of a group, where it is composed of other consumers.
This group is formed by a consortium administrator.
In practice, this option works as follows:
All consumers, who are in the group, pay the vehicle’s installments, but the same becomes the consumer, only when it is drawn.
This raffle takes place only once a month and only one person can be drawn.
In addition to the drawing, it is possible for consumers to make bids and the highest bid wins, in the same way that an auction works.
However, in this option, unlike those shown above, this option may change over the course of the payment, this may occur according to the variation in the price of the vehicle to be purchased.
So, if the price increases, the share also increases and if the value decreases, the share also decreases.
Consortium contracts generally last around 84 months and a fee is charged for all services provided by the company.
What are the documents required for financing?
In order to apply for financing, you will need to have the following documents in hand:
- RG (identity card).
- CPF (Individual Registration).
- Proof of marital status.
- Proof of income (bank statements or even payslips)
Observation: All documents mentioned above must be brought in as follows:
The original document and a copy that is clearly visible.
Remember to take exactly the documents that were requested and in the way they were requested, so you won’t run the risk of something going wrong.
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