Increase in vehicle financing in 2018
After the release of 18 billion, the increase in financing certainly contributed to increasing sales at the beginning of the year (around 15%), according to LOOK.
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Likewise the Infomoney stated that car financing in April is a sign of recovery in the sector. Interest rates averaged 18.5% per year and 1.42% per month.
The evidence is in the increase of 30.2% in the first two months of 2018, compared to 2017. This data is from National Association of Automobile Manufacturers' Financial Companies.
THE Monetary Policy Committee (Copom) ended the interest rate cut cycle.
At its lowest historical level, 6.5% per year, the lower basic interest rate (Selic) could make financing the car more attractive, according to EXAME magazine.
The big highlight appears in the new car category (43%), while used cars were around 23%.
In February, 8.1 billion reais were released in Direct Consumer Credit (CDC) operations, an increase of 26% compared to the same month of the previous year.
See also: Vehicle refinancing?
When contacted, the major banks say they have lowered rates proportionally to the drop in the Selic rate since the beginning of the rate cut cycle, just over a year ago.
Financial institutions, however, do not detail how much these rates have fallen, but agree with the increase in vehicle financing in 2018.
Of this total, 6.9 billion reais were allocated to individuals, which corresponds to an increase of 19.7% compared to February 2017.
Now for the legal entities 1.2 billion reais were released, a volume 80.7% higher than that recorded in the same month last year.
In the wallet of leasing R$159 million was released, an increase of R$40.71 million compared to the same month last year. R$21 million was allocated to individuals.
For legal entities, 138 million reais were released, an increase of 53.3% compared to February 2017.
Tips and rates from the best banks
See the rates offered by major banks with increase in vehicle financing in 2018 (source: EXAME)
| Bank | Interest (%) am | Financing term | Financed amount |
|---|---|---|---|
| Itau | From 0.89% | 24 to 48 months | Up to 80% |
| Bradesco | From 0.89% | Up to 60 months | Up to 100% |
| BB | From 0.93% | Up to 60 months | Up to 100% |
| Santander | From 0.95% | Did not disclose | Did not disclose |
We hope this information helps. Best regards.
