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According to the latest data from B3 – Brazil's Official Stock Exchange – the average vehicle financing on weekdays it reaches an average level of 22.4 thousand!
However, many consumers have great difficulty in obtaining approved financing. Are we going to change this scenario?
5 Guaranteed Tips for Getting Vehicle Financing
1 – Take care of your credit score
How is your credit reputation in the market? Having a good score and a clean name with the main credit bureaus – SPC and Serasa – are fundamental requirements.
Therefore, the first tip for obtaining financing is to check if there are any outstanding debts in your name and ways to improve your financial reputation.
After all, such attitudes directly reflect on your credit score and demonstrate to institutions their financial stability and ability to pay off debt.
2 – Have proof of income compatible with the financed amount
The second fundamental point is the consumer's monthly income and the relevant proof.
This way, banks will be sure that the customer will have the financial conditions to pay long-term installments, as is the case with vehicle financing.
3 – Gather the deposit amount
Another decisive factor when approving financing is the down payment amount. Furthermore, the higher the down payment, the lower the installment amounts and interest rates will be.
Typically, finance companies ask for up to 30% of the vehicle's value, but the ideal is to gather at least 50% as a down payment.
4 – Look for traditional brands in the country
When evaluating financing, several criteria are assessed by banks and the vehicle brand is one of them.
Therefore, the more traditional the brand and the better marketed it is in the country, the greater the chances of financing approval.
5 – Choose to include car insurance in your financing
Although purchasing insurance is not mandatory, the procedure makes it easier when approving vehicle financing.
After all, if something unexpected happens – such as illness, disability or death – payment of the installments is guaranteed.
Planning is everything! In short, these are the main tips on how to get vehicle financing. Now that you know, put it into practice.
Also take the opportunity to browse our financing guide and choose your ideal vehicle!
