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If debts are weighing on your financial life, an effective solution may be a loan secured by a vehicle.
This type of credit offers lower rates and flexible terms, which can help you pay off your debts more easily.
What is a Vehicle Secured Loan?
A vehicle loan allows you to use your car as collateral to obtain credit.
In return, the interest rates are lower than those of a regular personal loan.
However, it is important to remember that, in the event of default, the vehicle may be requisitioned by the lending institution.
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Why is this option a good alternative to pay off debts?
Opting for a vehicle-secured loan can be an excellent strategy for those who want to pay off debts in an organized and stress-free manner:
Lower interest rates: By offering your car as collateral, you get more advantageous payment terms, saving on the total cost.
Highest credit value: The amount available is usually higher, allowing you to cover larger debts at once.
Longer deadlines: With more time to pay, you can divide the debt into installments that fit your monthly budget, without any hassle.
Loan Offers in the Market
Here are some options available to those looking to use their car as collateral to pay off their debts:
1. BMG Bank
- Interest rate: From 1,49% per month.
- Term: Up to 60 months.
- Amount: Up to 90% of the vehicle value.
THE BMG Bank offers competitive terms, allowing you to use up to 90% of your car's value as collateral. This option is ideal for those who need a loan with affordable rates and longer terms.
2. Credits
- Interest rate: From 1,49% per month.
- Term: Up to 60 months.
- Amount: Up to 90% of the vehicle value.
With the Creditas Bank, you can also get up to 90% of the value of your vehicle, with comfortable terms to pay off your debts and move forward without compromising your budget.
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3. PAN Bank
- Interest rate: From 1,27% per month.
- Term: Up to 60 months.
- Amount: Up to 100% of the vehicle value.
Banco PAN offers one of the lowest interest rates on vehicle-secured loans, making it an attractive option for those looking to get out of debt at the lowest possible cost.
Tips for Using Your Loan Wisely
- Use the amount to pay off your most urgent debts: Prioritize debts with higher interest rates, such as credit cards and overdrafts.
- Pay attention to the CET (Total Effective Cost): Check the total cost of the loan, including administrative fees and other charges.
- Plan your finances: Even with smaller installments and long terms, it is important to maintain good financial control to avoid new debt.
By using a vehicle loan to pay off your debts, you can organize your finances more easily, reducing interest and giving yourself more time to pay.
