An important part when it comes to acquiring a car has to do with the initial fee we will deliver to access the credit. There are some points that are not always considered when talking about it but that will help you have a better perspective on your credit and your money.
1. The percentages vary according to the bank.
There is no exclusive percentage when it comes to delivering an initial fee. Banks have certain rules and some accept small percentages like 10% while others require double. Everything will depend on the institution you choose, so it is important to compare your options before applying for the loan.
2. It can harm you.
If your initial fee is of the lowest possible value, it will mean that the loan you will be asking for will be for a higher value, which inevitably leads to higher interest payable, since the monthly fee must remain an amount that you can cover. When your initial fee does not represent a good part of the value of the car, it ends up hurting you.
3. It will depend on your other growth options.
Some experts say that if you get an investment opportunity in which you end up paying more than what you will pay for your credit interest, it is worth giving a small down payment and investing, because you can cover those interests and you will also earn profits.
It is good to clarify that this can occur with stocks, savings accounts, installment deposits, businesses, among others.
4. It can help you pay off the credit in less time.
Just as it can harm you, it can also help you get out of debt in less time. If your share is 50% of the value of the car, you can finance the loan for up to 2 years and pay on time. Some banks do not accept a fee greater than 30%, so one option is to grant that 30% and the rest of the money you have, pay it as prepayments to the credit, reducing the term.
5. Requires a plan.
It is common that you do not have the percentage you need, in fact it is what happens to most Peruvians. The important thing is to decide and start a savings plan to reach the necessary value in a short time.
Consider waiting a little longer if the quota you have still does not reach the desired value, but if it is already so, do not forget to compare the different car credits to find the cheapest one that suits you best.