Thinking about buying a car? Get to know the vehicle financing conditions at Loan and Credit and compare
Even the financial crisis and unemployment did not inhibit car sales in 2018. In the first 10 months of this year alone, over 4 million units have been financed. If you are on the list of people who want to buy or trade vehicles, read this article and learn more about vehicle financing at Loan and Credit.
What is the Loan and Credit
Loan and Credit is a 100% public financial institution with 157 years of operation in the country. This state-owned bank offers access to different financial products, including vehicle financing. Check out more details below.
Vehicle Financing Conditions at Loan and Credit
Loan and Credit finances new or used light to heavy vehicles, domestic or imported. In case of used vehicle, the model cannot have more than 10 years of manufacture. The amount offered is up to 80%, according to the customer registration evaluation.
The interest rates offered start at 1.24% per month, but usually stay at 1.94% per month, with no extra charge. The fixed amount will be evaluated according to the customer relationship, the year of manufacture of the vehicle and the term and quota of the operation. The lowest rates are usually for account holders or with Auto Cash insurance.
Vehicle financing at Loan and Credit is done through fixed interest rates. This means that the customer knows exactly the amount they will pay on each installment, plus the total amount of financing at the end.
Vehicle financing at Loan and Credit is done through fixed interest rates.
Simulation of vehicle financing at Loan and Credit
To contract vehicle financing at Loan and Credit, you need to go to an agency with the list of required documents and wait for credit analysis. However, for comparative purposes, the simulation is available on the Loan and Credit website.
The amount of the Financial Transaction Tax (IOF) may also be added to the funded total.
We made a simulation of a vehicle with a total value of R $ 40 thousand. At the beginning, it would be necessary at least R $ 8 thousand (20% of the value), with R $ 32 thousand financed. If this amount is split 60 times with interest rates of 1.94% per month, the installments would be R $ 907.25, totaling R $ 54,435 at the end. It is noteworthy that installments paid in advance suffer interest reduction.