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J. Bacorelle
Sábado, 18 de enero 2025, 12:50
The decision to finance or buy a new car outright is a personal choice that depends on various economic and personal factors. Firstly, one advantage is that if you do not have enough capital to purchase the car outright, financing allows you to have the car immediately.
Additionally, by dividing the payment into monthly installments, you can adjust the expense to fit your budget. Among the disadvantages, financing the car purchase means you will pay interest on the loan, which increases the total cost of the vehicle in the long run. Moreover, you will be tied to a financing contract for several years, which can limit your financial flexibility, and the value of a car depreciates over time, so by the end of the financing term, the vehicle's value may be less than the remaining debt.
If you have already made the decision, request several offers from different financial institutions to compare interest rates and conditions. Another increasingly common alternative is to finance the purchase with the brand itself, which may raise questions about which type of operation is cheaper.
In this regard, the Consumers and Users Organization (OCU) warns that the interest rates offered by dealerships when financing a vehicle purchase are often "much higher" than those offered by banks in their personal loans.
This organization indicates that the annual effective rate (APR) is usually much higher than the interest rate offered by banks. For example, a car with a sale price of 30,000 euros can be reduced to 27,000 euros with the discount linked to dealership financing over five years, but if the APR of this financing is high, for instance, 13.80%, you end up paying more than 34,000 euros.
Another issue associated with car financing through a dealership is the obligation to contract other products and services, according to OCU, which adds that they may require up to 3.95% of the loan amount as an opening fee, require life insurance, payment protection insurance, or other conditions.
However, the option of financing the car purchase directly with the brand offers a series of advantages that may be attractive to many buyers. For example, brands often offer special discounts on the vehicle price if you opt for their financing. These discounts can be significant and help reduce the total cost of the purchase.
Many brands offer additional service packages when financing the vehicle, such as insurance, maintenance, or warranty extensions, which can be very appealing. Additionally, by financing directly with the brand, the process is usually simpler and faster, as all procedures are managed through a single point.
Therefore, financing a car purchase with the brand itself can be a good option if you are looking for a simple process, discounts, and additional services. However, it is important to compare the different options available in the market to find the one that best suits your needs and budget.
OCU recommends comparing the APR of the dealership's finance with that of the personal loan the customer receives from their bank. In case of error, the consumer organization states that there are up to 14 days to withdraw and return the money without justification, paying the interest generated during the days the loan lasted.
Additionally, if consumers wish to settle their debt early, they should know that the commission is limited to 0.5% of the canceled amount if less than a year remains to pay it off, or 1% if more time remains.
It is also recommended to ask the finance company or bank if they have registered the vehicle in the Property Registry to prevent the sale or change of ownership until the loan is settled.
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