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If you are thinking of obtaining a loan to buy a car you can follow these recommendations to make the best choice
Many people consider obtaining a loan to buy a car as part of their New Year’s resolutions, if you are thinking about doing it take into account what some financial institutions offer in the country.
Whenever you analyze making a decision such as acquiring a loan, be clear that it means a commitment that you will acquire over time, so choose what best suits your needs and especially your economy.
This can help you a lot when making the decision
The National Commission for the Protection and Defense of Users of Financial Services (Condusef) did a comparison between seven financial institutions with the assumption of acquiring a new economy car and these were the results.
The Condusef took into account the following banks:
- Inbursa, through its (Sofomer)
The Condusef pointed out that these were the institutions taken for the comparison because they are: “Which in the first half of this year concentrated 57% of the balance of the automotive loan portfolio, according to data from the National Banking and Securities Commission” .
Take into account the following points
You must compare the inherent costs of auto credit, such as:
- The hook.
- The interest rate or the commissions that can be charged as the opening rate.
- The monthly payment of the credit so that it is in accordance with your ability to pay.
All these points are decisive for the total amount to be paid.
The Condusef took as an example a car brand: Nissan, Versa, Model: SENSE TM; with a value of 276,900 pesos, down payment of 55,380 and credit amount for 221,520 pesos with a term of 48 months (four years) with financed insurance.
Thus, this exercise shows that you could be paying more than sixty thousand additional pesos, between the cheapest option and the most expensive, that is, an extra 19%.
In most bank loans, an initial disbursement must be made, which takes into account the following:
- The hook.
- The commission for opening.
- Some banks may include ratification fees.
“It is important that the cost of auto insurance is taken into account and if it is financed, as is the case in the example, as well as identifying if the loan you are going to contract includes life insurance in the financing, or if it is required to to be able to contract the product ”, detail the recommendations.
During the period of April and June of this year, Scotiabank had 95 claims for every 10,000 contracts, followed by BBVA with 41 claims and Cibanco with 20 claims.
These are the banks that best serve the recommendations
- Inbursa with 9.9 out of a maximum rating of 10
- HSBC with 9.4
- BBVA with 9.2.
The lowest rating was obtained by Scotiabank with 7.4.
In addition, the banks that resolved the most issues in favor of the user were:
- HSBC with 44%
- Affirm with 40%
- Scotiabank with 33%.
The one that obtained the lowest resolution in favor of the user was Cibanco with 11 out of 100 cases that were concluded in the analysis period.
Lastly, the bank that obtained the lowest resolution in favor of the user was Cibanco with 11 out of every 100 cases that were concluded in the analysis period.
The banks that take the least time to resolve a complaint are: Cibanco 20 days, Affirme with 15 and HSBC 13 days.
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