Requirements and Options for Vehicle Loans in Colombia

Currently in the country, banks and dealers offer possibilities to their clients so that they can buy new or used vehicles through credits that can pay in the short, medium or long term.

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The requirements, for their part, would depend on the entity. However, there are some generalities. For example, in all cases, You must be of legal age and have a citizenship card to access the loan. If you are a foreigner, you will have to show a document that proves you are a legal resident in Colombia.

In the case of those who are employees and want to access a vehicle loan, they must present orn labor certificate not older than 30 days of issuance. There you must specify the salary, position and seniority in the company.

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Along with this, you must submit a certificate of income and withholdings and the last three bank statements. In the case of pensioners, there must be proof of pension payment for the last three months and bank statements for the last three months.

For independent workers, they must present the RUT or Chamber of Commerce certificate (no more than 30 days of issuance), the bank statements of the last three months and the copy of the income statement.

Along with this, the entities review whether they have previously requested credits and what their payment behavior is. Keep in mind that the down payment for the purchase of a car It can be 5, 10, 20 and up to 30% of the value of the vehicle. It all depends on the financial institution.

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However, there are banks that do not require an initial fee but the interest is much higher.

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