Acquiring a vehicle is the dream of many people, but it is not always possible to buy a car in cash. In this way, many people resort to financing. That's why today we're going to tell you 5 tips on how to get approved for a car loan.
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Car financing is basically a loan concession that financial institutions in the public or private sector provide and are intended for the purchase of a new, semi-new or even used.
In this sense, there are some requirements that need to be fulfilled for the financing to be approved. Therefore, the more you adapt to the established rules, the greater your chances of being able to finance the vehicle of your dreams!
1. pay off all your debts
First, it is important to get rid of old debts before taking on new debts. This is because, in order to obtain any type of credit, it is extremely important to have a clean name, given that institutions always consult this type of information before closing deals with you.
2. Have proof of your income
Banks rely more on those who prove their income, as this serves as an indication that the person will be able to pay their debts. Therefore, make an effort to prove your income and then the institution will be more confident that you will pay the financing installments.
3. Keep a good score at Serasa
The Serasa score varies from 0 to 1000 and indicates the probability of a person paying a bill in the next 12 months. So, if you are a person who pays your debts on time, you will have a better score, which will be favorable when financing your car.
4. have a good entrance
Currently, many institutions are not negotiating the financing of 100% of the value of the vehicle. In this way, they require a down payment and, thinking about credit approval, it is good that you reserve at least about 20% of the value of the car to make a down payment.
5. Prefer recently manufactured models
When a car is very old (manufactured more than 10 years ago, for example), banks tend to make financing difficult. This is because there is a greater risk of the vehicle having problems, and thus the contractor may decide to stop paying the installments. Therefore, prefer the newest models on the market.