When you decide to buy a financed car it is as if you were marrying the bank for the next 7 to 10 years; an unavoidable commitment is acquired and a relationship that lasts over time is established. The financial entity and you are the co-owners of the same vehicle because if you do not pay the installments, the bank has the possibility of recovering the property.
Being clear that this is the way things are, in Coopealianza We have always tried to offer the best market conditions to our clients and associates so that their dream of having a cart does not turn into a nightmare. We become your friends and allies throughout the purchase process and for the years that the financing lasts.
Precisely for this reason, today we are going to share with you 3 steps that you should consider before taking a personal loan to finance your own vehicle, choosing the best option for you.
3 criteria to consider when choosing a financial entity for the purchase of your vehicle
- Analyze your needs and establish a realistic budget. It is essential that you make an analysis of what type of vehicle you need and why, and what your economic situation is like at this time.
Is it mandatory for the car to be 4×4? Can it be a used vehicle or does it have to be 0km? Should it be familiar or not? What exactly do you need transportation for?
In addition to answering those questions, you should also start asking yourself, what is the maximum you could pay monthly? How much are my total income and fixed expenses? What could my financial situation be like in the near future? Can I make a commitment for 7 or more years? Our suggestion is to be completely honest with yourself.
- Compare different auto loan options, including interest rates and repayment terms. It is important not to take the first loan that you are offered without first comparing it with other options on the market. Taking the time to investigate, will give you the peace of mind to make an informed decision that, hopefully, will be the one that favors you the most.
- Make sure you understand the terms and conditions of the loan before you sign the contract. Sometimes contracts are written in a complex way. Solve all your doubts first, clarify details such as if the credit has changing interest rates, if they offer you flexibility with payment terms in case of unemployment, if conditions improve in dollars or colones. See all that is necessary before committing.
At Coopealianza we will be happy to advise you, adapt the conditions of our personal loans to your needs, and help you achieve your dream of buying a vehicle that will make your life easier. We are waiting for you at any of our branches nationwide. to serve you in a personalized way.