The purchase of a new car entails an important outlay for our pocket, so much so that it is usually indicated as the most expensive transaction after the purchase of the usual home. Once finished
So, this can be a good year to get a new vehicle, more efficient and consistent with the millennium sustainability demands. In this article, we review all the alternatives and tell you all the tricks to request a loan that allows you to comfortably finance the purchase of a new car.
Types of financing a new car
In case you cannot make cash payment, there are different alternatives to finance the purchase of a new car. Maintaining an old or damaged car is not only a risk for your safety and that of yours, but with the new regulation it can limit your access to the urban center of some cities and even receive penalties for not complying with the current requirements of sustainability and efficiency
As a general rule, there are two ways to finance a new car, either through loans granted by financial entities, or through the dealers themselves.
Request a loan to buy a car
When applying for a loan to buy a car, you can opt for three options: traditional banking, online personal credit lines or financing offered by dealers’ finances. Let’s take a look at each of the alternatives so you can analyze which one best suits your needs.
Banks and savings banks usually stipulate a greater number of conditions when granting you a loan to buy a car, as it is a relevant financial outlay. These entities have specific lines of credit designed for this purpose, which require the presentation of some type of guarantee, as well as effective guarantees that demonstrate your long-term economic solvency. On the contrary, they usually allow greater flexibility in financing the capital you need, whether it is a very small amount or if it is the total value of the vehicle. Likewise, the conditions for canceling the credit are usually less rigorous than those of the dealers’ financial institutions.
Personal credits online
When we need a timely need for money, such as financing a new car, the main objective is to have the necessary liquidity as soon as possible. For this reason, urgent online credits are usually a great ally. For example, in CreditJet, you can urgently request up to 5000 dollars to pay the entrance (a usual requirement to finance a car), without paperwork and with the possibility of returning them in up to 36 months.
Another aspect that characterizes fast loans is the ease of processing. Through a simple web form, you can send the necessary documentation so that they study your case and can offer you the conditions that best fit your financial situation, all with maximum agility and security.
The only requirement is to be of legal age, have provable income every month and not be included in any list of delinquents. In addition, these financial institutions give you the possibility to pay off your debt at any time without penalty.
Requirements to finance a car
As with the purchase of other consumer goods, financing is one of the most used methods when we want to buy a car. Thanks to the financing, we can face the payment of the new car in comfortable terms, adapted to our financial situation. In general, any entity that offers credits to buy a car will take into account your ability to repay the loan within the established deadlines. To be sure, the most common is to make a preliminary study of your monthly income and expenses. Some financial companies also request a guarantee or value that you are already immersed in other credit applications.
In the case of online credit line entities, such as CreditJet, if you are of legal age and have demonstrable income every month, you only have to access the website and fill out an intuitive form, which will include the following documentation:
ID or valid passport that justifies that you live in Spain.
A selfi that confirms who you are.
Spanish bank account number so that we transfer your money as soon as possible.
Bank receipt to certify that you receive income periodically.
Mobile phone number to send you an SMS confirming the resolution of your loan.
Can you cancel a car financing?
Again, this depends on the entity to which you have requested the loan, since each of them offers different conditions.
A general characteristic of all types of credit is that if you decide to cancel it, it is not possible to deliver the good (in this case the car) to settle the debt. It is exactly the same as in the real estate market: the delivery of the keys is not a sufficient condition to return the value of the money they have slow you.
Specifically, what is established by the Consumer Credit Contracts Law (Law 16/2011, of June 24) is that it is possible to cancel the loan if 14 calendar days have not passed since the signing of the contract. Only in that situation it will not be necessary to justify the reason for the cancellation nor will it entail any economic penalty. Of course, it will be necessary to pay the interest that has been generated in the days in which the credit remained in force.
However, it should be borne in mind that in most cases canceling a loan early entails commission expenses for early cancellation. However, other companies, such as CreditJet, do not have any commission, so it is interesting to review this point before deciding on one or another method of financing.