To have a luxury car, you don’t necessarily have to have all the money together. Many people apply for an Auto Credit to have a higher category vehicle and pay for it every month. What should be considered in this case, is that the amount of foreign currency granted will depend on the income of the applicant and not on the mere desire to have a dream transport. In addition, Auto Insurance is more expensive, the fees are higher and the plan lasts for a few months. So, it is necessary to know the good and the bad of this type of credit.
The Auto Credit interest rates for a luxury car
It is usually lower than for buying mid-level or lower cars. In most banks, that value ranges from 12 to 14% per year. While this may be good news for those who want to change their car model for a superior one and leave the standard aside, it is necessary to know that the banking or financial entities evaluate the client’s income level before approving a loan.
In this way, the margin that an “average” person has to be able to access this type of high-end cars is greatly shortened.
Assuming that the Automotive Credit is granted
It should be noted that it will not always be enough to pay it in full. It can also happen that the buyer is forced to take out the most expensive auto insurance, thinking that he is a person with a good economic pass and that he has no problem paying it, the same as the monthly amount of each installment.
Therefore, this type of Automotive Credit is designed for a certain sector that wants and can count on a luxury car. Executives and senior entrepreneurs, to name a few cases, would have no problem requesting them and having that money, in addition to obtaining much more benevolent conditions. The same would happen with large companies that plan to change the entire fleet of vehicles that their top executives drive.
But it doesn’t matter if it is for a luxury car or a standard vehicle, we will always want to get the most convenient price. In Lenders Lite you can Simulate your Automotive Credit before requesting it, in addition to comparing the market offers.
Enter our Auto Credit Comparator. You will save time and money. It’s free.