Do you need a new vehicle and are you interested in a new car purchase loan ? Here are the possibilities available to you.
Are you tired of renting a car and now you want one for yourself, don’t you? Today I will help you discover the best loan on the market , without there being too many interests whose cost could choke you economically.
Financing new car with maxi installment
The first thing to do is to evaluate the convenience of a new car loan with or without a maxi installment. The latter is really very particular compared to the traditional one, that is the loan with fixed installments.
Naturally it will help you to carefully evaluate this finalized loan (different from personal loans ) and we will see what the differences are between the one with maxi installment and not.
Maxi-installment car financing: how it works
In the car loan with maxi installment you will be asked a small deposit (for example, equal to 10% of the value of the vehicle), only later you will be asked to repay the rest through your residual capital.
But is this funding worthwhile ? You must evaluate both the first and the second loan. The second (ie that of the maxi installment) could provide for higher interest rates.
So the advice I can give you is to assess what the best interest rate is and understand if it’s worth it or not. Always read the contract provided by the eventual dealership.
New car financing: the requirements
Let’s find out now if you have the documents and requirements to have access to the loan that will allow you to get the car you want.
The only thing you will need to do is allow the lender to identify you and understand if you have the minimum credit requirements to guarantee a loan.
The minimum requirements , and the related documentation, in order to have access to a new car purchase loan are therefore represented by:
- identity documents : it is sufficient to deliver a copy of your identity card (or passport) and of the regional health card (or fiscal code);
- income documents ( facsimile salary certificate ): depending on your work status it may be necessary to present payroll envelopes and single certification (if you are an employee), or model 730 / Unico (in other cases), or even pension slips and the INPS or social security institution certification (if you are a pensioner).
Items that may interest you : Loans to autonomous protestors / Loans with guarantor without pay slip / Loans to freelancers and self-employed workers
New car financing with guarantor
Obviously some banks may ask you for further documentation (for example, a cost estimate) or, certainly not rarely, the presence of additional guarantees with respect to those previously offered.
The bank, in order to grant the financing for new cars, can ask you for a guarantor , a guarantor who can support you in time of need, paying your debt in your place when you can no longer do this.
Nevertheless, the guarantor must also be able to provide sufficient income guarantees to reassure the creditor.
New car financing: in the bank or in the dealership?
A final distinction in the matter of new car financing is appropriate to make it about the divergences between the loans that are provided by the banks , and those that are paid directly by the concessionaires .
Which ones are the best?
In reality, it is not possible to state a priori which of the two forms can be most useful and convenient, considering also that these are two very different situations.
The loans granted by the banks will be disbursed in the form of common personal loans , with all their pros and cons; concessionary loans will instead be disbursed in the form of consumer credit .
Summary between the loan issued by the bank and that issued by the concessionaire
In short: if you request a loan from the bank , the bank will give you money that you can then use to go to the dealership.
If you request a loan at the dealership , it will not give you money, but will use it directly to finance the purchase.
Before you can make your final choice, the advice I can give you is to evaluate the best online banks and get a quote from them as well as from the reference dealership.
Having said that, it is true that usually loans in dealerships have more advantageous rates (there are also zero-interest loans, but I advise you to be very careful about the detailed conditions).
The dealership will take care of everything, alerting you when everything is available, so this last solution is the most convenient way to avoid big journeys around the city.
Clearly, the advantages of a new car loan in the dealership must not, however, overshadow the need to pay proper attention to a sound examination of the conditions that are proposed to you.
Therefore, always take care to compare the various proposals and, if something is not clear to you, remember to ask for clarification and you can contact us for any eventuality and support.