More than half a million new cars have been sold in Spain in the first half of 2019 according to the figures published by the manufacturer’s associations, figures that show a slight stagnation of sales that puts the sector at levels similar to those of the crisis.
Discover car title loans near me and get money
It is the most frequently chosen option because it is the one that, in theory, offers the best advantages to customers. This route is actually a type of double financing because you can request the operation from both the financial one of the dealer where you buy the car or a bank. Before choosing one or the other, analyze the interests that each one will charge you, ask if your dealership makes any discount for financing it with them (it is common and, if they do not, they offer free extras in the vehicle), make numbers and think in all the unforeseen events that may occur.
Look closely at these aspects in the offers you both make:
- The nominal interest rate (TIM) that will be applied to you and what the bank or financial company charges for performing the operation and lending the money.
- The equivalent annual rate (APR) or interest that will be applied to your loan.
- The commissions, which are usually included in the APR and which can be for study, opening, total or partial cancellation, early amortization …
- Do not forget to check if you are forced to have linked products, a frequent practice in some banks and that, for example, means that you benefit from a better interest with them if you hire a credit card or insurance.
- The repayment period is also very important, since the shorter the return time, the less interest it will charge.
If you still have doubts, keep in mind that we offer ease, comfort, and speed when you apply for a car title loan near me.
The dealership usually makes the offer with the budget of the car to facilitate things and you will process everything in one place, with a single interlocutor as manager. In the case that you opt for a bank, you should go to check their offers with all the documentation of the car you want to buy, wait for the offers, study them and then sign with them before having your vehicle.
Buying a car is possible!
Summer, especially for the long-awaited holidays, is one of the most common moments to buy a car that takes us to the destination dreamed of with guarantees, but how are we going to buy it if we fail to save any month? Quiet! Your case is no different from that of most consumers.
In fact, most people fail to pay a vehicle in cash and have to resort to some of the forms of financing available and customary in Spain. We review all of them and tell you what are the pros and cons of each one.
When you cannot access the financing of a bank or your own dealership, personal loans are an alternative to cover the purchase of a car. Personal loans are products that offer a variable amount of money, are less demanding than bank loans in terms of access requirements and somewhat more flexible in repayment terms. Does it a disadvantage? They do not usually offer large enough amounts to pay for the entire car (which will force you to have some savings) and that they have interest rates and commissions higher than traditional loans.
Do not discard them just because you think they will be more expensive than traditional products because it is not always the case. Imagine you need a small amount of money and you can return it in a short time. Surely you can repay it much earlier than in the case of a traditional loan.
Which is better?
There is no more recommendable financial product than another in general. Everything will depend on your personal circumstances, the amount you need, the ease with which you can return it, if you have debts in delinquent files, whether you have fixed monthly income or not …
Analyze all the options well when you go to buy a car, value the fine print of each contract well and do not forget that a loan, of any type, is not returned overnight. Keep in mind that your circumstances may change for good, but also for bad and you will have to continue paying your debt.