We are already at the gates of summer, the time of the year in which there are more sales of vehicles in our country. According to the Institute of Automotive Studies (IEA), June and July concentrate 20% of all car sales throughout the year. This is because summer is the time when we use the car the most and trips to the beach are a good opportunity to shoot our new vehicle.
Pre-owned cars in Spain
According to data from the automobile sector, 8 out of 10 purchases of new or “pre-owned” cars in Spain are made through financing. No wonder, since this is the second most important expense for most people, after housing. But what alternatives does the market offer to finance our new car?
Until recently, it was normal to go to the bank to request this type of financing. In fact, these entities have special credits and are exclusively for the purchase of vehicles. Although they usually include the contracting of products that we do not really need for the purchase of a car (direct debits, insurance, cards) and other aspects that end up making the final cost of the loan more expensive.
In the wake of the economic crisis, the banks stopped giving so many loans and most brands and dealers picked up the credit witness, providing the money to their customers to finance the purchase of their cars.
The conditions of the credits
It is offered by the financial brands, have always been characterized as being worse than those of traditional banks. Although the need to sell cars has made manufacturers offer greater flexibility to adapt to the needs of their customers and lower credit interests.
Another option, increasingly extended, to finance the purchase of our car is the participatory financing platforms (P2P) that connect people who want to finance themselves with others who want to make their savings profitable. These platforms study the viability of the loan and only approve the cases of solvent people. Thus, non-payment situations are avoided and the main reason that increases the price of credit, delinquency, is reduced to the maximum.
Regardless of the type of financing we choose to finance our car, the most important thing is to be clear about the budget we have and our solvency to face the loan and not compromise our personal economy.