Save up to 45% with smart car buying

[Himon2413]

The new car you dream of is not going into Santa's gift bag. You can use your bonus to pay the down payment on a car
There are financial institutions that, in addition to lending you money to buy the car you want, allow you – after two or three years – to use this vehicle as part payment for a new one or even return it.
This option is called Smart Purchase and is already offered by Interbank, Banco de Crédito and Santander Consumer, but how does it work?
In the conventional scheme, if you are interested in a US$10,000 vehicle and pay a down payment of US$2,000, the bank would lend you US$8,000 to be paid over a period of up to 60 months.
If the user opts for Smart Purchase, he or israel number screening she will be able to pay off US$3,000 in 24 or 36 months, explains Dante Lindley, manager of the Banco de Crédito's Vehicle Finance Center.
THREE OPTIONS At the end of this period, if the buyer wants to renew his car, he uses the one he already has as part of the payment of the initial installment and the financial institution recalculates the period and the form of payment, based on the value of the new car.
If you want to keep the vehicle you originally purchased, you will negotiate new conditions with the bank to pay off the US$5,000 that remains to be paid on the loan.
The third option is to access the refund, which settles the debt with the financial institution, but only under certain conditions.
Lindley says that this type of vehicle financing allows workers with monthly incomes of S/.1,800 or more to access credit from a formal entity.
This is because the monthly payments offered are up to 45% lower than those of conventional vehicle loans.