In Peru, a large percentage of the population buys their car in cash, that is, it does not use any type of financing. When making this purchase, many put their monthly and even annual budget at risk, and lose savings and investment opportunities. This happens because they are convinced that they could not apply to a vehicle loan.
Actually, car credits are not as difficult as everyone thinks. Basically it is about complying with three specific requirements, which although they do not guarantee 100% that they will grant the loan, they do represent a large part of the evaluation:
Have a fixed income
You need to support the financial institution that has the necessary income to cover the monthly installment of the loan. Some banks place a minimum amount, which will vary depending on the institution. Have the initial fee: This depends a lot on who you turn to to apply for the loan. It’s not a secret that keeping a car is not as cheap as it seems.However, for many it is a necessary asset, so they embark on this adventure and invest what is necessary to keep their vehicle in good condition for as long as possible. Today they are granted with a zero down payment, while other banks ask for a minimum of 20%.
Good credit history
In general, it refers to not having debts with other institutions or being late in payments, that is, having good credit behavior.
In addition, many institutions include a minimum age, ranging from 20 to 22 years if you are a dependent worker and 25 if you are an independent worker. As you can see, the basic requirements are maintained in all institutions, but they vary slightly depending on the choice you make, so it is advisable that before marrying an institution you can compare the different offers.