Getting an extra income to repay a debt or afford a new project can be tricky. Financing is a good option, but may charge a high interest rate. Consortia have the peculiarity of time, granting credit only after a long period. But with vehicle refinancing option, getting credit has become easier and more advantageous.
Vehicle Refinancing is a great option for loan and securities.
What is Vehicle Refinancing?
Vehicle refinancing works as follows: In need of credit, the customer borrows from the financial institution, offering his car as collateral. The Bank then grants credit for up to 80% of the value of the car, with a term of up to 48 months for payment.
Given as collateral, the vehicle allows the consumer to pay a lower amount of interest – especially compared to, for example, modalities such as payroll or personal loans.
This is because the finance manager will have power over the vehicle. If the customer does not repay the loan installments, the bank may take the property and auction it to repay the debt.
Situations like this, however, will not happen with timely payment and proper planning. Check out how to refinance vehicles and key information about the alternative.
Getting the Loan: Step by Step
By following these simple steps you will be able to refinance without errors.
Plan a lot
Opting for refinancing requires planning. Whether to pay a higher interest debt, or for another project, joining a plan with is taking on a new debt, which should be paid on time.
Unlike other unpaid commitments, if you do not pay the agreed installments, the consumer will not have your name sent to the Credit Protection Service. The consequence of a refinancing debt is the taking of the good, and its auction.
Before opting for this loan option, or any other, it is ideal to calculate your financial strength. Commit up to 35% of your income with the payment of benefits.
If the amount is for repaying another debt, calculate your current debt exactly. Then commit to repaying it with part of the credit granted with refinancing, and schedule what to do with the remaining money, so that your finances are secure.
With 48 years of history, Bank collects successful lending experiences with serious business management.
To refinance a car, it is possible to do an online simulation or look for a physical agency of the administrator. Thus, installment and loan calculations can be discussed until they fully meet your need.
After the negotiation done and the most advantageous conditions found, it is time to sign the contract. Be sure to read it carefully so that there is no doubt about the agreement, its duties and obligations. Closing the deal, the agreed amount will be credited to the checking account after a few days.
For refinancing, it is possible to present automobiles of up to 20 years of use / manufacture. The vehicle must also be registered in the credit applicant’s name and in good repair.
The car offered as a guarantee must be paid in full and up to date. Those interested in the alternative should be between 21 and 65 years old.
Among the documents required for refinancing are the Vehicle Registration Certificate and IPVA payment.
Regarding the documents for granting credit, the client must present: RG; CPF; proof of income and residence; vehicle documents, on behalf of the refinancing applicant, and all fees paid. Required vehicle registrations are the Vehicle Registration Certificate (CRV), Vehicle Registration and Licensing Certificate (CRLV), and the IPVA Certificate of Payment.
To learn more about vehicle refinancing and other credit options in the market, stay tuned to our website.