I want to loan my car, now what? Often, even when we are careful about our finances, some unforeseen events do happen. When this happens, the first option that comes in our mind is to sell some valuable asset and solve our financial problems soon, but there are other ways to deal with situations such as doing a vehicle loan.
This is a loan option in which you use your car normally and can still borrow up to 70% of the value of it. This is possible because as you place your car as collateral to repay the amount borrowed.What is loan vehicles?
in which the customer’s car is given as collateral to the financial institution with whom he did business. The analysis and approval of the order is made based on your financial history and how much is the car that will be used as collateral.
It is important to keep in mind that if loan installments are not honored, the financial institution has rights over the customer’s car and may sell it to pay off the unpaid amount.
Why should I loan my vehicle?
There are times in life when we need a loan, to run a business or remodel the house, for example. Whatever the reason, of course we want to find an offer with lower interest rates. For this reason, loan your vehicle may be the ideal choice as interest on this type of loan is up to 3 times lower than an unsecured loan, as well as being much more attractive than overdraft and credit card interest . This is because the bank or financier categorizes the vehicle loan as low default risk. But, stay tuned, if you choose to do it, you must do a preplanning and pay the installments on time! If interested, click here that Brighella helps you find the best partner for you!
Will I be able to use my car while loan vehicles?
This is one of the most common doubts about loan vehicles, since many people believe that when making this type of loan, the car is in the domain of the bank or financial, being released only when the installments of the loan have been removed. But, rest assured that even if the car is sold to the bank, you can use it normally every day. So, what changes? Brighella’s team explains: it is simple, when you leave your car as a guarantee of payment, it is transferred to the bank, and if you do not pay the installments of your vehicle loan, the bank will take the good to pay the outstanding installments . And can I sell my car anyway? Not! You can only sell it or perform a new loan when you finish paying the current order.
What are the documents needed to do a car loan?
We have listed below the documents normally requested by our partners. However, in addition to these, it is important to note that each bank and financial may have additional documents and will be informed after approval of their loan of vehicles:
- Vehicle Registration Certificate (CRV), also known as a car purchase document.
- Car Registration and Licensing Certificate (CRLV), the one that we must have in the car to circulate and that contains the proof of car licensing.
- Identity Document – RG and CPF
- National Driver’s License (CNH)
- Proof of residence
- Proof of income
Step by Step to loan Your Car
- Step 1 – Put the car documentation up to date
Regularize your car documentation and obviously your documentation. If the car is not in your name, you have to do it.
- Step 2 – Evaluating Your Car
In order to be able to loan a car, it is necessary to do an assessment first by the bank. Some financial companies only require this survey if the amount requested is more than R $ 15 thousand, remembering that loan vehicles can release up to 80% of the market value of the car, and you are allowed to commit up to 30% of your income monthly. The age of your car also makes all the difference, since the banks and financiers usually accept cars with up to 10 years.
- Step 3 – Ask for a quote online
When deciding to loan a car, as with other types of loans, the fees for this service vary from bank to bank. So to get a good loan, it would be crucial to visit several agencies and make several quotes to finally choose the lowest interest rate. However, this takes a lot of time and money, while here at Brighella, by making only one loan request on our site, you can make 10 free quotes.
- Step 4 – Sign the loan agreement for your vehicle
When your loan is approved, you will have to sign the agreement and after a few hours the credit will be made available to your bank account.
- Step 1 – Put the car documentation up to date
Advantages and disadvantages of loan vehicles
Choosing car loan is the best choice for those who have a car taken away, since the interest charged is lower than in other types of loans. This is because the bank has a guarantee that you will honor your installments. However, choosing a car loan is to use a good that you already have as a guarantee of a value that you will have to pay to the bank in the coming months, so if you do not feel comfortable leaving your vehicle on behalf of the bank or the your financial control is still not as stable, you can opt for the personal loan, in which you will not have to leave any good as collateral. Are you still in doubt? Then go to this link to learn even more about loan vehicles.