It is a fact that acquiring a new car paying in cash represents the best option if we consider that it is the best way to pay as little as possible, but we also know that Mexican families do not always have the possibility of spending several hundred thousand pesos in a single exhibition, so financing ends up being the viable option to acquire a new vehicle.
Choose the highest possible hitch
Pay the highest possible down payment since the higher the down payment, the lower the amount to be financed and, with this, the interest you pay on said amount will also be less. If you are leaving your car on account, demand that you be paid a fair amount for it to pay the highest down payment. You can evaluate its price on the market with the tool of Auto For Trade and advertise to sell here.
You should consider that, at the time of purchase, you will also have to pay for insurance and registration procedures.
Look for the shortest possible time
Do not exceed your actual budget, calculate it this way and choose a car that you can afford and maintain. Let them sell you accessories that may not be necessary, better use that money to increase the amount of the down payment and finance a lesser amount of money.
Before contacting your credit, find out and compare all the options on the table so that you can choose the one that best suits your possibilities. The amount to be financed not very high, you get an internal loan from the agency itself without going to banks or finance companies, with a lower interest rate. You can compare options using the Condusef tool.
Do not finance the car insurance since this implies paying interest on this amount as well, better try to pay the insurance in cash. Some finance companies allow you to quote the insurance with the company of your choice as long as you give them an endorsement of non-cancellation that ensures that the car will be covered throughout the term of the financing.
Look for promotions
Some brands offer, through home finance companies who deals in Buy used cars online, special promotion plans at certain times of the year with which you can contract financing for 12, 18 or 24 months with 0% interest.
Always pay on time
Organize your finances to make financing payments in a timely manner.
Add annuities to financing
The vast majority of finance companies and banks allow you to add an annuity at the end of the year that will allow you to take advantage of your bonus when you receive it to reduce the term of the financing and, with it, reduce the total interest to be paid.
Advance payments if possible
If during the term you have the possibility of advancing more monthly payments, don’t hesitate to do these payments go directly to the capital and will save you a few money in interest at the end of the term.