See how to finance a car simply and online

Do you know how to finance a car and where to get this service? Read on to find out!

How does vehicle financing work?

THE vehicle financing works like a loan. If you want to find out how to finance a car, you need to know exactly how the process occurs.

It's worth noting that you can finance a new, pre-owned, or even used vehicle, as long as it meets the established requirements.

To apply for this type of credit, simply go to a bank or financial institution and request financing.

A simulation and credit analysis will be carried out. If you pass the analysis, you will get your dream car through financing.

This financial product can be used to pay for a vehicle in cash or simply as a down payment.

As with a loan, the financed amount can be paid in installments and interest is charged.

How does vehicle financing work?

What is the interest rate for financing a car?

Interest rates may vary depending on the financial institution. According to the table available on the BCB website, the lowest interest rate is 1.00% per month (12.71% per year).

Still according to the table, the highest interest rate is 3.74% per month (55.32% per year). Therefore, the average interest rate is approximately 2.02% per month (27.14% per year).

The data refers to the period from 20.10.2022 to 26.10.2022. On the website of Central Bank From Brazil you can find out the updated rate for each bank.

It is very important to check to find out which institution offers the best value for money product.

What are the requirements for financing a car?

To receive approval, it is important to meet at least the main requirements, which are:

Have a clean name;
Be over 18 years old;
Be under 70 years old;
Proven income;
Good credit score.

According to the Serasa website, the score is good for those looking for how to finance a car must be from 700.

Additionally, there is documentation that must be presented during the registration analysis. See the documentation list.

Proof of income;
Identification document;
CPF;
Proof of marital status.

What is the minimum income to finance a vehicle?

One of the requirements for receiving approval in a car financing is to prove the ability to pay.

You need to prove to the bank that you have an income and that you will be able to pay the loan installments with that income.

There is no exact minimum income to finance a car, however, the greater your payment capacity, the greater your chances of getting approval.

Other than that, you will be able to buy a vehicle at a higher price, since the released amount may also be higher.

Banks and financial institutions make an analysis based on your income. Although there is no minimum income, you must respect a limit imposed by the Income Commitment Law.

According to her, the financing installments cannot exceed 30% of the applicant's gross income; it is like a consignable margin.

One advantage in relation to this issue is that the consumer can combine their income with that of their spouse, so the 30% will be applied based on the sum of the two incomes.

The 30% margin is equivalent to all the financing you have, that is, the sum of all active financing installments must not exceed 30% of your salary.

How to finance a car online? Discover 7 options!

In this topic you will find the best banks and financial institutions to finance your vehicle.

Explore our selection and compare to find out which alternative best suits your needs.

1. Querofinanciar.com

Querofinanciar.com acts as a banking correspondent. It's a secure digital platform for those seeking financing and other financial solutions.

Interest rates start at 1.15%, however, the fixed percentage will depend on the bank that approves your credit.

The payment term is up to 48 months, and financing is permitted for vehicles up to 15 years old.

Additionally, financing is only available up to 80% of the car's value. To apply for this loan through this platform, you must:

No restrictions on the name;
Be over 21 years old;
Have a good credit score;
Prove income.

The simulation is carried out 100% online, after credit analysis and approval, the vehicle inspection will be scheduled.

If everything is in order, the amount will be deposited after the contract is signed. The completion process can take 2 to 5 business days, provided there are no unforeseen circumstances.

Access the platform and click on “Order here without financing”.

2. How to finance a car through Banco BV?

At BV, you must be over 18 to finance a vehicle. You can finance a car, motorcycle, truck, or even a bus.

The installments are fixed and defined by you, however, you will need to have a deposit amount.

Among the main advantages of financing your vehicle through BV, we can highlight, for example:

Compensation of 100% of CO 2 emitted by financed vehicles.
You can finance used, pre-owned, or new cars directly from the owner or store.
Hybrid or electric car financing option.
You choose the duration of your contract (between 3 and 60 months).

You can request your vehicle in simple steps:

Choose a vehicle from a partner store and say you want to finance it with Banco BV.
Please wait for analysis.
Sign the contract.
Receive your vehicle.

The simulation process can be started in the BV website.

3. Bank of Brazil

Banco do Brasil is one of the traditional banks that also offers vehicle financing for your customers.

You can obtain credit to finance up to 100% of the vehicle's value. At Banco do Brasil, you can start paying within six months of signing the contract.

Not to mention, you can choose between one or two months of the year to skip the installment. The simulation must be performed through the BB app.

The interest rate applied by this bank starts at 1.93% per month, according to the BCB table.

4. How to finance a car through Porto Seguro?

At Porto Seguro, you can finance up to 100% of the vehicle's value and pay in up to 60 months.

After signing the contract, the first installment is due in 45 days. Porto Seguro's rates are customized to each client's profile.

This company only finances passenger cars up to 10 years old. The loan agreement is 100% and can be completed through the website or app.

5. Itaú Bank

Banco Itaú is one of the best traditional banks for finance a car. The simulation and hiring process is simple and fast.

To finance, the person responsible for the contract must present the following documents:

Used vehicles	Zero KM vehicles
Driver's license	Driver's license
Vehicle document	Vehicle Invoice
Seller details	Store data

The interest rate applied by Banco Itaú starts at 1.72%, according to the BCB table.

6. Bradesco Bank

Bradesco's interest rate starts at 1,70% per month. You can finance up to 1,00% of the vehicle's value and pay in installments over up to 60 months.

Additionally, the grace period is 60 days. You can apply for your financing online through the Bradesco app.

Installments will be debited from your checking account on the date of your choice. Financing is only available for vehicles up to 17 years old.

7. How to finance a car at Banco Pan?

Banco Pan charges a starting rate of 2.85% per month. You can pay for your new vehicle in installments over up to 60 months.

The simulation process is online, but the hiring process is in-person. You'll need to visit a Banco Pan partner store.

The good news is that the bank has over 5,000 partner stores throughout Brazil. You're sure to find a store near you.

After signing the contract, you will have up to 45 days to start paying the first installment.

Conclusion

You can take out a loan to accelerate your dream of owning your own car. However, it's important to do some financial planning before applying.

Furthermore, it is essential to compare interest rates and other payment terms to choose the best value-for-money alternative that meets your needs.

In addition to purchasing a vehicle, you can use this financial product to earn your college degree.

Now that you've discovered how to finance a car, read the text and find out how to finance your university studies.

Loans

Nara 12 de November de 2022