When planning the purchase of a car we must take into account different factors so that it does not become a headache. If you are not going to buy a car in cash, it is best that you plan well how much of the initial fee you will give for it in order to reduce the interests of the vehicle credit .
The best percentage for the initial installment of your car
It is recommended that the initial fee be 30%, although 20% is also recommended. If you have to choose between the percentages mentioned, 30% is usually more beneficial since it reduces the financed value. That way the interest you will pay to the bank will be lower.
Do not spend all your savings on the initial fee
While it is good that the fee starts at the highest amount you can pay, you should not spend all your savings money on it. The initial fee is not the only expense that comes with a new car . You should consider money for insurance, the cost of fuel for the month, etc.
If you can pay more as your initial installment of your car it is better for you, since the interest on your debt will be reduced. On the other hand it will always be better to buy a new financed car than cash since you must keep in mind that a car is a good that is devalued. If you have to choose between the percentages mentioned, 30% is usually more beneficial since it reduces the financed value.
It could interest you
– Cash or financed? The best way to buy your car!
– How to choose your credit for your next car?
– How much of the initial fee should I pay for my car?
– How to get the initial of your car?