That's right, I gathered the secret tips for getting vehicle financing 🤫 I got an interview with João, who worked for 25 years in some Financial Institution and has a lot of experience in financing.
The interview was conducted on WhatsApp and transcribed to this page. Shall we go straight to the interview?
Guilherme: John, we know that the credit score is a factor that is often mentioned when it comes to vehicle financing. My first question is: Does the score really influence financing approval?
John: Of course, Guilherme. The credit score is one of the main factors analyzed by banks. It reflects the person's financial behavior, such as payment history, defaults and even the number of CPF queries.
The higher the score, the greater the institution's confidence in releasing financing with better conditions. However, it is not the only factor.
Guilherme: Understood. And about these other factors, is there any kind of internal score between banks that they use, in addition to the conventional score?
John: Yes, there is. The credit score that people see on platforms like Serasa or Boa Vista is just one part of the assessment.
Banks also have their internal criteria, such as the relationship the customer has with the institution, account activity, history of use of financial products and even income stability.
This creates an “internal” score, which often weighs more than the public score when making a decision.
Banks that release financing WITHOUT a down payment
Some banks may release the full amount without you having to pay a deposit at that time…
Guilherme: Very interesting! Now for the people who are negative name, do they have any chance of getting vehicle financing?
John: Yes, those with bad credit can still get it, but the process is more complicated. Some specialized financial institutions work with customers with bad credit, but they usually require stricter conditions, such as a larger down payment, higher interest rates or the inclusion of a guarantor.
Another option is to renegotiate old debts. Many banks give preference to those who, even with a negative credit rating, are making an effort to settle their debts.
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Guilherme: What would be the main tips for those who have credit restrictions and want to finance a car?
John: The first tip is to always try negotiate existing debts. Even if you can’t pay it all off at once, showing that you’re committed to paying it off can improve your chances of approval.
Another tip is to offer a larger entrance. This reduces the risk for the bank. In addition, look for financial institutions that specialize in credit for negatives may be an easier path.
Finally, have a guarantor with a good track record it can be a good option.
Guilherme: For those who have a clean record, how can she improve financing conditions?
John: One of the best ways is increase the input value, so you finance less and pay less interest.
Another point is to choose shorter deadlines, which also reduces the total interest cost. And of course, keep a good relationship with the bank.
The more products you use from the same institution – such as credit cards, insurance, among others – the better your internal evaluation will be. This can even help you get lower rates.
Guilherme: Speaking about financiers, there is an advantage in financing directly with Concessionaires or with the benches?
John: Each case is unique, but the Concessionaires They often have partnerships with banks that offer promotional rates.
Sometimes it is more advantageous to finance with them, especially during promotions or fairs.
On the other hand, traditional banks They usually have more flexibility in adjusting conditions, such as term and down payment, depending on the relationship with the client. It is worth comparing the offers of both.
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Guilherme: And is there any secret tip that banks don't normally disclose, but that can help with approval?
John: A little known tip is that many banks have pre-approved credit lines for customers who already have a good relationship.
Sometimes these customers don't even know that they already have credit available to finance a vehicle. It's worth talking directly to the manager and asking if there are any special conditions available.
Also, always try negotiate directly with the bank, because the initial conditions of a proposal are not always definitive.
Guilherme: Excellent, João! Thank you very much for sharing these valuable tips. I'm sure this will greatly help anyone looking for vehicle financing.
John: Thank you, Guilherme. The secret is to always be well prepared and research the best options. Financing a car is a big decision, and the more informed the customer is, the better their chances of closing a good deal.
* If you also have some knowledge in Vehicle Financing and are willing to participate in an interview, please contact our team. It will be a pleasure!