O car loan with collateral It is a very interesting financial service for those who want to obtain credit at fairer rates. Fortunately, there are numerous trustworthy companies that offer this type of loan to consumers.
In this modality, the owner of a vehicle that has already been paid off offers it as a guarantee for payment of the loan. From the moment the contract is signed, the vehicle is then sold to the bank until the loan is paid off.
As it is considered a safe loan, interest rates are better and there is more flexibility in payment. To find out more about the service and find out which are the best companies to hire you from, keep reading!
Best companies to take out a car loan with collateral
Bank of Brazil
Banco do Brasil offers up to 80% of the vehicle's value as credit, with the possibility of payment in up to 60 months. One of the great advantages is the grace period of up to 59 days to start payment.
Bmg Bank
O Bmg Bank stands out with an annual interest rate of 12,5%, allowing the payment of the car loan with collateral within 60 months. An interesting option for those looking for competitive rates.
Bradesco
With Bradesco, it is possible to obtain up to 60% of the value of the vehicle, with installments starting at R$20 and the first installment being payable between 15 and 59 days after contracting. The interest rate is variable, depending on the year of the vehicle and the down payment chosen.
BV Bank
Banco BV has an annual interest rate of 22,2%, with the advantage of fixed installments until the end of the contract and a payment term of up to 60 months.
CEF
Caixa offers pre-fixed interest rates, with loans that can reach up to 70% of the car's value, and the payment term is extended up to 48 months, in addition to allowing the deferral of one installment per year.
Santander
Santander proposes interest rates of 1,43% per month, with loans of up to 70% of the vehicle's market value and a payment period of up to 60 months, accepting cars with up to 10 years of manufacture.
Yes
This institution allows loans of up to 90% of the car's value, with interest of 1,82% per month and a payment period of up to 60 months, favoring newer vehicles.
Credits
Creditas is known for its low interest rates and a wide variety of loan types, including car loan with collateral, standing out as one of the best options on the market.
Banco Inter
Banco Inter, one of the main digital institutions in the country, offers ease and simplicity in payment processes. car loan with collateral, reducing bureaucracy and speeding up the release of credit.
Nubank
Nubank, although best known for its credit card and digital account services, also entered the vehicle collateral loan market, seeking to offer attractive conditions for its customers.
Considerations when choosing a car loan
When considering a car loan with collateral, it is important to evaluate not only interest rates, but also the maximum amount that can be borrowed, payment terms and the specific conditions of each institution.
Each company has its own rules and criteria, which may include the age and condition of the vehicle, in addition to the applicant's credit analysis.
Advantages of a car loan
- Lower Interest Rates: for being a car loan with collateral interest rates are generally lower than unsecured personal loans;
- Flexible Payment Deadlines: payment deadlines can be longer, making the loan borrower's financial organization easier;
- Large Loan Amounts: Depending on the appraised value of the vehicle, it is possible to obtain large amounts of money;
- Access for Negatives: some institutions allow people with a negative name to take out loans using their vehicle as collateral.
Final considerations
Choose the best company to hire a car loan with collateral It involves comparing offers, understanding the conditions and evaluating which institution offers the best conditions for your financial situation.
The 10 companies highlighted in this article are among the best options available in Brazil, each with its own benefits and characteristics.
It is recommended to carry out simulations and consult the specific conditions before making a decision, thus ensuring the most beneficial choice for your financial needs.
See also how to hire credit card loan!