Buying a car is a decision that involves financial responsibility, so comparing the different financing that exists between the various financial entities that grant this type of credit is important not only to choose the most appropriate option, but to save at the time of your purchase.
In this sense, the National Commission for the Protection and Defense of Users of Financial Services (Condusef) presented a comparison on the cost of credit for the acquisition of a new economic car and the evaluation of the performance of some of the banks that offer it with the purpose that users can choose among several alternatives the one that best suits their needs and resources.
“Of course there are many other bidders in the market with whom you can compare, the important thing is to use your money better and pay less for something equal,” added the commission.
Banks tested
According to Condusef, the seven institutions included in the comparison were BBVA, Scotiabank, CIBanco, Banorte, Afirme, HSBC and Inbursa, which account for 57% of the balance of the automotive loan portfolio in the first half of this year, according to with data from the National Banking and Securities Commission (CNBV).
The comparative study of the Condusef considered the Nissan car, model Versa, whose value is 276,900 pesos, with a requested down payment of 55,380, with a credit amount of 221,520 pesos for a term of 48 months (four years) with financed insurance .
“This exercise shows that you could be paying more than 60,000 additional pesos, between the cheapest and the most expensive option in the sample, that is, an extra 19%,” warned Condusef.
In the first instance, the agency recommended verifying how much the initial disbursement amounts to, since, in most cases, it considers the down payment, the commission for opening and there are cases where the institution may include some ratification expenses.
“It is important that the cost of auto insurance is taken into account and if it is financed, as in the case of the example, as well as identifying if the loan you are going to contract includes life insurance in the financing, or if it is required to to be able to contract the product ”, he advised.
In the Condusef example, the savings between the most expensive and the cheapest credit would be just over 62,000 pesos and the monthly payment could decrease by around 1,094 pesos, 13.6 percent.
In the Condusef example, the savings between the most expensive and the cheapest credit would be just over 62,000 pesos and the monthly payment could decrease by around 1,094 pesos, 13.6 percent.
Regarding the quality of service, the comparative study also answers the question “In which bank am I most likely to file a claim?” Where Scotiabank stands out with 95 claims for every 10,000 contracts, in the period April and June 2021, followed by BBVA with 41 claims and CIBanco with 20 claims.
Meanwhile, the User Service Performance Index (IDATU), which reflects the banks that best treat you when you file a claim with the Condusef, Inbursa stood out with 9.9 out of a maximum rating of 10; followed by HSBC with 9.4 and BBVA with 9.2. The lowest rating was obtained by Scotiabank with 7.4.
The Condusef highlighted the importance of automotive credit as a product that provides support to bank customers seeking to acquire a car, however there is a financial responsibility during the life of the loan.
“The automotive loan is a loan through which financial institutions give customers an amount of money for the acquisition of a car, leaving the invoice of the purchased vehicle as a pledge, so it is always convenient to pay the corresponding monthly payment on time. “Added Condusef.
Similarly, the agency stressed that, when contracting a car loan, it is very important to compare the costs inherent to it, such as the down payment, the interest rate or the commissions that can be charged, such as the opening, as well as the monthly payment of the credit. “Remember that these costs are decisive for the total amount to be paid. It is important to exercise your right to choose ”, he recommended.
Reference-www.eleconomista.com.mx