Assigned credit, auto loan is offered by a financial institution. The funds can only be used to purchase new or used vehicles from a professional or an individual.
The auto loan is characterized by being strictly related to the purchase of a car. As with most financings, you will have to pay, to the organization of credit, interest and optional insurance premium in addition to the amount borrowed. In addition, to allow the release of your loan financing and pay your seller, you must submit to the lender a purchase order for a new vehicle and a copy of the registration card for a used vehicle.
A financing solution
The car loan is a current consumption credit, which allows the largest number to acquire an expensive property. Being a borrowing affected, it can not be used to acquire anything other than a car. The highly competitive automotive market is leading financial organizations to offer attractive interest rates and ever more innovative services to attract and retain customers.
Historically low interests
The other reasons why the interest rates of a ready auto are low are linked to the economic recovery policy: conversion premium, ecological bonus (bonus). This stimulus policy allows vehicle manufacturers to sell their stock faster. In addition, the key rates of national and European central banks are historically low; This is why financial institutions can offer exceptionally low interest rates.
Procedures for obtaining credit
The subscription of a car loan involves obligations on the side of the borrower. Indeed, this involves presenting, among other things, a proof of purchase or order of the desired vehicle. This document is necessary to build the file with the credit agency. Cofinco offers on its website a simulation of auto credit with all the necessary information to decide and subscribe your online application if necessary.