See how to finance a negative vehicle, learn more!
✅ How to finance a vehicle being negative today?
If you are negative, you know how difficult it is to get credit in the market. Financial restrictions can make it almost impossible to approve a financing, especially for items such as vehicles.
However, this does not mean that it is completely impossible to finance a car even with the dirty name. There are options and strategies that can increase your chances of getting the credit you need to make this purchase.
Let's explore the main alternatives and how you can prepare to achieve this goal.
✅ Understand your credit profile
Before looking for a financing, it is essential to know what your financial situation is. The first step is to consult your name in credit protection agencies such as SPC and Serasa. If you are already negative, it is important to understand the degree of commitment of your history and how much it can affect your credit analysis.
Some people may be named dirty for low values and may be easier to clean their situation than others who are in the largest debt.
The credit score (score) can also directly impact financing approval. The higher your score, the greater the chances of approving, even if you are named after.
Thus, it is important to try to improve your score before making the request, such as setting small debts or negotiating debts.
✅ Many financing options for negative
Although traditional and financial banks are more rigid about credit analysis, there are some options that can be viable for those who are negative. Check out the alternatives:
a) Financing with warranty
One of the most effective ways to get financing being negative is offering a guarantee. This means that you can use a good, such as a property or other vehicle, as a way to ensure the loan payment. With this guarantee, the financial institution may feel safer to release credit, even with the increased risk.
b) vehicle consortium
The consortium is a much sought after option by those who are not urgent to purchase the car immediately and can wait a while until it is contemplated. Even with the dirty name, you can participate in a consortium, as this modality does not require credit analysis as in traditional financing. The consortium acts as a group of people who come together to buy vehicles. All contribute monthly to the common fund, and with each draw or bid, a participant is awarded the letter of credit to buy the car.
c) Payroll discount loan
If you are employed with a formal contract, some financial institutions offer payroll discount loans. This type of operation can be easier for those who are negative, as the institution has the security that installments will be paid directly from their salary. In addition, interest rates are often lower, as the risk to the bank is reduced.
d) personal loan
Some financial companies may offer personal loans to buy the vehicle. Although the interest rate may be higher and the highest installment amount, this type of credit may be more flexible for those who are negative. However, remember that conditions can vary greatly among financial institutions, so it is important to compare the options.
a) negotiate your debts
Before requesting financing, seek to negotiate the debts that are causing the negation of your name. If you can pay off or renegotiate these debts, your credit history will be more favorable. In addition, paying outstanding debts can improve your credit score, increasing your chances of being approved.
b) Payment capacity
Prove your payment capacity to the creditor. If you have a stable source of income and you can prove that you can afford financing installments, this can be a big differential. Present bank statements, payrolls or other income proof that you show that you have a financial capacity to make the commitment.
c) Use a guarantor or co-responsible
In some cases, you can get a vehicle financing if you have the support of a guarantor or co-responsible. This person may be someone who has a good credit history and is responsible for payment if you are unable to pay the installments. However, it is important to remember that the guarantor or co-responsible will also be putting its own credibility at risk, so this option should be well analyzed.
One of the great disadvantages of financing a car being negative is the high interest rates. As financial institutions consider the risk of greater default, they end up offering less favorable conditions. Therefore, it is essential to do careful search to choose the option that has the most advantageous interest rates. Compare several proposals and consider all the funding conditions, such as deadlines and additional charges.
