If I am paying for a car, I can take out another one
First of all, it is important that you do not rest easy. Your next task is to contact your bank. While it tends to be threatening to get into this situation and let them know you are unemployed, numerous banks offer exceptional avoidance projects to help borrowers withstand the monetary impacts of the pandemic.
Also, if yours doesn’t offer choices like this, there are other things you can do. At this point, focus: Doing nothing and concealing from your bank that you are in a terrible monetary circumstance is certainly not a decent methodology, an incredible investment. Installment losses are issues that can contrarily influence your financial assessment for a long time after the emergency has passed.
And keeping in mind that the quantity of new cases every week is down from the all-time highs recorded in March and April, the numbers are still among the most noteworthy the organization has at any point recorded.
Where can I buy a used car on credit?
Even if the car you will buy is new or used, before committing to an auto financing there are two things you should do: compare the different credits that exist and have the money for a down payment of between 25 and 30% of the value of the car you want, recommended Enrique Horcasitas, co-founder and CEO of ComparaGuru.com.
If for this 2016 you plan to acquire a financed car, it is necessary to ask yourself three questions: how much the car you want costs, how much is the maximum you can pay for a down payment and how long you can pay for it.
For example, the best way to acquire a car with a value of 180,000 pesos is 60,000 pesos down payment, because this way you save the interest generated by giving a lower down payment, said Horcasitas.
How car financing works
Want to buy a car? Aside from paying cash, you have other options. Whether you finance your car purchase or lease it, here are some things to keep in mind.
Many lenders offer long-term loans, such as 72 or 84 months. While these loans can lower your monthly payments, they may have high interest rates. And the longer the loan period, the more expensive the loan will be overall. Cars lose value quickly once they leave the dealership, so with long-term financing, you may end up owing more than the car is worth.
Ask questions about the terms of the contract before you sign it. For example, before you drive away from the dealership, ask: Are the terms of the contract final and fully approved? Does the price on your contract match the price the dealer sent you in advance? And if the dealer says he’s still working on approval, that means the deal is not yet final. Consider waiting to sign the contract, and keeping your current car, until the financing is fully approved.
Banks to finance cars
None of this is true. That’s why it’s interesting to take a look at reports like this one, which analyze how much Europeans pay in taxes in a similar situation. The full study measures the tax gap to work for different salaries (25,000 – 50,000 – 75,000 – 125,000 euros) and family situations (single without children, married couple with one salary, married couple with two salaries…). We have chosen a single person without children with a salary of 50,000 euros gross.
The comparison between countries is not easy because the regulations in each of them are very different. There are those that put more weight on the social contributions paid by the company and also those that barely charge for this concept. In this case, Deloitte starts from the same level for all: a gross salary of 50,000 euros and compares it with two other very interesting data: what is the total cost of a worker with that salary and how much reaches the employee’s bank account.
On the opposite side is Denmark, the country where it costs companies the least to pay a gross salary of 50,000 euros: total cost of 51,613 euros. This is due to the fact that the social security contributions payable by its companies are the lowest of those analyzed.