Banks create conditions for financing popular cars – 09/06/2023 – Market

Banks began to offer special conditions for financing popular cars. The movement seeks to take advantage of the upward trend in demand for vehicles with discounts, after the tax incentive package announced by the government.

The report consulted financial institutions in order to determine financing conditions offered to those who are not bank customers. Two scenarios have been suggested. In the first, the consumer does not enter; in the second, there is entry of R$ 10 thousand.

Santander, Banco do Brasil and Itaú offer a maximum term of 60 months for the payment of zero-kilometer vehicles.

Santander sent to Sheet conditions offered on payment in 48 months. If the consumer does not register, the value of the installments ranges from R$ 1,759 to R$ 3,458, depending on the value of the vehicle — already considering the discount applied by the automakers. The CET (total effective cost, which includes the interest rate plus charges such as fees and taxes) is 1.70% per month.

If the consumer opts for an entry of R$ 10,000, the more affordable installments cost R$ 1,448. The most expensive, for R$ 3,160. The CET is 1.66% for models priced between R$58,990 and R$98,890. The rate goes to 1.70% for models above R$ 100 thousand.

Renault’s Kwid Zen and Fiat’s Mobi Like 1.0 models, announced by the automakers at BRL 58,990, would come out with the value of the installments at BRL 1,759, with a total cost of BRL 84,424 at the end of the financing without down payment. By paying BRL 10,000 outside the financing, the consumer gets installments of BRL 1,448 (with a total payment of BRL 69,519).

Peugeot 208 Like and Citroën C3 Live, vehicles that now cost BRL 62,990, cost BRL 1,878 per month, with no down payment. The total amount to be paid is R$90,149. In the second scenario, the initial payment of BRL 10,000 reduces the value of the installments by BRL 311, leaving it at BRL 1,567 (total payment of BRL 75,195).

More expensive models, such as the Virtus sedan (announced at R$98,890) and the T-Cross Sense SUV (sold at R$107,550), both from Volkswagen, tend to weigh on consumers’ pockets in the long term.

The 48 installments of the sedan cost R$2,948 without entry, with a total cost of R$141,527, and R$2,628 with simulated entry, for a total of R$126,139.

In the case of the SUV, installments without entry cost R$ 3,207 (total to be paid of R$ 153,921). After paying the down payment, the installments cost R$ 2,909, a total of R$ 139,609 paid in 48 months.

Banco do Brasil announced that as of next Monday (12th), it will reduce its interest rates by up to 0.2 percentage points per month. Financing can be done via the bank or agency application, with or without down payment. “BB will continue to support the production chain of the automotive sector and individual customers who purchase their brand new vehicle,” he said in a note.

Itaú, on the other hand, offers a monthly rate of 1.36%, with a minimum period of 12 months to pay, and a financed amount from R$ 8,000. You can pay up to 10% of the car’s value.

The institution claims that there was an increase of about 25% in the number of advertisements in its vehicle marketplace, icarros, after the measures announced by the government.

The RCI bank, linked to Renault, offers special conditions on the sale of the Kwid Zen. The financing comes with R$ 36,278.85 down payment (61.5% of the vehicle’s value) and 48 fixed installments of R$ 699. The interest rate is 0.99% per month and 12.55% per year, with CET of 1.13% per month and 14.44% per year.

The banks Fiat and PSA (Peugeot and Citroën), brands of the Stellantis group, recommended that the simulation be carried out directly at the dealerships. Volkswagen Financial Services and the Original digital bank preferred not to comment.

Institutions Bradesco, Caixa, Banco Hyundai, Inter and C6 Bank did not respond until the publication of the report.

CHECK THE BEFORE AND AFTER ON THE PRICE OF SOME OF THE CARS FOR SALE IN BRAZIL:

Renault Kwid Zen

Before: BRL 68,990

Now: BRL 58,990

Fiat MobiLike

Before: BRL 68,990

Now: BRL 58,990

Peugeot 208 Like

Before: BRL 69,990

Now: BRL 62,990

Citroën C3 Live

Before: BRL 72,990

Now: BRL 62,990

Hyundai HB20 Sense

Before: BRL 82,290

Now: BRL 69,990

Volkswagen Polo track

Before: BRL 82,290

Now: BRL 74,990

Chevrolet Onix 1.0

Before: BRL 84,390

Now: 78,390

Chevrolet Onix Plus 1.0

Before: BRL 96,390

Now: BRL 90,390

Chevrolet Onix 1.0 turbo flex automatic

Before: BRL 97,240

Now: 93,240

Hyundai HB20 Comfort automatic

Before: BRL 104,590

Now: BRL 98,590

Volkswagen Virtus TSI manual

Before: 104,390

Now: 98,890

Volkswagen Saveiro Robust

Before: BRL 94,490

Now: 90,190

Jeep Renegade Turbo

Before: BRL 119,990

Now: BRL 115,990