Ads
Anyone researching lines of credit to purchase a car may get lost in some details. That's why, About we will show you some aspects that influence the car financing simulation in Portugal.
Before you actually start the simulation, we advise you to know some details about this market. This way, you will be able to better understand the amounts being charged. This way, you will be able to analyze which financing is actually best for your pocket.
Ads
Car financing simulation in Portugal: essential terms for you to know
With so many costs and terms, it is difficult to understand what is being charged for car credit. Therefore, we are going to introduce you to some that are part of the car financing simulation in Portugal.
Residual value and leasing
It is a percentage of the value of the amount for the purchase of new cars in the Leasing modality. The consumer pays a monthly payment over an extended period and decides whether to continue with the car at the end of the contract. To keep the vehicle, you must pay the residual value, which varies from bank to bank.
Ads
APR
A Global Effective Annual Charge Rate measures the cost of the loan to the customer, per year, as a percentage of the amount borrowed. This rate also varies depending on the financial institution. Furthermore, the percentages are already informed before the financing simulation.
TAN
The Nominal Annual Rate is used in operations involving the payment of interest on loans. It is also measured as a percentage and does not include other charges or taxes.
MTIC
The Total Amount Imputed to the Consumer is the sum of the total cost of credit (interest, commissions, expenses, taxes and charges) and the total amount of credit granted. In other words, this is the total value of all financing costs.
Why learn to identify rates and modalities when simulating car financing in Portugal
Now you know the essential terms when it comes to car financing. This way, you can compare which financial institution offers the best payment conditions.
As rates change each period, it is important to pay attention to the best time to buy the vehicle. This means keeping an eye on the market and, above all, not buying on impulse. Therefore, we emphasize the importance of planning and organization before signing a contract.
This way, you will have more security when analyzing the values of the car financing simulation in Portugal. Pay attention to these aspects to know which line of credit has the best value for money.
