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Understand the current conditions offered by banks for vehicle financing, considering the new government program. Find out now!
The recent launch of the program to reduce prices on new cars has positively impacted consumers, creating new opportunities for those who want to buy a brand-new car.
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This resulted in a significant increase in demand for car financing credit, prompting renowned financial institutions to offer special conditions to meet the growing demand.
Itaú, one of the largest banks in the country, recorded a surprising 25% increase in listings posted on the Icarros platform, a project of the bank itself. This growth illustrates consumers' demand for more advantageous financing options, with rates and terms that meet their needs.
increase in car financing due to the program
Many financial institutions compete to offer the best financing conditions. Banco do Brasil, Caixa Econômica Federal, Itaú and Santander are some of the banks that stand out, offering a maximum term of 60 months for payment on new cars.
However, it is crucial to point out that a small down payment can have a major effect on financing conditions. With a down payment of R$ 10,000, for example, for a car costing R$ 84,424, the CET would decrease to 1.66%, the installments to R$ 1,448, and the total amount to R$ 69,519.
This difference highlights the importance of planning and saving an initial amount before financing a vehicle.
Main banks and financing requirements
Banco do Brasil adjusted its financing rates, reducing them by 0.2 percentage points following the announcement of the government measures. In addition, the bank allows customers to finance 100% of the car's value, aiming to make the purchase easier for consumers.
Santander conducted a simulation for Money Times, revealing that financing a car with no down payment over a 48-month period would have a total effective cost (CET) of 1.70% per month.
Caixa Econômica Federal stands out in the market, with interest rates starting at 1.49% per month for financing new cars. The bank also offers the option of financing up to 80% of the car's value, providing flexibility and adaptability for buyers.
The rates and terms offered by Itaú vary according to the customer’s profile and the car to be financed. The bank makes it possible to finance up to 90% of the car’s value, aiming to meet each customer’s individual needs.
