Is it better to apply for car loan jointly?

Is it better to apply for car loan jointly?

Co-owner car financing

Alejandro writes to us to tell us about his odyssey once he ordered the purchase of his new Nissan with financing, and to cancel this financing on time, to finally pay for it in cash. Here we explain what the law says and the steps to take in case of canceling the financing.

The dealer’s salesman, who, in order to collect his variable salary, needs to finance the car for the brand’s finance company, tries to convince Alejandro to finance part of the price of the car in exchange for a good discount on the final price of the car. Alejandro has doubts: what is better: to pay, for example, 11,000 euros for his new car on a cash basis, or 10,200 euros, having paid 12,500 euros when he repays the loan? Certainly the total price to be paid, including financial expenses, is high, so it indicates that you have to study the matter.

The sale and purchase transaction with financing is as follows: the dealer applies a discount of 1,000 euros (VAT and registration tax included), in exchange for signing a financing contract with CaixaBank Consumer Finance for 40% of the sale price, for 36 months, which cannot be shortened by contract.

Co-owning a mortgage loan

Getting married means learning to make financial decisions together with another person, including how to manage debt. Whether you’re a newlywed couple or a GLBT couple whose marriage was recently recognized, getting into debt as a couple requires careful evaluation. Here’s some of what you need to know.

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One important distinction worth mentioning is the difference between being a co-signer or co-borrower on a loan. If you apply for a loan with your spouse, for example to buy the family home or a car, the lender will consider you a co-borrower. You will both have title to the property and will be jointly responsible for paying off the loan.

The decision to co-sign is not always perfectly clear. Your spouse may need you to co-sign a student loan, for example, if he or she cannot qualify for it on his or her own credit. In the event of divorce or death of your spouse, you will still be responsible for that debt.

How to cheat the bank on a loan

Choose the make, model and price of the vehicle you like best! Then, invest your money in an Investment Fund to be able to acquire it. This way, you get profitability according to your needs and expectations.

Do you need to buy parts for your vehicle or finance another expense? Crediágil is a revolving credit that is granted once and you use it as many times as you want. In addition, you receive the disbursement wherever you are, through our Virtual Branch, Telephone or PAC.

Obtain your Vehicle Credit while you have protection and support. In case of eventualities, the Life + Insurance allows you to pay off your debt and pays the additional value to you or your beneficiaries. You also have a funeral allowance of up to $1,000,000 pesos.

Enjoy your vehicle without worries! With the Accident Insurance you can obtain a daily income in case of hospitalization due to an accident and it provides a funeral allowance of $2,000,000 pesos to cover funeral expenses, without affecting your family’s economic situation. You can purchase it at our Correspondent Banks.

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Co-owner of a loan

At Banca March we know that buying a home and choosing a mortgage is one of the most important steps in a person’s life. That’s why we offer personalized guidance to help our clients make these financial decisions.

Don’t forget to visit our Real Estate Offer, where you can access a wide range of properties located throughout the national territory, with very competitive prices and with the possibility of obtaining financing under excellent conditions.

Is it better to apply for car loan jointly?
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