Car Loan, it is the dilemma of the financing of a vehicle before which many purchasers are subjected in concession! If the Car Loan took power in the new, auto credit has arguments to make, including a lower total cost for the acquisition of the car. Explanations.
The Car Loan has further progressed in 2018
The year 2018 confirmed the rise of lease with option to purchase at the expense of auto credit for the financing of a new vehicle. According to data from the French Association of Financial Companies, the volume of car Car Loans for a new car has further declined the year behind (2.3 billion euros, -1.2%), while the Car Loan was up 13.5% to EUR 7 billion. Even the second-hand market is affected! While the used Car Loan (450 million euros) is still far from the auto Car Loan for the financing of a second-hand vehicle (3.8 billion euros), it experienced a strong increase in 2018 (+ 38%). And yet a Car Loan purchase is no more advantageous than a car Car Loan.
Rents more affordable than monthly payments
The Car Loan makes many arguments to seduce individuals, after convincing companies on the criterion of the readability of the cost of use. Financially, the Car Loan has the advantage of allowing the acquisition of a new vehicle (or used) without contribution, with rents lower than the monthly payments of a car Car Loan over the same repayment period. To this must be added the pack that accompanies leasing financing, including vehicle maintenance services. Finally, it is not necessarily necessary to manage the resale of the vehicle at the end of the contract.
But a total cost that pleads for auto credit
Perfect, the Car Loan? More accessible and less restrictive, this formula nevertheless leads to a higher cost if you want to buy the vehicle at the end of the commitment period. The addition of rents and the option to purchase the car definitively exceeds the total amount of the auto interest credit included. Take the example of the purchase of a new Renault Megane sold for 21 000 €: without input, rents will amount to € 432.30 per month for 48 months with a call option of € 2 100, which represents a total cost of € 22,850. For the same vehicle purchased with a car Car Loan over 48 months at a rate of 2.90%, the monthly payments will amount to 463.50 € and the total cost will be 22 250 € according to a simulation Credit Guide. The difference is therefore 600 € to the benefit of acquiring it which has privileged the auto Car Loan to the Car Loan.