Bank offers vehicle refinancing to individuals. The car needs to be settled and its documentation up to date, without any pending at the State Traffic Department.
What are the conditions for Vehicle Refinancing ?
The bank releases credit for anyone 18 years and older. As long as the user owns the vehicle. As the vehicle is pledged as collateral, you can refinance even if you are pending. Interest is lower than for other types of loans and repayment term is usually extended.
Unlike other banks and financials, Bank Codes asks for proof of income, regardless of the person, in order to approve the credit. The bank finances vehicles up to 28 years old, and the repayment term can reach 48 installments (4 years). The credit released is limited to 60% of the value of the car, with no minimum value.
To refinance a vehicle through bank you need to go to a bank branch. An attendant makes the simulation on time with you, and if the interest continues, just enter the required documentation: ID, CPF, proof of income, proof of residence and documentation of the car.
How do I know if Vehicle Refinancing is a good fit for me?
Analyze your accounts thoroughly before opting for this loan modality. You have to make sure that you have real conditions to pay the refinancing installments, otherwise your car can stop in the hands of the bank in time, and incur a new debt.
Check your finances and try to see the future, make estimates to make sure you can take refinancing and pay it off smoothly. It’s better to do the math now than later! Fit the installments into your monthly budget and see the restrictions you will have to make to comply with the payment.
Refinancing a vehicle is a quick way to get a high credit amount without much paperwork and a model that provides lower interest rates, good repayment term, among other advantages.
This type of loan is indicated for cases of credit card and overdraft debts, debts that can dirty your name in the square, and therefore has some urgency to be paid or paid, due to the high interest charged by banks and financial
It’s interest on interest, everything ends up becoming a snowball. Opting for refinancing in these cases is a viable way to get back in control of your financial life and get a new loan with better repayment terms.
You will replace a debt with interest averaging between 10% and 16% with another with interest at around 4% per month. One tip to keep track of is to cancel credit cards and overdraft while paying off vehicle refinancing.