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Requirements to get automotive credit in the USA and Mexico

Request a automotive credit It is one of the most important things that you will buy in your life after of course having requested it to buy your house, since most people, after having bought their house, propose to buy their first car.

But for this they need to process a loan again, because if you find yourself in this situation, do not go ahead without first reading their requirements below.

Requirements for a automotive credit

The main requirement for you to obtain an automotive loan is its prior approval.

You will complete a preliminary application with the lender you have chosen and will evacuate the granting of the credit.

Since you must have a good credit report, if it is not as high as it should be, you can improve it to qualify for a loan.

Bancomer automotive loan

1.If you need to be a customer to get a automotive credit of Bancomer enters https://www.bancomer.com/people/productos/credits/auto-credit-bancomer.html

  1. You can request the loan you want online and you will immediately get an answer.
  2. You simply have to choose the term between 12 and 60 months and with little documentation you will obtain the loan, which you will pay with a fixed value throughout the entire loan.

In fact, since the annual rate is fixed, it is the most you will pay and you can even improve it depending on the package you chose.

If you wish, since you are in charge of managing the credit, anticipating payments is an option that you can take advantage of and you will reduce the term of the credit without penalty.

Requirements for Bancomer credit

  1. You must demonstrate a good credit history.
  2. You must be at least 18 years old.
  3. You must have a verifiable minimum seniority in your current job.
  4. When you sign the loan, you must take out insurance at an institution authorized by Bancomer.
  5. You will also need to take out life insurance with coverage for the total value of the credit.
  6. You must take out damage insurance with coverage on the goods.
  7. To obtain the credit you must present your valid official identification and if you are a foreigner you will present a copy of the FM2 & FM3.
  8. You will present proof of income in the event that you request a credit greater than $ 300,000.

In this way you can buy the car you want in 4 steps:

  1. You will quote the car you want.
  2. You will deliver all the documentation that Bancomer requires.
  3. You will visit an agency.
  4. You will formalize the process by signing the credit.

Credit automotive Banorte

  1. Go to the official banorte website and click on People.
  2. In the upper tab, put the cursor on Credits.
  3. A drop-down menu will open. Then choose Car Credits.
  4. Depending on whether you want to buy a new car or a pre-owned car, click on Autoestrene Banorte or Autoestrene Banorter Pre-Owned.
  5. With any of the options you choose, you will get a fixed interest rate for your loan, that is, the payments will not vary.

You will choose the term you want, that is, a payment plan according to your needs and you will be able to negotiate the cash price by choosing a car and negotiating the price so that you can buy it in cash.

Credit automotive Banamex

  1. Login to https://www.banamex.com/
  2. Hz click on Personal credit and you will be able to obtain a loan for whatever you decide, to make investments, to pay expenses or unforeseen events.

Requirements automotive credit Banamex

  1. You must demonstrate a minimum income of $ 5000.
  2. You must be a Citibanamex customer.
  3. You must prove an age between 21 to 79 years.
  4. In your house you must have a telephone.
  5. You must prove your Mexican nationality or if you are a foreigner, show your permanent residence card.

Credit automotive Santander

  1. Login to https://www.santander.com.mx/personas/credito-automotriz/
  2. You can request a personal credit for the purchase of a new or pre-owned car with the benefit of rate reduction, without a down payment and without a prepayment penalty.

Santander Automotive Piggy Requirements

  1. You must prove an age between 21 and 70 years.
  2. You can buy a car with a credit that does not exceed 30% of its value.
  3. The loan will have a rate of 13% or 15%.
  4. The vehicle will be the collateral for the loan.

Steps before applying for a car loan

Therefore consider that requesting a automotive creditObviously, for the purchase of your car it will be the most important thing that you will buy after your house, therefore you should take some time prior to your purchase to think about several concepts such as:

  1. Think about the total cost of buying your car but add to that all the expenses that a car will imply for you.
  2. Well, a car will entail several monthly expenses including its maintenance, gasoline, insurance, taxes and to this also add the loan fee that you will request, will you be able to face all these expenses that are monthly?
  3. It is possible that you can afford those expenses and therefore you will not have problems in accessing the loan to acquire that car of your dreams, but if the calculations indicate that you will not be able to afford those expenses, it will mean that you must reduce the requirements regarding the type of car and choose another for which you will access a loan of lower value and in turn the monthly expenses may be reduced.
  4. The determining factor for you to be able to access a loan for the purchase of a car is the comparison of your income with the total amount of the debt. There must be a ratio below 40% for the lenders to consider as good and therefore grant you the loan.

For example, if you have gross monthly income of $ 10,000, your debt cannot exceed $ 4000.

  1. Before planning the purchase of your car, check your credit report, since the credit score is an important factor for you to access the loan.
  2. There is no predetermined factor in terms of credit score so that you can qualify to access a loan because according to each lender the reasoning is variable and they use different models such as a range of 250 and 900 of the FICO High Score.
  3. You will even find specialized loan lenders approved for applicants with low credit scores, but they will charge you high interest rates.
  4. In turn, despite the fact that you have agreed to the loan for the purchase of your car, you must understand that the car will not be your property until you complete the full payment of the loan, because while you make the payments, the car will be the property of the company. financial
  5. You will have to make an initial payment, which implies a decrease in the amount of money you need for the purchase and will also reduce the total interest that you will have to pay for the duration of the loan.
  6. You will pay interest, the APR, that the lender will charge you for the mere fact of having loaned you money to buy your car. The APR includes the interest rate and the fee that corresponds to the charges for the loan. It is the annual percentage rate that you can compare between the different lenders before confirming with which of them you access the loan.
  7. You will also have to pay duty and taxes since no matter what state you live in, everyone will charge you sales tax and you will pay a fee when registering the vehicle.
  8. The dealership will charge you the documentation fee for registering the car.
  9. You will have a repayment term, that is, the term with the number of months for the repayment of the total loan. It can be from 36 to 72 months or more, but the longer the term, the total interest will also be higher because you will find the best interest rate with shorter terms.
  10. You will make a monthly payment on the date that you agree with the lender. That amount of money agreed for the payment of the loan will include principle and interest.
  11. You will review the loan contract because it will specify what the monthly payment is and the amount of payments that you will make to complete the full payment of the loan.