Whether you're 18 or 48, at some point you're likely to buy a new car – even if it's just new to you. Lamentablemente, los automóviles no son baratos. That's why many people go for an auto loan.
¿El problema? Auto loans are confusing, especially if you've never had a loan before.
Between APR, GAP, MRC, terms, and down payments, you're basically swimming through an ocean of acronyms and words that might not make sense to you. And that's okay! I didn't know the answers at first, either. We're here to help make sense of it.
Estas son algunas cosas que aprendí en 23 con mi primer préstamo para automóvil (y por trabajar en Visions).
All About That APR!
APR. Lo que la mayoría de la gente ve primero. APR is an acronym, meaning "Annual Percentage Rate." Sin embargo, la mayoría de las personas lo llaman "tasa de interés".
¿Importa la APR? Sí. Sí que importa.
If you're not familiar with loans, your APR is how much the institution will charge you to take out a loan. And, while APR and interest rates are technically a little different, it's the interest charge and subsequent payment that you need to think about – especially when added up with the principal plus auto coverage (see "The Extra Stuff" below) and debt protection to make your total monthly payment. (Si se está mareando con los cálculos, consulte nuestras calculadoras de préstamo para automóviles. They're super sweet.)
¿Qué determina mi APR? Su APR varía según muchas cosas: su calificación crediticia es el factor más importante.
Cuanto mejor sea su calificación crediticia, más probable será que su APR sea más baja. That's because lenders look at credit scores as a form of financial trust. With a higher credit score, they figure they're more likely to be paid back, thus the lower rate.
Alright, Give Me The Term...
In the lending world, "term" can mean many things – your agreement, what you promise to abide by, stuff like that. But when people mention "rates and terms," they're typically talking about how long you're taking the loan out for. En general, mientras más largo es el plazo, más alta será la APR.
Longer term + higher rate = the more you're going to pay. Whether it's worth having the extra cash each month or to pay more over time – that's up to you. Solo recuerde que siempre puede pagar más que su pago estándar, pero nunca puede pagar menos. So, if you opt for the cheaper payment and pay extra, you're going to pay it off sooner and pay less overall.
¿Qué sucede si mi crédito es malo?
Well, to be direct, you're going to pay more. A veces mucho más. Higher credit scores can qualify for lower interest rates, which translate to savings.
Pero recuerde: you still have a car and you're working toward a credit score you can be proud of. It's something that's worthwhile in the end. And, if you want to learn more about credit scores, check out our credit scores page. Don't feel like reading more? Vea a este apuesto joven en YouTube (yo) hablar sobre los fundamentos del crédito y cómo generarlo y regenerarlo aquí.
And, don't forget about co-borrowers. Si tiene un familiar o alguien de confianza con una calificación crediticia sólida, su buena calificación puede compensar la suya y dar lugar a términos más favorables.
Weigh The Extra Stuff.
Here are four more things to consider when you're picking out your next ride:
- Seguro. You'll need it for an auto loan and Visions provides our members with discounted rates
- Protección garantizada de bienes o GAP. Esta cobertura opcional puede ayudar a compensar la diferencia entre lo que debe y lo que vale su vehículo en caso de pérdida o robo. Because of rates and terms, an insurance settlement doesn't always cover everything – that's why GAP is so valuable (and you can finance it into your loan payment)
- MRC o cobertura de reparación mecánica. Considérelo una cobertura de garantía: una valiosa tranquilidad que, por lo general, también puede financiarse directamente con su préstamo
- Protección de deuda. Available for most Visions loans, this optional coverage can provide peace of mind against a covered event.
Your Lender Matters.
Sobre todo, elija un socio financiero en quien pueda confiar. Usted quiere alguien local en quien pueda confiar y que tenga tasas y plazos que se adapten a su presupuesto.
Obtenga más información sobre nuestros préstamos para automóviles y llámenos al 800.242.2120 si tiene alguna pregunta.
-Devin M.
