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Buying a car: which loan is the best?

The acquisition of a vehicle is one of the steps that every adult takes, at least once in their life. There are some people who when buying a vehicle already begin to save for the next one and avoid having to finance it. Buying a car in installments is not a bad idea, we can adjust the installments and time to our needs. Today we analyze the different ways of buying a car and what is the most convenient loan or financing option in each case.

Considerations prior to purchasing the vehicle

The ideal is to always have a part saved, what we call "entry". With it, we can reduce the amount of the installments, so if the purchase of the car is not urgent, saving is a good option.

When buying a car, we must always be realistic and set a budget limit. It is very common to have one closed and that does not end up being such, since in the dealership we do not stop adding extras. In order not to fall into this error, prior consultation with specialized magazines or internet forums is a favorable point.

Once the model and specifications of the vehicle have been decided, we can see that there are some price differences between dealers. Savings can be important, so it's always worth asking.

What options are offered when buying a car?

If we have to finance the purchase, we can go to our bank and request a loan; or attend to the financing offer made to us at the dealership. In both cases, the requirements will be the same, provide payroll or endorsement , and all the documentation that is required.

However, both the bank and the dealer have one goal: to sell. The former will want to sell you their loan, the latter the car. What to do in these cases? Very simple, take out the calculator and do numbers. Many dealerships make attractive offers to ensure the sale. For example, either no entry is requested or the vehicle can be financed in up to 10 years , no less than 120 months. As a result, we will have a comfortable installment, but we will pay a significant amount of interest. Is it the most suitable for you?

As an interesting point, if it is the dealer who is in charge of the financing, we avoid visits to the bank. They themselves receive the documentation and the signature is carried out at the establishment itself. They also usually have some detail with clients, such as giving away an accessory for the vehicle.

Banks already offer concrete loans for cars. It is a product that is quite successful and that increases the supply of financial products. If we are loyal customers with a good track record, granting the loan to buy the car should not be a problem. Maybe if we already have other loans or a mortgage, requesting one for a car can raise the level of indebtedness in the entity itself and set off alarms. We must always choose what suits us best.


Make use of common sense and apply adjusted purchasing criteria. Of course, compare what is the best offer when applying for a loan to buy a car. In Ideal Loans we put at your disposal good offers from financial and banking entities . Using our comparator you can obtain the conditions that best suit your lifestyle. Think carefully and remember that a car is a long-term acquisition and that it must provide us with good service.

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