Electric cars are advancing on the market, and despite the fact that their share of the fleet is still small, it seems clear that they are here to stay. More and more users are betting on more sustainable mobility: according to data from ANFAC (Spanish Association of Car and Truck Manufacturers), electric vehicles are selling
have increased by 47.2% in Spain so far this year, a figure that speaks for itself.
At the moment, the price of electric cars is significantly higher than that of combustion, although
most manufacturers They insist that depreciation is fast due to lower maintenance costs and the cost of fuel or energy.
For this reason, you may be currently considering taking the plunge and buying an electric car to travel more sustainably and environmentally.
Charles of the Towermember of the board of directors of ASNEF (employer of financial entities specialized in financing services) and CEO of Mobilize Financial Services (of the Renault group) gives a series of tips that will make this transition easier for you.
An electric vehicle has much lower maintenance costs because the components are simpler and this also increases reliability. However, one of its major limitations is its autonomy, which is added to the fact that there is still a need for commitment in Spain
more charging infrastructure. For this reason, it is useful to analyze the utility you are going to give your vehicle before choosing it, since depending on the type of vehicle you choose, you will have more or less autonomy. Fortunately, the Moves III Plan also subsidizes the installation of charging points, essential to avoid problems of autonomy.
You can also choose between a pure electric car and a hybrid. The first moves through the energy stored in its batteries and must be plugged in to charge the battery.
As for the hybrids, depending on the utility we are going to give the vehicle, you can choose between light hybrids, with a small electrical system supporting the combustion engine; conventional hybrids, with a more powerful electric motor but with little autonomy in 100% electric mode; and plug-in hybrids, which can cover longer distances in 100% electric mode.
First, if you want to keep going with the traditional option and buy the vehicle directly,
you can contact financing services without any problems. Of the latter, one of the best known and most growing in the automotive sector is the balloon loan, with an initial entry, affordable installments adapted to the customer, a term of 36-48 months and a final tranche, which is usually slightly higher, equal to the residual value or amount pending depreciation. In many cases, this final installment can be financed again or even be the down payment on a new car.
except for
the traditional purchase, we have rentals, a long-term rental where we only have to pay a monthly fee (which already includes all vehicle costs). However, in principle, leasing does not offer the option of acquiring the vehicle at the end of the contract, although you can negotiate a contract extension to continue using the vehicle.
Another alternative is the so-called leasing, a type of rental whereby at the end of the contract we have the option to buy the vehicle at the remaining residual value. In that case, we pay an entry fee and the monthly fees specified in the contract. It is generally aimed at businesses.
When it comes to financing the purchase of a vehicle, it is a very good option to call on the financial institutions of
automotive groups and dealers. This alternative will save you a lot of time as they are specialists and the dealers are in charge of all the paperwork, so it is the quickest and most direct option.
Another option is to rely on banks and other financial credit institutions that specialize in providing financing services. All these companies can offer you personalized alternatives that are perfectly adapted to your situation and your needs.
Any of these options is a perfect alternative, but the ASNEF’s main recommendation is to always rely on regulated entities and
supervised by the Bank of SpainSince these companies guarantee the necessary legal certainty, they analyze your solvency in order to offer you a loan that suits your situation and provide you with a complete customer service.
However, there are companies that offer credit and loans that are not supervised by the Bank of Spain. Some of these companies usually have disproportionate financial conditions and a total lack of legal certainty and transparency, which can lead to unpleasant surprises.
Regardless of the type of financing, you should be well informed about:
the terms of the contract. You need to be very thorough and know all the features of the product you are going to contract to make sure it adapts to your needs in managing the loan and your ability to pay.
Among the terms to keep in mind are the TIN (cost in percentage mode indicating the price agreed upon for the borrowed money) and the APR (which includes commissions, interest rates and other costs of the operation). Normally, it is most appropriate to pay special attention to the APR, as it includes the total cost of the operation and allows you to compare offers more accurately.
Other aspects to analyze are:
the committees usually established for early loan repayment cases. Likewise, it is interesting to know the term of completion as well as the default interest you will have to pay if you pay an installment late.
To finish, it is highly recommended that your contract includes a fee with an adequate redemption amount
debt payment and thus be able to repay the loan as quickly as possible, with less interest. While a lower term may seem more attractive, it can slow down the debt service over time.
Although the expense is important when purchasing a new car, given the advantages of the electric car and
the importance of promoting sustainable mobilitythe Spanish government has created a series of incentives and subsidies to facilitate access to electric vehicles.
This is the case with the Moves III Plan, which subsidizes the purchase of electric vehicles with subsidies of up to 7,000 euros per vehicle. Likewise, it also subsidizes the installation of charging points. This plan will run until the end of 2023. You should in any case take into account that the vehicle must have a price of less than 45,000 euros (or 53,000 euros in the case of eight or nine-seat electric vehicles).
In addition to the Moves III plandeveloped at the national level, some Autonomous Communities have their own support plans for the purchase of electric vehicles, so it might be interesting to take a look at that.
There are also tools, depending on the modality you choose. Leasing and renting have juicy benefits for companies and the self-employed, since the compensation is deductible in corporate tax. Finally, thanks to the PIVE Plan, it is possible to get up to € 5,500 for the delivery of the old vehicle when purchasing a new vehicle.
Finding the best financing for a vehicle
sustainable mobility It is not an easy task, given the number of elements to take into account. Therefore, if you have any questions, and if you have gone to an entity regulated and supervised by the Bank of Spain, its customer service team will be available to assist you. So you can solve any problem related to the contract and the terms of the loan
Source: La Verdad
I am Ida Scott, a journalist and content author with a passion for uncovering the truth. I have been writing professionally for Today Times Live since 2020 and specialize in political news. My career began when I was just 17; I had already developed a knack for research and an eye for detail which made me stand out from my peers.
