Quanto gasto com a compra de um carro?

How much do I spend on buying a car?

Buying a car is an important feat in anyone's life, not only due to the responsibility it implies, but also because of the impact it will have on the wallet. From credit, to insurance and maintenance expenses, having a car is impactful on the budget, but how much?

14 Nov 20234 min

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Car and insurance credit? You came to the right place. Credit intermediaries and insurance brokers from Poupança no Minuto can guarantee the best proposals with the best conditions for you. But first understand how these products work.

First: Expenses with car credit & Finance Toyota. 

If you don't buy the car with the full amount, you will need to get a car loan to acquire it. Therefore, you must take this expense into account in the monthly budget in the coming years.  

The amount of the monthly installment you will have to pay for this loan will depend on the specificities of the car, but also on the down payment you make initially.  

So, you can previously simulate the car loan, considering the value of the car compared to the amount you will be able to settle immediately, to understand what amount you will need for the credit.  

So you can understand your effort rate and if you are able to keep up with paying your car loan or not. The effort rate represents the ratio between your income and your credit installments.

The effort rate should ideally be up to 34%, while between 35% and 40% is already high and over 40% is very high. For example, if your income corresponds to 1,800 euros per month, already have a housing loan of 600 euros, and want to take out a car loan of 200 euros, your effort rate will be 40%. So, in this case, it is likely that your loan will be approved, but it will depend on the bank and other factors that it analyzes.

Also, the refund period of the credit will influence the amount you pay monthly and in total for the financing. This is because, the longer the term, the less you pay per month, but the more you will pay in total for the credit due to interest. Note that you can repay the credit early, in part or in full, subject to a commission.

The early repayment fee is 0.5% if the credit period is over a year, and 0.25% if the remaining period is a year or less. 

Choose the right credit proposal 

If you are looking for an auto loan, note that you should request several simulations from different banks to access the best offer.

In order to analyze the most beneficial proposal for you, look at the European Standardized Information Sheet (ESIS), which describes the conditions and characteristics of the loan, and to compare proposals, analyze the Annual Percentage Rate (APR), which indicates the total cost of credit.  

But you don't need to do this procedure alone: A credit intermediary can help you compare and make the best decision regarding your car loan. The services of the intermediaries at Poupança no Minuto are free, and ensure constant support so you can have access to the best credit conditions.    

The car also needs to be insured.

The purchase of a car also involves the hiring of a mandatory insurance: the civil liability automotive insurance.  

This insurance covers the payment of compensation for bodily and material damages caused to third parties and passengers, excluding the driver of the car. However, optional coverage can be added to the policy, such as driver's damages and roadside assistance.  

You can also take out a comprehensive insurance, better known as "all risks insurance", which covers the damage suffered by the vehicle of the person responsible for the accident.

Note that if you hire insurance with a deductible, the insurance will only cover damages that exceed the agreed value.

If the person responsible for an accident does not have valid mandatory insurance, one can turn to the Automobile Guarantee Fund, which, if the legal requirements are met, covers the payment of compensations.

I already have credit and insurance, what now?  

After hiring the car loan and mandatory insurance, expenses with a car do not end there.  

In addition to the initial expenses, you must consider the charges for the maintenance of the car in the budget.

So, point out the following expenses that you will have as a car owner:  

  • Credit and insurance payments;  
  • Cost with periodic inspections, revisions, and repairs;  
  • Payment of fee at the automobile registration office; 
  • Single Circulation Tax (IUC), to be paid annually in the month of registration.  

Hiring credit? Subscribing to insurance? The agents of Poupança no Minuto can take care of everything! Contact us and ensure constant support until you have the key to your car in hand.

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