Need a car loan?

Financing for the acquisition of new or used vehicles, light passenger or mixed vehicles, and motorcycles to be purchased from Visão Financeira partners.

The available options are car credit, ALD, or Leasing; however, the framework depends on some factors, namely the age of the vehicle to be purchased.

The amounts to be financed can start from 2,500 euros up to 75,000 euros; however, these amounts may be limited by your effort rate or market value (eurotax) of the vehicle subject to the transaction.

The financing terms can range from 12 to 120 months. Depending on the age of the vehicle to be purchased, the financing term may be subject to a shorter period than desired.

The rates vary depending on the year of the vehicle to be purchased and the customer's profile and are regulated by the consumer credit regime.

The institutions cannot grant auto loans where the APR exceeds the maximum value in force. The maximum rates are set based on the type of auto credit and the customer's choice of a new or used car.
The purchase of vehicles for purposes related to the commercial or professional activities of banking customers may be subject to different rules than those applicable to consumer credit.

The APR is usually used to compare credit proposals. For credit proposals with the same amount, term, and repayment method, the proposal with the lowest APR is the cheapest for the customer.

The calculation of the APR includes:
- interest;
- commissions;
- expenses, namely taxes and fees related to the registration of the mortgage, in the case of a mortgage-backed loan;
- insurance required to obtain the loan;
- the account maintenance fee, if its opening is mandatory for managing the loan;
- the remuneration of the credit intermediary, if that remuneration is paid by the consumer, which occurs when using a non-tied credit intermediary;
- other charges associated with the credit contract.

It does not include:
- amounts payable if the customer fails to meet obligations set out in the contract;
- early repayment fees for the loan;
- notary costs.

The APR differs from the nominal annual rate (NAR) by accounting for, in addition to the interest on loans (expressed by the NAR), all other charges that the customer will have to pay for the credit.

The MTIC is especially relevant at the time of contracting the credit. Throughout the duration of the loan, the interest rate or other charges may change.

For example, in loans contracted with a variable or mixed interest rate, the MTIC is only indicative. Since, in these loans, the interest rate may vary over time, the MTIC may not correspond to the total amount that the customer will pay during the duration of the loan.
If the other characteristics of the credit are similar:

A credit with a higher interest rate will have a higher MTIC, since the interest paid will be higher;
A credit with a longer term will have a higher MTIC, because more interest will have been paid for that credit than for a similar credit with a shorter term.

Where can I check the MTIC?

The MTIC of the credit is indicated in the pre-contractual information provided to the customer, that is, in the so-called “FIN – standardized information sheet”, in the case of consumer credit, in the section “Total amount charged to the consumer”;