I have already told you, on some occasions, that when you go to take out a loan you prefer to always do it in the currency in which you receive your income. You remember it, right? As for a vehicle loan this advice is no exception. In this note I explain why.
The dollar exchange rate
The first reason why you should not ask for a vehicle loan in dollars is the exchange rate . And if you receive your salary in soles you will have to change it to dollars to pay the monthly fee.
If the exchange rate goes up, then you will pay more, in some months than in others, for the credit you took. Nothing convenient, right?
Question of practicality
Paying in a currency other than your income is not practical. And you have to look for the best offer for the exchange rate, which will force you to withdraw the money and bet on the highest bidder.
Second, because the same search will take away valuable time. If you take out the credit in the same currency as your income, you can pay your fee from the comfort of your home using your computer or smartphone.
The figures say so
Since 2013, the credit de-dollarization campaign began. Have you heard of her? Thanks to this, fewer and fewer people opt for a dollar credit if they receive their income in soles. The impact has been felt in the vehicle credit and for 2016 the loans in dollars fell by 26%.
What to do if I have my dollar credit?
Do not despair! You just discovered that you pay more, but there is a solution. First you can choose to ask the bank in which you have your loan to pass your debt to soles . If this does not work you can always go to another bank, with a better offer and ask for the purchase of debt in soles .
Compare well if you decide to do the latter. Choose the bank that offers you lower interest and more benefits.