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Which bank is best for car financing? Compare rates
Want to know which bank offers the best car financing conditions? Compare rates, terms and choose the option that fits your budget.
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Start your dream with installments that fit your route.
Dreaming of a new car, but lost when it comes to car financing options? Don't worry, we'll help you find the ideal bank without any hassle.
So, do you want to know where your money goes further and the car arrives faster? Come with us and compare everything before closing the deal!
Understanding the advantages: which bank has the best interest rates for car financing?
The difference in interest rates can directly impact the total value of the car loan, the monthly installments and even your credit approval.
Below, see the most popular banks in Brazil, their average rates, advantages and points that deserve attention before signing the contract.
Bank of Brazil
- Average rate: from 0.60% per month
- Advantages: allows you to simulate online, offers long terms and accepts cars up to 10 years old.
- Point of attention: credit may be stricter for those with a bad credit history or without proof of income.
Federal Savings Bank
- Average rate: from 1,49% per month
- Advantages: affordable credit line, special conditions for public servants and fixed installments.
- Point of attention: requires detailed analysis of the positive registration and, in some cases, a minimum deposit of 20%.
Bradesco
- Average rate: from 0.90% per month
- Advantages: good for those looking for financing for used vehicles, in addition to quick release for account holders.
- Point of attention: a credit opening fee (TAC) may be charged, impacting the total amount.
Santander
- Average rate: from 1,12% per month
- Advantages: easy digital simulation, acceptance of used cars and cashback programs linked to the installment.
- Point of attention: may require mandatory vehicle insurance linked to the contract, increasing costs.
Itau
- Average rate: from 1,29% per month
- Advantages: 100% process online, fast and without bureaucracy, ideal for those who already have a bank credit card.
- Point of attention: higher rates for those with a low credit score or who want to finance without a down payment.
Car financing with or without down payment: which is more worthwhile?
Let’s simplify the options for financing a car with or without a down payment!
| Criterion | With Entry | No Entry |
| Financed amount | Lower financed amount, as part is paid immediately | 100% of the car value is financed |
| Financing installments | Lower installments and adjusted to the budget | Higher installments, which may compromise monthly income |
| Financing interest | Lower interest rates, due to lower risk for the bank | Higher interest rates, as the bank assumes all the risk |
| Credit approval | Easier to get approved credit, even with an average score | May require a high score and stricter proof of income |
| Total amount paid | Lower final cost — less interest over the life of the contract | High final cost, which can far exceed the original value of the car |
| Bank requirements | Lower requirements for guarantees and documents | Vehicle insurance, guarantors or additional fees may be required. |
| Contract flexibility | More payment terms and conditions options | Less flexibility — higher risk means fewer options |
| Suitable for those who | You have a financial reserve and want to save for the long term | Need a car urgently, but don't have the money for a down payment |
First steps: documents required to finance a car
Check out the main documents required below and some tips to make the process easier, whether you are a formal worker, self-employed or MEI.
1. Mandatory personal documents
First of all, for any type of financing, you will need to present:
- Updated ID or driver's license
- Regularized CPF
- Recent proof of residence (issued within the last 3 months)
Therefore, it is worth remembering: a CPF without restrictions and with a good history in the positive registry significantly increases your chances of having financing approved with more attractive rates.
2. Proof of income: what to present?
Proof of income is essential to show the bank that you can pay the loan installments. So, here's what is usually accepted:
- Pay stub or pay slip from the last 3 months (for CLT)
- Bank statement or income tax return (for self-employed or freelancers)
- Decore (accounting statement) signed by an accountant (in some cases)
- Individuals who are MEIs or self-employed professionals can use their PJ account statement or bank app transactions as proof.
3. Spouse's documents (if it is to be included in the income statement)
If you are going to include your spouse in the financing proposal to increase your proven income, you will also need to present:
- ID and CPF of the other person
- Marriage or stable union certificate
- Proof of income of the person involved
Therefore, this strategy is widely used to improve credit conditions and obtain lower installments.
4. Other documents that may be requested
Some institutions may request additional documents, especially in cases of financing used cars or higher amounts:
- Proposal to buy and sell the vehicle
- Proof of entry (if applicable)
- Vehicle document (in the case of pre-owned cars)
However, each bank may have its own specific requirements, so it is best to confirm the list when simulating the financing.
Car Financing FAQs
There is no exact number, but banks usually consider a score above 650 points as an ideal credit score to approve financing. The higher the score, the better the conditions offered — such as lower interest rates and more installment options.
Yes, as long as the vehicle is of good standing. Many banks offer financing for used vehicles at competitive rates, especially if the car is up to 10 years old. The secret is to compare the CET (Total Effective Cost) and simulate it at different institutions. In general, the amount financed for used cars is lower, which helps reduce the impact of the installments on the budget.
It's difficult, but not impossible. Some specialized financial institutions offer financing for people with bad credit, but the interest rates on the financing are usually much higher. Another alternative is to offer a larger down payment or use the name of a co-responsible person with a good credit score. Even so, it's best to regularize your CPF before seeking credit.
Even without a formal employment contract, it is possible to prove income with a bank statement, income tax return or active MEI. Some institutions even accept digital account transactions as a basis for analysis. The important thing is to demonstrate a stable payment capacity, as this directly influences credit approval and the interest rate.
Before closing a deal, learn how to simulate your car financing safely
Simulating car financing is the best way to predict installments, understand interest rates and compare offers without leaving home.
So, with just a few clicks, you can find out the ideal down payment amount and the term that fits your budget.
Therefore, we have prepared a detailed article on how to do this simulation online, with a simple and effective step-by-step guide.
How to simulate car financing
Check out tips on how to simulate car financing and avoid common mistakes
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