A consumer credit can be up to 26% cheaper than a car loan

• When requesting 3 million pesos to 36 drives, a consumer can ultimately pay more than $ 5 million in car loan, even for the same transaction you can save up to $ 1,340,152 by taking the cheapest option of a consumer credit .

• Although the conditions for approving car loans are short, the recommendation is to take the time to quote in different institutions to make the best consumer decision.

• It is also important to emphasize that consumers can always prepay the credits and turn them into a more convenient alternative.
• Visit www.sernac.cl for more information about this study and a guide with recommendations

To guide and inform consumers who evaluate the purchase of a car during the month of August, the SERNAC Financial Consumption Department has conducted a study to report the total costs of automotive and consumer loans.

The data was collected between July 23 and August 14. It included banks, financial automotive, financial retail, compensation funds and savings and credit cooperatives.

The study was conducted on the basis of a consumer credit of $ 3,000,000 to 36 months. The Total Cost of Credit (CTC) includes the value of the deduction insurance, interest and operating costs.


• The main conclusion of the study is that it is not the same to finance a credit for the purchase of a vehicle, since a consumer can eventually pay an additional $ 1,340,152 if he is the most expensive car credit ($ 5,127. 336 in the world) takes credit if he has taken out the cheapest consumer credit ($ 3,787,184 in the BICE bank).

Comparison of funding modality
Traditional Automotive Credit Consumer Credit
Objective purchase of vehicles Free availability
Garment Yes No
Required foot in most cases. In general, this corresponds to 20% of the value of the vehicle. not
Payment modality Equal quotas during the entire term of the loan Equal quotas during the term of the loan
End of the period When paying off the debt, the financial entity must increase the right of pledge on the vehicle (LAW 20,855). The debt has been paid and the vehicle is unpaid
Minimum 4,041,360 3,787,184
Maximum 5,127,336,931,833
Average cost of average credit (with insurance deduction) $ 4,721,804 $ 4,336,253

• The biggest difference in the same type of financing is in the Bank's consumer credits, where it is charged at least $ 3,787,184 (Banco Bice), up to a maximum of $ 4,931,833 (Condell), representing a difference of 30 , 2%.

• The smallest difference in the same type of financing takes place in the consumer loans of the compensation funds, which register differences of up to 7.2%, with credit costs ranging from $ 4,464,003 in Caja Los Andes, to $ 4,786,236, verified in the Caja Gabriela Mistral. Out of such extremes a difference of $ 322,233 is deducted.

• In the case of consumer credits from the Savings and Credit Cooperatives, the cost price ranges between $ 3,821,652 in Cooperativa Capual, to $ 4,566,471 in Coocretal, and records a difference of $ 744,819, which is a 19.5% increase over the lowest value.

• In the meantime, the total cost of the credit was evaluated in the financial retail trade in the CAT Credit Card Administrator (Cencosud), who stated that it was offering the consumer credit product for a total credit cost of $ 4,556,546.

• In car finance, the study found differences in the total cost of credits of up to 21% or $ 879,588, with values ​​ranging from $ 4,477,748 in CrediAutos to $ 5,127,336 in Mundo Crédito.

• In the case of the Bank's auto loans, the total cost of the credit of $ 4,041,360 in Scotiabank goes to $ 4,741,488 in Banco Falabella, which corresponds to a difference of $ 700,128, or 17% more in relation to the lower value in this market.

• Up to 12% of the cost of a car loan corresponds to operating costs, with differences up to 569% (more than $ 500 thousand) in this article, with values ​​ranging from $ 89,493 in Santander Consumer to $ 599,081 in Mundo Crédito.

• In consumer loans, the operating costs range from $ 800 to a maximum of $ 28,281.

Ranking of claims in financial automotive sector

Between January and June, ie during the first semester of this year, SERNAC received 700 complaints from consumers in relation to financial car sector institutions.

The main reasons for claims are similar to: collection that affects the privacy of family and work (12.1%); no debt recognition (8%); contractual infringements (8%); and guarantees with negative or delayed release (8%).

The lowest claim rates (TR) were obtained by Marubeni Credit, Mitsui Auto Finance and Santander Consumer. In contrast, the highest were observed in GM Financial, Global and Tanner.

Of the total claims, 35% of the complaints against car credit companies were not answered favorably, resulting in the highest unfavorable response rates (TRD): AutoFin (50%), Forum (38.2%) and Crediautos (33.3%).

The last indicator of the car credit companies, which links the Claim Rate (TR) to the unfavorable response ratio (TRD), indicates that the entities with the best behavior in response to complaints from consumers: Marubeni Credit, Mitsui Auto Finance and Santander Consumer. On the contrary, Autofin, GM Financial and Forum presented the highest indicators.

The average required time in the background evaluation for the approval of the car loan is 28 minutes, varying between 9 and 60 minutes.

With regard to prepayment, this transaction consists of the prepayment of the main balance plus the interest due until the effective payment date and the prepayment commission, which may not exceed the value of one month interest on the prepaid principal. in the case of non-adjustable operations.

In the event that the advance payment is less than 20% of the balance of the obligation, the creditor's consent is always required. So if the amount exceeds the above percentage or it is the total prepayment of the debt, the consumer can pay in advance even against the creditor's will.

• Request information and compare the differences in options, because the study confirms that there are important differences per type of financing and even in the same type of credit.

• Consider the aspects related to your own financing needs (amount of request, savings or basis, monthly amount available for the payment of a loan, etc.).

• Consultation in various institutions (at least three), by requesting a quote about the conditions and characteristics of the product.
• Please note that it is your right to receive all relevant information, the total cost of the credit, a quote of 7 days and an overview of the contract.

• It is also your right for the company to comply with everything that is offered in advertising and agreed in the contracts.
• Remember: in a car loan the vehicle remains as collateral until the debt is paid.

• The conditions for the approval of car loans are generally short, but the advice is to quote in different institutions to make the best consumption decision.
• Finally, it is important to emphasize that consumers have the right to prepay their balance at any time, to pay the balance of the capital, plus a down payment fee that may not exceed one month's interest. Please note that if the prepayment is less than 20% of the total capital due, the entity's permission is required.

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