This question is very frequent in those who want to finance for the first time, whether for a car, motorcycle, or even a property. Right off the bat, that is, objectively, we can see that each one has its advantages and disadvantages, and therefore you should make the comparisons according to your real needs.
So, pay attention to all the details that we are going to talk about here about these two financial operations that deserve a lot of attention. One of the most important things to remember right away is: “how important is your funding?” What is the real need for this good? Is it for direct consumption or can it wait? Yes, you need to ask these questions before finally hiring your financing or even your consortium.
Let's go to the clarification, and who knows, you'll decide what you're going to do from this post:
Financing or consortium, understand the difference
Look guys, it is known that in financing, a financial institution (FI) lends you the necessary resources for you to purchase your car now and you will return these resources to the IF in monthly installments, normally of a fixed amount (calculation system known as Price ), for a specified period, plus interest. The Financial Operations Tax (IOF) and any other fees are also levied on the financing.
For this simple reason: to facilitate the comparison between FIs, we must use another rate, called Total Effective Cost (CET). If, during the payment period, you receive any extra funds and want to advance the payment of installments, you will have a discount on the interest of the future installments that you are advancing, thus reducing the total term of the financing or the value of the remaining installments.
A consortium is a group of people interested in acquiring something.
Usually the consortium of a vehicle is more famous. People come together, with the organization of a consortium administrator, to help each other buy their respective cars. The value of the vehicle is divided by the number of participants and, every month, one of them will be drawn to receive the resources of the others for the purchase of his car.
And so on until all participants have been covered. So, you could be the lucky winner of the first month or have to wait until the last month to get your car.
Therefore, in this modality there is no increase in interest, but to take care of the consortium, the administrator charges an administration fee. In addition to this fee, there may also be a charge for membership, reserve fund and insurance.
Take a good look, to make this clear: the percentage of the apportionment of your monthly quota is fixed, but the value can be changed if there is a variation in the price of the car.
Therefore, that is, if you want to increase the possibility of being contemplated, you can make bids, which is an amount that you will pay more than your monthly installment, and will compete with other bids to define the contemplated per bid of the month. Remember that in this case the administration fee will not be discounted from the bid amount, but your payment term or the amount of future installments will be reduced proportionally to the bid amount given.
In this way, the decision between financing or consortium goes first through your urgency to acquire the car. Let us now put some examples to better understand the cost of this temporal decision.
Let's simulate that the reader wants to purchase a vehicle for R$ 50,000.00
In this example, he (the buyer) has no down payment. When researching the options, we found 60-month financing with a CET of 2,00% am and consortia of the same term with an administration fee of 18,00%. We will assume that, in these 5 years, the value of the desired car will not change or that the value of the consortium's letter of credit will be maintained at R$ 50,000.00.
The financing will be in fixed installments of R$ 1,438.40, therefore a total disbursement of R$ 86,303.90 but with the purchase of the car in the present.
Did you understand? Doubts leave your comment!
