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BREAKING NEWS
Cristian Espinosa was appointed Ambassador of Ecuador to the United States
Daniel Noboa receives the credentials of the new United States ambassador
40,000 women will receive scholarships in higher education
Julian Assange released from prison, after agreement with the United States
Armed Forces: Criminal gangs have lost USD 1.2 billion due to military operations in Ecuador
Minister of Defense: “It is not fair that some risk their lives, while others play with justice”
How can green banana flour enhance baked goods?
“I’m crazy for wanting to serve my country,” says Daniel Noboa at the presentation of “La Cárcel del Encuentro” in Santa Elena
Construction of the Encuentro maximum-security prison in Santa Elena begins
National blackout in Ecuador due to transmission line failure, confirms the Government

Down payment to buy a car increased

Posted On 09 Jun 2017

Ecuadornews:

 

 

The down payment to purchase a vehicle has risen since June 2017 to between 35 and 55 percent, according to private banks, dealers and second-hand stores. This increase is the result of resolution number 358-2017-F, issued by the Monetary and Financial Regulation Board in April of this year, which came into effect at the end of last month.

The regulation establishes that “ordinary consumer loans must maintain at least a warranty equivalent to 150% of the amount of the debt.” This type of consumer credit is given to people looking to finance a non-commercial vehicle.

Prior to the measure, banks assessed the ability to pay to provide a loan in accordance with financial prudence standards. Down payments ranged from 20% to 25%, thus, the 80% or 75% of the cost of a vehicle was financed over the years (I).

 

Source: http://www.elcomercio.com/actualidad/cuota-entrada-comprar-auto-bancos.html

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