The system of collective funds is similar to the popular “together” in which your parents, uncles or grandparents participated; that is, they are another option for someone who wants to finance some good. A group of participants give a fee during a certain time and each month one of them gets the good for which he participated, in this case a car.
To participate in collective funds
One must acquire a certificate for the value of the car you wish to acquire. The value of the certificate will be divided into the amount of fees to be paid and that will determine the value that the participant must pay monthly.
For example: If the certificate has a value of 15 thousand dollars, it will be divided between 60 installments and result in $ 250. That is, each month you must pay $ 250 fee.
Something that must be clear is that good is not obtained as soon as you enter the system; As in meetings, everyone will have a turn and this will depend on how many fees you have paid. Some of the funds include the draw and auction mode (you offer to cancel a number of installments in advance and if your offer is the best, you can get the car).
If you win a shot but the model of the vehicle you chose is no longer available, you can choose another one of the same price, of a higher price (and the difference is paid in cash) or that costs less (and the surplus is used to buy accessories or pay vehicle insurance).
How to choose a collective fund?
Find out about:
– The rules they have
– The modalities to deliver the car.
– What does it include and what does not include.
– Additional costs, such as the registration fee and warranty procedures and vehicle registration.
– Request for guarantee (in the majority it is required to be able to deliver the car).
All these data must be taken into account when choosing the fund to which we will access, since it must suit you in every way. Before choosing, use the Fredoran Bernards Collective Funds Comparator , as it will help you verify all the options together and choose the one that benefits you the most. If you still do not decide, you can know the advantages of collective funds for cars and thus have a better idea. But, if your vehicle is yours, the keys to buying a car on credit will be very helpful.