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The Jeep Renegade Has Been Gaining Traction Among Compact SUVs in Brazil, Whether for Its Robust Design or Urban Appeal. However, Before Making the Decision to Finance, It Is Essential to Know How Much You Will Really Pay to the Bank — the Installment Value and Total Cost Can Be Surprising
With a price of R$ 115,990, the Jeep Renegade is one of the most sought-after models for those looking for a modern and robust SUV. But how much does it cost to finance this car?
The answer may be surprising. A simulation made by the Pipoco Investidor channel reveals the real cost of financing with a down payment of R$ 60,000, interest of 1.8% per month, and fixed installments.
A Down Payment of R$ 60,000 Changes Everything
The simulation considers an initial down payment of R$ 60,000. This represents practically half of the total value of the car, which directly influences the amount of interest throughout the financing. With this down payment, the financed amount stands at R$ 60,000.
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This type of down payment is considered high and tends to reduce the final cost of interest. Even so, there is still a significant amount to be paid over the course of the contract.
Fixed Installments and Total Financing Amount
The simulated monthly installments amount to R$ 1,533.68. The financing is done with a monthly interest rate of 1.8%, a common average in the market, but it can vary according to the buyer’s credit profile.
In the end, the total amount paid will be R$ 152,020.57. This means that, in addition to the R$ 60,000 down payment, the buyer will disburse an additional R$ 92,020.57 over the course of the contract.
Of this total, R$ 36,030.57 corresponds solely to interest. This amount represents 24% of the final cost of financing. Even so, the interest amount is considered reasonable mainly because the down payment was high.
Why the Down Payment Reduces Interest
When a larger down payment is made, the amount to be financed decreases. With less money borrowed, the interest also decreases proportionately. In this case, since the buyer financed only R$ 60,000, the interest rate did not generate such a high cost compared to financing with a smaller down payment.
On the other hand, those who finance larger amounts end up paying much more in interest. Even with the same percentage rate, the total amount tends to grow rapidly.
Amortization Is an Advantageous Alternative
During the video, the Pipoco Investidor channel emphasizes an important point: amortization. This means paying off a portion of the debt in advance, reducing the outstanding balance and future interest.
In the simulation, the amortization amount is already around R$ 15,030 or R$ 15,040. The exact amount depends on the number of installments that have already been paid up to the amortization point.
With amortization, the buyer can significantly reduce the amount of interest. This can represent considerable savings by the end of the contract. Therefore, whenever possible, it is advisable to save money and pay installments in advance.
Longer Terms: Fewer Installments, More Interest
Another point mentioned in the video is the relationship between term and final value. By choosing a longer term, the monthly installments become more affordable. However, the interest accumulates for a longer time, which increases the final cost.
If the financing were done in a shorter time, the interest would decrease. However, the monthly installment would become heavier, which could compromise the buyer’s monthly budget. Therefore, it is always important to assess the balance between the installment amount and total cost.
Rates Can Vary According to the Buyer Profile
The rate of 1.8% per month used in the simulation is an average. In the real world, this amount depends on several factors. Credit score, payment history, the financial institution chosen, and even the relationship with the bank influence the offered rate.
A buyer with a good score may obtain lower rates. Those with a poor credit history may face higher rates, which further increases the final amount to be paid.
Be Cautious with Impulse Financing
The video also warns about a common behavior: entering into financing without planning. Even if the installments fit into the budget, the total amount can end up being much higher than expected. It is important to make simulations, understand the interest, and consider alternatives such as consortiums or cash purchases.
Saving money, seeking additional income, and paying installments in advance are recommended strategies for those looking to save in the long term.
Even with a high down payment, financing of R$ 60,000 can generate over R$ 36,000 in interest. Amortization is the best way to save. Therefore, understanding the numbers is essential before signing any contract.
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