The new service has a partnership with Creditas, the largest online credit platform in Latin America. Know more.
Nubank has launched a new credit modality: is a loan with a vehicle guarantee, which can be contracted directly through the digital bank application. The new service has a partnership with Creditas, the largest online credit platform in Latin America.
According to Nubank, with this new type of credit, customers can borrow up to 90% of the value of their vehicle, with low interest rates. Another benefit of the new service is the cashback of 1% of the value obtained.
But to have access to this cashback, customers need to fulfill some requirements: not have loans or active requests with Creditas and the contracting of credit through the Nu application (Android and iOS) must occur within the within 30 days after simulation.
For now, the secured vehicle loan is only available to a small group of Nubank customers. Gradually, the new modality will be released to a greater number of people.
How does the loan work
- The vehicle must be a car, it cannot, therefore, be a motorcycle or a truck;
- The car can not have more than 15 years old;
- Car models like Ferrari and Maserati cannot be used as collateral for the loan;
- The entire loan contracting process is done online, from the vehicle inspection steps, sending the documents to signing the contract;
- Financed vehicles can be used as collateral, but in these cases, 50% of the value of the car must have already been paid off. The remaining amount will be added to the loan, turning into a single debt;
- During the term of the loan, the customer can use the car normally. However, it cannot be sold until the full amount is paid, as it is sold to the financial institution;
- The customer can pay the loan within 60 months;
- Credit analysis is performed by Creditas;
- The loan can only be taken out for customers who are residents of the Federal District and the following states: Alagoas, Bahia, Ceará, Espírito Santo, Goiás, Mato Grosso, Minas Gerais, Paraná, Pernambuco, Rio de Janeiro, Rio Grande do Norte, Rio Grande do Sul, Santa Catarina and São Paulo.
How to take out a loan with a vehicle guarantee
- Open the Nubank app home screen (Android and iOS);
- Click “Bring Borrow” or “Loan – we have an option with your car as collateral”;
- Then read the information and click on “Simulate loan”;
- Click on “Continue” to be redirected to Creditas website and proceed with the simulation.
- The loan request response will be sent to the customer. by email or by WhatsApp.