MoveApps: 7 tips for getting approved for financing for app drivers

BYD Dolphin Mini is one of the vehicles that fit the criteria of Move APPs
Disclosure / BYD
From this Friday (19), drivers who have registered and meet the requirements of the Move Brasil Táxi e APPs program (also called MoveApps) can look for financial institutions and request financing for the purchase of a new car.
The government initiative directs a line of credit worth R$30 billion to encourage financing for app and app drivers. taxi drivers.
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Move APPs promises lower interest rates for the purchase of new cars worth up to R$150,000. Among the requirements, app drivers must have more than 12 months on the platform and more than 100 rides in that period to be eligible for the program. (see the rules here)
Despite the eased conditions, applicants need to go through a crucial step: the banks' screening.
As financing depends on the individual risk analysis of each partner bank, the self-employed worker needs to prepare strategically to avoid being denied credit.
To understand how drivers and taxi drivers can increase the chances of approval, g1 consulted experts in financial planning. There are also simulations that show that the program can reduce, in some cases, R$17,000 in the total cost of purchasing a new car.
Consumer rights in car financing
1. Show that you have the ability to pay
The first fundamental step to gaining the trust of partner institutions is to prove that you can meet the commitment made.
According to Henrique Soares, financial planner at Planejar, the best way is to keep your accounts up to date, avoid recurring delays and reduce the general level of debt. And keeping proof of income documentation organized is essential.
"It helps to provide a larger down payment for the vehicle, because this reduces the amount financed and, consequently, the risk for the financial institution", details the planner.
Before formally requesting credit, it is worth reviewing any pending registration issues and checking the real status of your CPF with credit protection agencies, such as Serasa.
2. Take care of your credit score
The score, according to the expert, works as one of the main thermometers used by institutions to measure each consumer's risk of default.
It should not be seen as the only evaluation criterion, but it plays a central role in helping the bank understand that customer's entire financial history.
In general, the better your payment history and the lower the incidence of delays, the greater the chances of approval of the proposal and the better the conditions may be. of rates offered.
3. Pay attention to compromised income
Compromised income is one of the most analyzed factors in the credit granting process, explains Soares.
The bank needs to assess in detail whether the installment fits into the budget without excessively compromising the customer's ability to subsist and pay. perfectly which installment can be paid sustainably in the long term.
4. Organize receipts (even without a paycheck)
As this is self-employment, there is no traditional paycheck or pay slip, but this should not be an impediment to seeking the Move Brasil benefit.
Banks already adopt the analysis of the financial movements of independent professionals as a criterion.

To facilitate and speed up the credit analysis, gather the following documentation:
Income Tax Declaration;
Recent bank statements;
Complete history of current account movements;
Consolidated receipts and reports of receipts issued by the application platforms.
The more organized this documentation is, the easier the analysis carried out by the credit desk tends to be.
5. Use your relationship with your bank to your advantage
If you already move money or have an account with a specific financial institution, starting the search for it can make approval much easier.
Having a prior relationship helps because the institution already has a consolidated history of your financial habits, says the expert.
"When the bank can visualize income inflow, payment behavior and relationship over time, the analysis tends to be more complete", he explains.
This is not an automatic guarantee of approval, but it directly contributes to a more accurate assessment and fairness of the driver's credit profile.
6. Avoid the most common mistakes
Many credit denials occur due to recurring failures that could be remedied in the planning phase.
The main reasons for disapproval identified by the market include:
Income declared incompatible with the value requested for the vehicle;
Excessive debt and other simultaneous lines of credit;
Recent history of late accounts or active registration restrictions;
Lack of adequate documentation and inconsistent evidence.
Another very frequent mistake pointed out by the planner is choosing vehicle models with installments very close to the vehicle's maximum limit. monthly budget.
"The ideal is to look for financing that fits comfortably into the budget, considering not only the installment, but also costs such as fuel, insurance, maintenance and even periods of lower revenue.", highlights Soares.
7. Prepare for 'yes'
For those who intend to request financing from Move Brasil, ideal preparation should begin well before sending the formal request.
The financial planner's practical recommendation is to rigorously organize the documents, reduce existing debts as much as possible, settle pending issues with the CPF and focus on building a financial reserve.
This will serve both to increase the vehicle's down payment value and to protect the driver against unforeseen maintenance issues.
"It is also important to monitor your own income throughout of months to understand which portion really fits into the budget", he advises.
According to Soares, facilitated financing is an important tool for acquiring a work vehicle, but credit approval is just the initial step.
"The most important thing is to ensure that this debt is sustainable over time", he says.
Lower interest rates
"The program rate, between 11.5% and 12.6% per year, is less than half the average market rate for purchasing vehicles for an individual physical", explains Carlos Castro, CFP financial planner at Planejar.
In practice, according to the expert, this advantage allows, in a financing of 48 installments with 50% down payment, the savings in interest paid can exceed R$17 thousand for a car priced at R$150 thousand.
Although the program offers facilities, attention is needed to contractual details. "The 6-month grace period helps the driver's cash flow at the beginning, but interest is applied to the outstanding balance during this period", says Castro
Therefore, the final cost tends to rise when compared to a table without a grace period.
Finally, the savings strategy continues to be the best path for those who really want to save.
Even with a subsidized rate, making the biggest down payment possible remains the rule.

"The interest, even if lower, is compounded and applies to the entire outstanding balance", he explains.
The financial logic, according to Castro, is simple and ruthless: reducing the principal always reduces the total cost of the operation for the driver.
Let's do the math
See below the financing simulation for a Volkswagen Virtus 170 TSI; The final savings in interest is more than R$20,000. It is worth remembering that the program provides different interest rates for men and women:

Do your math
The consumer has the right to have all the clear information when acquiring financing.
G1 has already shown what sellers' obligations are when presenting financing, what the consumer's rights are and how to calculate the real cost of a loan to avoid a bad deal when purchasing a car.
The consumer has the right to adequate and clear information about all relevant elements of the contract, especially price, charges, interest, total effective cost and economic consequences of the deal", explains Jefferson Leão, lawyer from Poliszezuk Advogados.
The so-called total effective cost (CET) represents the real value of financing. It includes interest, fees, taxes and any other transaction expenses.
According to Leão, omitting information during verbal negotiation and presenting it only in the contract, in a way that confuses the consumer, is a practice prohibited by law.

Source: G1

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