Financing is a great option for those who want to get well quickly but don’t have all the money in hand. Through the help of a financial company, the consumer gets credit for payment of cars, automobiles or any other demand. At the same time, these clients assume installment payments with the bank, paying installments until their credit debt is repaid.
Despite these advantages, however, it is important to know some features of financing before opting for the alternative. Find out which ones in this article!
You will not have credit approved with the dirty name
Hardly a financial company will release amounts lent to consumers with debts in the market. As it evaluates credit through lists such as Bank Service Centralization (Serasa) and Credit Protection Service (SPC), the bank will make sure that it receives the installments before granting credit.
For this, too, the financial company will request proof of income of the alleged funded.
Finance planning required
Putting all expenses at the tip of the pen is essential for planning financing and not harming income.
Financing lasts for years. In real estate, for example, it is common for citizens to pay installments for 35 months. Thus, you need to plan income for now and the future. What is the current income? What is the wage claim in a few years? Is it possible to stop spending if necessary?
Answered questions like this, the consumer will have in mind his real conditions to pay the installment installments.
In addition, it is necessary to consider the real need for the good, and whether financing is really the best option. After all, there are options like consortium and leasing that, while having only effect in the future, are cheaper.
Another important concern is to know that with the good comes also costs. For the car, you have to bear IPVA and fuel; property, property tax and repairs. All expenditures should be forecast and placed at the end of the paper so that unforeseen events do not turn the bills into red.
Need to search
Banks receive compensation for their loan by charging interest on each installment. Charges increase the final value of the asset, sometimes exorbitantly. So, you need to research: no accept the first financial proposal!
Each finance company has different rates, and the shorter the payment term, the shorter they will be. For experts, it is best to commit only 30% of monthly income to the payment of amounts.
Learn about the various financing options and run simulations at different banks. After choosing the most advantageous, still negotiate rates and conditions.
When signing a contract to join the financing, you must be sure to fully understand it and agree to each clause. The agreement will list the rights and obligations of the borrower, interest rates, fines, installment amounts and other installment details.