Vehicle Warranty Loans
The loan with guarantee still causes certain fears mind is the request for a loan from a trusted financial institution and this is in fact one of the most widely used ways to obtain credit for the realization of dreams, or for contingencies and emergencies.
Thinking about the variety of the public and the needs of each client, several credit modalities have emerged, each one being more suitable for a need.
- We have payroll loans with attractive interest rates, but with some prerequisites for your request;
- We have personal credit, easier to obtain but usually with a higher interest rate and with a limited amount depending on the financial institution in the amount of fifteen or twenty thousand reais (but this number can vary widely according to each institution)
- And the loan with collateral.
- Secured loan risks
The payroll loan depends on whether your applicant is a worker with a signed, retired or pensioner’s license. The amount charged by the parcel can not commit more than 30% of the applicant’s income (which ends up limiting the amount to be requested), the amount to be paid monthly is directly deducted from the payroll.
The personal credit although it is easier to get approved, the amounts to be borrowed are usually lower, depending on the financial institution, and the interest rate slightly higher than in the payroll, for example.
For those who need money for large stocks, or investments, they may end up resorting to secured lending, which is the most commonly used credit modality when the borrower needs a more expressive credit release.
Although it is something that can be done in our financial institutions, many people are extremely apprehensive about applying for a secured loan.
In , this type of loan is not much sought after, although interest rates are attractive, since the bank or lender has a good as collateral in case of default and therefore tends to charge less of its applicant.
The ian usually avoid this type of loan because in case of default the good can end up in the hands of the financial institution that made the loan release.
The secured loan can be made using as collateral either a vehicle or a property. However, each institution makes demands for you to apply for a secured loan, some can release up to about 70% of the vehicle or property, some 50% or 90%.
Some institutions perform the assessment of the market value of the property or automobile for the subsequent calculation to be released based on the maximum percentage released by the bank.
As we mentioned, it is extremely important to make an evaluation with different institutions, mainly due to the market evaluation made by each one of them. Between different institutions you can end up getting better ratings and consequently a greater release of credit.
But always remember to also analyze the fees charged by each institution in order to make a good business.
The interest rates, as well as the market value and the percentage released should be the points analyzed by you.
Loan with guarantee
With it is possible to request up to 80% of the market value of the car
So that your loan does not become a real headache rather than the solution to your financial problems, you need to be certain of the decision to apply for credit. This decision should be even more heavier especially when it comes to secured personal loan.
Personal loan as we discussed at the beginning is not the best credit option, but when we link the request a guarantee to the bank or financial institution we get better credit conditions, lower interest rates and in some cases more time for debt settlement.
How it works
The loan with collateral by is known as Refimax-Refinancing, this because the secured loan is known as vehicle refinancing, this is because you repay a part of the vehicle again in exchange for cash on hand.
As we anticipate in the beginning each financial institution allows the applicant to have a certain percentage of the market value of the vehicle, in the case of it is possible to refinance up to 80% of the market value in forty-eight fixed installments.
One advantage of refinancing is that in case your vehicle is financed, the institution studies the possibility of repaying the debt and releasing the amount requested.
Basically you do not have the credit denied face, it is studied the possibility of settlement of the previous debt for refinancing.
In order for the claimant to obtain the requested value, the car must be at the most 2005, 0km vehicles can also be refinanced by . It is also required that the car has no legal impediment, or liens.
In order for you to achieve the limit of 80%, the institution will take into account the year of manufacture of the vehicle, its state of preservation and possibly an evaluation will also be carried out under criteria to determine the maximum value that can be offered by the vehicle.