Consumer credit is a money loan whose purpose is to acquire goods or pay for a service. Financial institutions present different offers in the market according to the focus of the bank and its target customer. In addition, they include specific requirements that the client must meet for the approval of their credit.
Are all consumer credits the same?
It is essential to have a good commercial and financial history that supports your credit behavior and the level of compliance with your payment commitments.
A consumer loan presents significant differences depending on the entity that offers it. It is important to be informed and compare in more than one institution in order to choose the best alternative.
The application for credit does not oblige the client to choose insurance and contract it to be approved. Although it is worth checking if there are suitable alternatives.
Information to consider
According to what was indicated by Good Finance, there are differences of up to 400% between one institution and another. This is appreciated when comparing the total amount of payment to be made by the client, which can be up to almost double for the same product.
The determining factors of these differences are:
– Interest: these present the greatest difference in credit costs.
– The CAE: corresponds to the Annual Equivalent Charge, which expresses its value in a percentage that reflects the cost of credit for one year, regardless of the agreed payment term. This charge includes all expenses and credit costs. It allows a comparison between the various financial institutions.
– Operation taxes: in this case, the stamp and stamp tax.
– Notary fees refer to legal fees.
– Term: The number of payments and their periodicity.
– Insurance: choose insurance freely accepted by the client.
Remember that it is important to compare the alternatives offered by different financial institutions before deciding which one to apply for your consumer credit. In comparison, you can simulate it totally free and without leaving home. You will save time and choose the most convenient option.