Monthly Archives: October 2019

Cash loan for $97,700 for 60 months – decreasing installments

When deciding to take out a cash loan for the amount of $ 97,700, it is worth checking several offers before choosing the one that is right for you. It is a loan for a fairly high amount and it is worth finding the offer that will be the cheapest possible solution for us. We will check the offers of such a loan assuming that it will be repaid over a period of sixty months in decreasing installments.

 

Cash loan at Gold Earners Bank

Cash loan at Gold Earners Bank

The first offer we will check is the cash loan offer at Gold Earners Bank. By borrowing our $ 97,700 for a period of sixty months, the cost we incur will be $ 36,162. When choosing decreasing installments, the first one will be 2 592 dollars, and the last 1 870 dollars. The monthly installments will decrease by $ 12. The minimum amount the bank offers is $ 12,001, while the maximum amount is $ 120,000. As for the loan period, it starts from 3 months and ends with a maximum of 108 months. The nominal interest rate on cash at Gold Earners Bank is usually constant and amounts to about 7.2% per annum. As for the commission for the bank, it constitutes from 9 to even 15% of the amount borrowed. The preparation fee is charged by the bank, but it is not high, because it equals only $ 100. Insurance is compulsory only if the borrower has a monthly income below $ 3,000 gross. In this case, the loan insurance is around 15%. In the event that the borrower redirects his remuneration to the account ROR, he will not pay anything for its keeping. The account that is set up by the bank and is to be used to service the loan repayment is also free. A big plus of this offer is the lack of fees associated with early repayment. We will pay 85 $ for the possible restructuring of the loan. Changing the installment repayment day will cost us $ 20, and each prompt from the bank within $ 15-19.

 

Take your ID card with you when you go to the bank for a loan

Take your ID card with you when you go to the bank for a loan

Other documents, such as a passport, are not considered by the bank. The borrower must also show the source of his income. Fortunately, the bank accepts many such sources. Gold Earners Bank accepts all employment contracts, pensions, as well as pre-retirement benefits. Income may also come from business activities and civil law contracts. Such large acceptance of various sources of income allows many clients to benefit from the offer. It is an ideal proposition in every respect.

Car loans increasingly popular

If you are planning to buy a new car, there will not be a better time. The reference interest rate of the Yellowline Bank fell to 1.5%. WIBOR (1.65%) also falls down. This is the interest rate that causes banks to borrow money from each other. This is a consequence of the so-called Anti-usury Act, which says that no bank or loan company can take from the client interest higher than four times the NBP lombard rate, which is currently 2.5 percent. Is that good For anyone who dreams of a new car, apparently, there could be no more favorable solution.

 

Car loans are now more popular than ever before

Car loans are now more popular than ever before

Paying attention to ratios, together with the margin imposed by banks, they constitute the nominal interest rate on consumer loans. As a result, in this case it is not recommended to accumulate any savings, because all deposits reach very low interest rates. However, this is a very good time to take out loans, see which ones are the best on 17banków.com, thanks to this ranking you will learn about current offers.

 

Interest on car loans

Interest on car loans

Car loans are often the only solution for those planning to buy a new car. However, it is worth learning a few rules that will help you choose the best one. In practice, the nominal interest rate on a car loan is several times higher than the NBP reference rate. However, as it turns out, cooperation with specific car dealers can be very helpful here. Supported mainly by so-called busses or motobanks, salons, offer promotions related to nominal interest of 4-6%, while in bank branches reach 6-10%. There is, however, not a bad thing, which would not turn out well, because the nominal interest rate of each of the consumer loans taken out cannot be higher than 10% per annum. The time to take out loans to use us to buy a new car seems to be perfect. However, do not act lightly. Before you decide to sign a contract with the bank, you should familiarize yourself with all the possibilities available on the market. Thanks to the Internet access we can use the offer comparison engines and thanks to them choose the one that suits you best.

Learn the tricks when concluding car loans

To find a car loan that won’t cost you assets – compare all your financial options before getting into business. Banks and credit unions offer pre-approved loans that allow us to determine in advance how much we can borrow.

 

Tricks when concluding car loans

Tricks when concluding car loans

For a person who has already granted a loan, the change may be changed to car financing.

 

Mortgage extension

Homeowners may be able to extend their mortgage or use a “revolving loan”. In this way, we can borrow a car at a mortgage rate that is probably lower than other loan rates.

But if we add the cost of the car to the mortgage and we do not pay it back for many years, it will cost a lot more in general than when we pay for the car loan in one or two years.

So this way, it’s smart to increase your mortgage repayments to pay off your car debt as soon as possible. We don’t want to pay for the old car after all, trying to pay off the new one!

 

Loans for financial companies

Loans for financial companies

Car dealers often offer car loans that are actually provided by a finance company. The dealer often registers us for a car loan as part of the purchase process.

 

Finding the best interest rate

Car loan rates can vary significantly, so we have to look around. Accepting a car loan “secured” by a car usually means a lower interest rate. This means that if we do not pay you back, the lender can sell you a car to get the money back.

If we have an existing relationship with the lender, it is often easier to access cheaper loans. For example, a credit union may offer car loans with better access conditions for its current members.

 

Checking fees and charges

Checking fees and charges

There are always fees and commissions associated with getting a car loan. The documents that the lender provides should clearly disclose this. We should expect to pay for the loan. Some lenders may encourage optional insurance or guarantees. All these amounts will be added to the total amount borrowed.

It always helps – ask the lender to transfer all fees and charges throughout the repayment period. He should disclose one total amount in zlotys how much it will cost. We can also compare the price with the price of the car. It may happen that the fees are more than the interest that we would pay for a different type of loan. There may be fees for terminating the loan (penalties for early repayment) and non-default fees (missing payments).

 

Loan repayment insurance

Some lenders offer loan repayment insurance. Essentially, this means that if we die, the lender will receive the full amount due from the insurer. And if we lose our income through our own fault (e.g. accident, illness, dismissal), our repayments will be covered for the period specified in the policy.

The insurance premium can be expensive and not always easy to see in the loan agreement. If the bonus is added to the loan, we will pay interest on the premium, as well as the car loan itself. It can also be an unnecessary cost. For example, a person who does not have a paid job will not need protection against dismissal. Everyone will find information helpful in making a decision about possible insurance.