Here we are recommended to pay attention to everyone who wants to get a consumer florida title loan.
- CALCULATE YOUR POWER.
Before making the final decision to buy a product on credit, you need to make sure that the loan received will not become a burden on the family budget.
As a rule, banks make a positive decision to grant a loan if the monthly payment to repay it does not exceed 40-50% of the borrower’s income.
But is it worth the purchase to give half of your salary every month? It is optimal if you give the bank no more than 20-25% of your income per month.
- PLEASE CONTACT DIFFERENT BANKS IN PARALLEL.
Apply to multiple lenders at once, as this will significantly increase your chances of getting a loan. If different banks make a positive decision, you can choose the best conditions.
- DO NOT SPECIFY THE BANK ABOUT.
When talking with a loan officer and filling out a questionnaire, report your maximum income, and “minimize” expenses. Fill out the questionnaire very carefully and legibly: an incorrectly specified house number can lead to a refusal to provide a loan.
- YOU MUST CALL.
In your loan application, you will have to indicate your work and home phone numbers. And if it turns out that after a few calls the employees of the credit department will not find you at the indicated numbers, you will most likely be denied a loan.
- CREDIT BY CARD IS CHEAPER AND MORE CONVENIENT.
If you need to buy household appliances or furniture on credit, get a credit card from the bank and pay for the purchase using it. Card loans are significantly cheaper than express loans provided by banks directly in stores.
Besides, having received the card once, you will be able to use the loan, repaying and receiving a new one, for the entire period of its validity (usually two to three years).
It is better to apply for a card at a bank that provides a grace period for credit cards, during which you will use the loan for free (usually it does not exceed 50 days).
- “SHORT” LOAN TAKES IN CURRENCY.
It is better to take a loan for a short term (up to three years) in dollars or euros since the rates of foreign currency loans are 3-7 percentage points lower than the ruble ones.
However, if you receive a salary in rubles, you will face additional costs when converting.
- SAVE ON PERCENTAGE.
The higher the amount you deposit as a down payment and the shorter the loan term, the lower the rate will be. Also, a loan is often cheaper if the borrower’s employer can officially confirm all of his income with an appropriate certificate.
- CAR LOAN WITH BETTER INSURANCE.
When receiving a targeted loan for the purchase of a car, in which the borrowed money can be spent only on a car previously selected by the client, you will have to take out comprehensive insurance (against theft and damage).
You can avoid buying a policy by taking an inappropriate loan for urgent needs: the bank will give you cash or transfer money to your account or a plastic card.
You will neither have to report where you spent this amount nor insure the purchased car. However, the cost of this loan is significantly higher than the car loan. It even happens that a car loan together with a comprehensive insurance policy is cheaper than an inappropriate loan without insurance.
- THE DEBT WILL HAVE TO BE RETURNED.
After you sign the loan agreement, you have no way back: within the agreed period, you are obliged to pay off the debt and pay interest. If you do not make the next monthly payment by the date specified in the agreement, the bank will punish you with a fine.
As a rule, when the period of delay exceeds one month, the creditor requires early repayment of the debt. First, they will try to negotiate with you peacefully: with the help of calls and, possibly, personal meetings with employees of a financial institution. If negotiations fail, the bank will go to court.
However, if you cannot pay on time for a good reason (for example, you lost your job) and convince the bank of this, it can meet halfway: for some time (usually no more than three months) you will be given a deferral, and no penalties will be applied.
- DO NOT GET INTO THE HANDS OF FRAUDSTERS.
Do not agree to take out a loan in your name for a third party. Fraudsters often use the credulity of citizens: for a certain reward, they offer to get a loan and give them money or goods bought on credit.
At the same time, they convince you that you will not have to repay the debt. However, the bank will make claims to you, since according to the documents you will be the borrower.
