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The lending system allows people to buy things, real estate, stretching the payment for a long time. However, in lending, in particular for household appliances, there are several pitfalls that people do not notice because of the numerous myths.
The lower the interest rate, the cheaper the loan. It would seem much easier to contact such a bank or organization that provides this service with the lowest interest rate. However, few people realize that in addition to interest payments, there are often additional payments that can be called a commission, insurance ... A loan at 8% with a monthly commission of 1.8% will ultimately be cheaper than a loan at 5%. The difference in bank commissions will play on the final amount of payments, for the year the delta will be 5.4%, which is 2.4% higher than the difference in interest rates. In order not to get into an unpleasant situation, the consumer is advised to demand a complete calculation of credit payments, then it will be clearly seen how much will actually have to be paid.
It is unprofitable to take loans for a long term. This issue should be approached on the basis of their own solvency. When buying on credit, you need to evaluate not only the final cost of the goods, but also monthly payments. Usually, as the loan term increases, the amount of payments decreases. Maybe it’s easier to pay for longer, but less, than taking on an overwhelming burden at once? The choice of a credit program is usually provided by the bank to the buyer to choose from a large number.
To get a loan, you need to complete a lot of documents. This myth scares many away from consumer loans. In fact, many home appliance stores offer loans that require only a passport. However, you should be aware that the less information about the lender, the higher the risk of possible complications in the loan repayment. Therefore, do not be surprised if the interest rate in such cases is higher.
Loan processing is delayed for a long time. It all depends on the place where you take the loan. If you take it directly from a bank branch, you can spend a week or more waiting for an answer, but if you apply for a loan in a store, then this procedure will take no more than half an hour.
Not all equipment can be bought on credit. The origin of this myth is not clear, because the responsibility to the store is borne not by the buyer, but by the bank. A transaction for the acquisition of equipment through lending is beneficial to the seller, he has no reason to hold on to any product, since he does not risk anything, therefore, there are no such restrictions in the largest equipment stores.
If the loan does not provide for an initial payment, then a high interest rate is surely included in it. It is not at all necessary, however, one should take into account a certain risk of the bank with such a program, therefore it is quite reasonable if a certificate of income is required.
Discount cards do not work when buying on credit. The solution to this issue is entirely within the competence of the seller himself, usually serious retail chains in this matter meet the buyer halfway, appreciating their regular customer. So do not hesitate to clarify this question, it is quite possible that you will receive an additional 5-10% discount.
The loan can be repaid exclusively at the branch of your bank. In fact, it makes no difference to the bank where the money for the loan will come from. It is only necessary to take into account that third-party banks may take an additional commission for such payments, so check with your bank for a list of places and organizations that will accept funds without additional interest.
It is more profitable to take a loan from a bank than directly from a store. This is not true, as the store often offers promotional credit offers. Participation in such programs is beneficial for the buyer, and the conditions for paperwork are significantly simplified.
It is more profitable to buy goods in installments than on credit. Installment is actually a type of loan that is provided for the purchase of goods previously agreed by the bank and the store. The installment plan does not always provide for the absence of interest on the loan, they can be "hidden" and incorporated into the inflated cost of the goods. Often, even the amount of the down payment during the installment plan is higher than with conventional lending. So, having decided to buy a product in installments, estimate its real cost, estimate the possible overpayment.
There are loans at 0%. This question is controversial. Indeed, you can take part in the action, which is directly organized by the store with its own efforts and resources. More often, such an offer is a marketing ploy, in such loans the interest for service or insurance is significantly increased, which gives banks the opportunity to earn the same funds. And sound logic dictates that hardly anyone will lend to themselves to their detriment.