Many people are familiar with the lines of real estate and car financing, but nowadays several additional lines of financing are offered by financial institutions, it is now possible to finance the college through student financing, to finance plastic surgery, to finance the purchase of equipment accessibility, such as hearing aids and prosthetics, in order to finance the most diverse types of goods and services.
Research among the various institutions in the market
It is very important to evaluate the costs involved in the operation, deadlines and guarantees that will be requested to effect the financing, there are many options for institution in the market, so research well before closing the deal.
Evaluate your income
One of the biggest reasons for refusing a loan is lack of sufficient income, whether you actually have the financial condition to take over the operation, if any, financial planning and increase the entry so that the amount financed will decrease. It is also important to consider unforeseen, if you have any problem with your current salary, is there any plan to honor the funding?
Simulate the situation
One of the best exercises is to simulate how your financial situation would be in the last few months with the payment of a portion in the amount that you want to contract the financing. If you’re not in a hurry, simulate in the next 3 to 6 months by making a financial application exactly the portion of your funding, see how that affects your budget, and take the test to build up a reserve and increase your income.
Often in contracting the financing we only evaluate the installments, but when financing a real estate, for example, we have several other costs involved, such as contractual elaboration, inspection of the property, registry in registry, besides taxes.
Do not stay in default
Default in a financing is one of the worst situations that can occur, especially if you allow to accumulate installments in arrears with more than 90 days. This is the period that the bank can execute the contract and initiate the arrangements to “take” the good that was used as collateral.
Evaluate the clauses of the contract
Always review the clauses of cancellation and termination of the contract, in case of unforeseen circumstances such as unemployment, or something that affects your income in an unpredictable way, you must know how to act with the financial institution in order not to increase the loss.