Obtaining a loan with the number of options that currently exist in the financial market seems very simple; but it really is a great commitment that we must assume for many years.
For this reason, it is important not to make the decision lightly, but rather based on financial education criteria.
En Coopealianza we always seek the best for our associates, therefore, today we want to share with you 4 recommendations for Apply for credit.
Be clear about your real economic situation
It is important to understand what your current level of indebtedness is (Do you have other loans? In dollars or colones? How much do you pay each month in installments?), and the money you have left free with which you could really face a new credit.
Make a realistic budget based on your income range that considers fixed expenses and if you have the possibility of fulfilling the commitment of a new loan without losing quality of life, on the contrary, gaining security for the future.
Will taking out a new loan represent expenses for procedures?
Sometimes we mistakenly think that getting a loan – for example, for a home or a vehicle – will only require going to the bank or cooperative once and signing, but the truth is that some loans require requirements that have a cost, such as certifications, expert visit, municipal permits, legal expenses, whatever applies to your case. Do you already have that factor visualized and budgeted?
If you require a premium, how much is that amount?
Most of the credits that the current financial system offers require the payment of a premium that you will have to assume completely. That is, the credit does not cover the entire purchase.
For example, for a 12 million vehicle they could ask for a premium of 3 million colones. Are you clear on this topic? Can or should you use your savings for the premium? How much is the maximum amount I could contribute as a premium and why?
What are the best conditions in which you can obtain the credit?
We know that this may seem exhausting, but it is essential to take the time to investigate and consult various financial entities about the conditions under which they offer loans like the one you need.
It is important to be able to ask for details such as:
- How much is the interest rate on the loan? Is it stable or does it vary over the years?
- Will the credit be in dollars or colones?
- Do you need a guarantor or is it a mortgage loan?
- How many years is the term to finish paying the credit?
- Insurance required by the financial institution to protect the property to be purchased.
- Other requirements set forth in each financial entity.
At Coopealianza we have 51 years of serving communities, families and people to achieve their dreams through fair credits and specifically designed to adapt to the conditions of our associates.
Contact Us if you require advice or information on how to obtain a loan with us. We guarantee good treatment, confidentiality and excellence.