How to save on credit?

Purchasing anything on credit is now gaining in popularity. Does not scare even the fact that, ultimately, will have to pay more decently. In the midst of the global financial crisis, banks have raised interest rates on loans up to 30-35% per annum. Now many of them to cut rates to 20-25%. However, not everyone knows that in the same annual interest on bank loans to borrowers may be different. So who can count on more favorable terms and at the same time save on the loan?

First of all, borrowers, causing a bank trust. As a rule, the bank verifies the customer a few days. But there are banks which, by giving at least the documents, the loan can be obtained more quickly but the interest rate in this case will be more.

Often get lower interest rates may be taking out a bank loan, which caters to your salary account. This is convenient for the fact that the bank will automatically write off debts in installments with your credit card.

A more competitive rate of interest can be obtained by finding a guarantor, as in this case, the risk that credit will not be returned to the decline. As a rule, banks are guarantors number of requirements: it must not be younger than 21 years, have a permanent residence permit or temporary registration for the term of the loan agreement, receive official proof of income (with monthly loan payment should not exceed 30% of that income) , worked for the surety in the last place to be at least six months. Sources of income for the guarantor and the borrower must be different.

If you have a good credit history (payments on previous loans with the bank on time, or have made outstanding was repaid ahead of schedule), the bank may also offer you good condition.

And, of course, before you get credit, you should pay attention to the following aspects:

1. Learn how to bear interest: on the original loan amount (annuitentny payment) or on the balance owed (differentiated). In the case of differentiated payments, overpayment credit will be less.

2. Find out what the effective rate on the loan, which includes the annual interest on the loan and various fees and points (eg, maintenance and account opening, loan, etc.). These additional payments could substantially increase the overpayment against the loan.

3. Specify whether it is possible to prepay debt on the loan. This is not very favorable to creditors, so some banks stipulate in the contract ban on early repayment of a loan or charge for a decent penalty.

Precise knowledge of these nuances will save your nerves and wallet from unexpected shocks, and also allows you to select the most suitable loan.