Finalized loan: what it is, how to request it and benefits
The purpose of the loan unlike the generic Bandes has a main characteristic, that is, in the case of a request for this type of loan, the amount of money desired will be granted to the customer who will already have a clear idea of how to use it. But let’s see together, in 5 steps, what are the aspects that differentiate a generic loan from a finalized loan.
How to recognize a finalized loan:
Suppose you have to buy a new car, go to the dealer, choose your car and you agree with the seller for an installment payment of the final cost. But what happened? Let’s say that your car costs 15,000 euros and you pay only with the installments, as proof of the facts is as if they had loaned you 15,000 euros, which were immediately turned to the dealer to buy the car. In this way the car is immediately yours and you will only have to worry about paying the installments. As you will have seen, this type of loan is nothing more than a loan like any other, which is granted when the motivation is already established for which you want to get money, such as for a vacation, to renovate your home and so Street.
How to apply for a specific loan:
In many cases it will be the retailers who offer you this type of loan which, having often an agreement with banks or financial institutions, is allowed to indicate a loan. Sometimes this service can make the seller pay a fee from the banks. If, on the other hand, you want to request this type of loan, you will have to go to the bank with a cost estimate to ensure the reason for the loan.
The relevant advantage of this type of loan will certainly be the speed of delivery. But sometimes from retailers you can also take advantage of some promotions or conventions that, for example, can discount the rate applied or postpone the payment of the first installments.
The payment of the installments is calculated as a normal loan, in fact in the contract, the number of installments to be paid, their value and their expiry will be indicated. Insurance policies can be agreed and TAN and APR will be shown.
Like all Bandes there will be no real guarantees (mortgage). Let’s take the example of the car for a moment, we must not assume that, in the event of failure to pay the installments, the dealer will take the car back and finish there. In fact, at the time of purchase, even if perhaps we are not all aware of it, we have drawn up two commercial agreements : one with the dealer and one with the bank that granted us the loan, and in the case of non-payment it will be the latter to solicit us and not the dealer.