It is essential to take into account what you will use the credit for.
Accessing a loan through a financial institution allows us to have liquidity to buy goods or meet goals that require a large investment.
Therefore, it is necessary to take into account the interest rate and the type of loan that fits our needs, means and objectives.
For this, the Association of Banks of Peru (Asbanc) shares four recommendations to determine the convenience of the product when requesting a loan:
- Know the different types of credits. You must know the different types of credits that you can access. There are many depending on the asset to be purchased, each with different terms and conditions. For example, vehicle credit, mortgage credit, and personal loans, which can be used for different purposes.
- Choose the type of loan that meets your needs. When you are clear about your objective, choose the type of loan that is most suitable for the final purpose. It is important to take into account what you will use the credit for, the amount borrowed, the interest rate and the financing term, that is, the time you have to pay the debt in installments.
- Check the interest rate. There are different types of interest rates; for example, the fixed rate, which is agreed at the beginning of the loan and remains constant throughout it; and the variable rate, which is modified according to market conditions. Make estimates and choose the most convenient for your case.
- Consult before deciding. Much of this information is quite technical, so it is recommended that you consult and seek advice from the banking entities of your interest, or in any case, from a financial advisor.
Remember that to make the most convenient decision for your needs, it is necessary to take the time to find out and compare the different types of credits and benefits offered by financial institutions.
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