Check the conditions for refinance your property or vehicle .
Bank also offers credit through refinancing cars and real estate. The bank operates this type of loan on similar terms to other banks and lenders in the country.
What are the conditions for a Refinancing Property or Vehicle in ?
To apply for refinancing, you must be a bank account holder. The installments will be automatically debited from your checking account. To get the loan, you must have a minimum income of USD 1,000, consisting of up to two people, not necessarily relatives, but the property must be in the name of one of two. In the case of car refinancing, there is no need for proof of income, but the vehicle needs to be in your name.
The property must be worth at least USD 70,000 to be accepted by the bank, be it commercial or residential. The credit amount can vary between USD 30 thousand and USD 500 thousand, reaching a maximum of 60% of the property value. The interest rates are 1.53% per month and the payment term ranges from 1 to 15 years.
To refinance a vehicle, the automobile must have been manufactured until 8 years ago. The amount of credit released can reach up to 60% of the value of the car. The interest rate varies depending on the outcome of the bank’s credit analysis and the payment period may be up to five years.
When is it advantageous to choose to Refinance?
To pay off debts, this applies in both vehicle and real estate cases. It is possible to get such a loan to get out of the stifle in your financial life. Refinancing has advantages over other types of loans, such as a lower interest rate, longer repayment period, credit being released even though it is negative, and a high amount of credit being released as a collateral.
Another reason that fits within both cases is if you need to urgently renovate your property. If the reform is large and laborious, it is worth taking refinancing over a longer term than other types of loans, such as personal loans.
In the case of real estate refinancing, the model is also suitable for entrepreneurs, to be used as working capital or as investment in their companies. It is one of the best ways to get high credit without so many requirements, really attractive conditions for those who want to kick-start a new project.
Care I Should Take When Getting a Refinancing
Take great care and think carefully before opting for this credit model! He puts his property as collateral for a loan, that is, the bank can take it and take the property or car to auction if you do not meet the payments. It is important, although you can get a very high amount of credit, just limit yourself to just using the amount you need, just the ability to generate debt decreases and the business is safer for you.