Archive for the ‘Business Loans’ Category
Tips to get a loan
Consider the total cost of financing
To evaluate and compare different financial products that exist, we must consider the total cost of financing, but not the interest rate.
The total financial cost includes the interest rate, plus other costs normally included additions to the loan such as the costs of issuance or maintenance.
So before you take into account the interest rate, which in reality we consider is the total financial cost, which is the real rate of interest payable.
Read the fine print
By acquiring a loan, before signing the contract, we must take our time and read it, paying particular attention to the fine print.
We must read if there are conditions or additional costs which we had no knowledge, and we should not hesitate to make any necessary questions or if you have any questions or concerns.
Negotiate better terms
We must always consider negotiating credit, trying to obtain a lower interest rate, lower fees or, in general, get better conditions.
We should never rule out this option, especially if they are clients of the financial institution, or have already demonstrated a good ability to borrow.