Credit: Tips to Save Money

As bank customer possibly has a diverse range of banking products and services from your current account, term accounts and credits. If you do not have any of these products it is natural to see them needing some in the future. By focusing on credit products, we present a set of tips and tricks so you can save money on credit.

Before Simulation

  • Do you really need credit – Take careful analysis and pay attention to your effort rate;
  • Be clear about what you want and what purpose it is intended;
  • You do not have a friend or relative who can help you;
  • Analyze your family budget;
  • It has an emergency fund.

During Credit Simulation

  • Request several simulations from different banks;
  • See also the Credit Companies;
  • Request simulations for various deadlines;
  • Check for different deadlines there are different interest rates;
  • Check the associated costs and fees;
  • Check the requested guarantees;
  • Check the requirements for access to the credit you want;
  • Carefully review all items;
  • Check your possibilities to deal with the provision;
  • Request more information on available and compulsory insurance;
  • Analyze possible credit card proposals;
  • Consult your company for protocols;
  • Anticipate moments of lack of resources;
  • Analyze your family budget and the impact of the benefit on it;
  • Make sure you have an emergency fund that covers at least 3 months of family fixed expenses, including credit;

During the Credit Request

  • Confirm the simulation conditions – See here a simulation for your specific case;
  • Ask about any interest rate subsidies;
  • Offer different guarantees;
  • Collect information and analyze carefully. If you need, ask for more time before applying for funding;
  • Create a list of items you would like to see traded;
  • Negotiate every detail;
  • Do not hesitate to ask for clarification.

Before Signing the Contract

  • Read the letter of approval carefully;
  • Check the conditions for access to credit;
  • If there are proposals for associated products, check their conditions:
  • What are the costs of such products;
  • What are the general conditions of these products;
  • What to do in case of activation of the insurance;
  • Add everything and check what your monthly charge;
  • Ask for all contracting costs and related taxes;
  • Check how much your credit will cost;
  • Ask for all the detailed information;
  • Check if there are costs during the credit, such as processing fee;
  • Check the costs for late payment of installment (can happen);
  • Compare all costs with the available price list;

Upon Signing of the Credit Agreement

  • Carefully read the credit agreement;
  • Check that everything corresponds to the one proposed;
  • Request a copy of the contract, before and after signing;
  • Keep all documents;

During the Credit

  • Check if the initial costs correspond to the contractually agreed;
  • Check out the excerpts;
  • Check the particular conditions of the proposed insurance;
  • Check conditions of other products offered;
  • Do not forget the emergency fund;
  • Save all payment receipts;
  • If you can create a strategy for early repayment;
  • The contract has a goal, but you must define one for yourself;
  • Anticipate difficult times;
  • Do not be afraid to inform your bank about any difficulties;
  • Organize your personal finances;
  • Includes the new responsibility of your credit on monthly mandatory expenses;
  • Be punctual;

One last tip to keep in mind throughout the process. It is always possible to reduce financial benefits through negotiation. Make the habit of trading always aware that the is not always guaranteed. Arthur Dimmesdale has extensive experience in this context and can support you throughout the process. Do your financial diagnosis today.

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