36-month credit: things to know
Whether it is to renew your furniture, buy a new car or organize a wedding, you can apply for a loan today. Also called consumer credit, this type of loan allows you to finance a project up to US $ 75,000. The repayment period is variable. It can range from 12 to 60 months depending on the case. Moreover, this is what derives the 36 month credit term. But what will interest us is the 36-month credit. How do I get it and what is the current interest rate?
36 month credit, operation
The credit rate for a consumer loan, in particular a 36-month loan, is rarely negotiable. Unlike a mortgage, you have no room for negotiation. For good reason, credit organizations set the rate based on a scoring. This is a rating system linked to the borrower's profile. Before applying for credit, you must then shop around for lending agencies. In this way, you will be able to play the competition and get the best rate. Note that the interest rate for a personal loan varies depending on the repayment period and the type of project. Also, the interest rate for a loan for renovation work will be different from a loan for the organization of a wedding.
Before you embark on a 36 month loan, the best would be to compare the offers of each loan organization. Today, you can easily apply for a loan online in order to have an overview of the monthly payments and your debt capacity.
Note that the lender can offer you borrower insurance with 36-month credit. However, you do not have to accept it since it will add an additional cost to the loan. However, taking out loan insurance is still compulsory. It protects the credit organization against claims, in particular disability, death or unemployment.
Typology of consumer loans
You will find a financing solution for your project from the banks. However, there are various types of consumer credit. You can apply for a personal loan from the bank. This is a loan that you can use as you see fit. He can help you finance vacations, your wedding or work. The capital is issued by the bank in a single payment. The repayment period is variable. For a 36-month loan, the repayment period is therefore 36 months.
Through a consumer credit, you can also apply for an affected credit. Unlike the personal loan, this type of credit is dedicated to a specific project. For example, you can apply for this type of credit for the purchase of a new car. In the event that the sale is canceled, the credit will also be canceled. Credit is contracted when the object of the loan is delivered. Moreover, this type of credit can be taken out as part of a 36-month loan.
Revolving credit is also a type of consumer credit. This is a loan requested through a credit or store card. Concretely, it is a kind of reserve of money. The bank makes the capital available to you in your account. Also, you will only reimburse the amount you have used on your card. Note that you must offer an alternative credit repayable from 1000 US dollars when it comes to revolving credit. Depending on the amount borrowed, this type of credit can be repaid over a period of 36 months. It all depends on your repayment capacity and your income.