A 60-month loan to overcome the cash flow problem
You cannot calmly end your month or do you want to implement a project? Opt for a 60-month consumer credit that will match your situation, including a car loan, a work loan, a personal loan or a revolving credit.
Focus on the 60-month loan
You should know that for a loan between 5,000 to 75,000 US dollars, the bank grants a repayment period of 60 months to the borrower. This is equivalent to 5 years. In addition, many advantages are available to him. However, everything will depend on its debt capacity. The credit will not be granted if after the simulation it is proven that its repayment rate does not allow it to take it.
In addition, it should be noted that the interest rate for a 60-month loan varies from one institution to another. This rate will depend above all on the profile of the borrower, but also on the offers offered by the credit organization at the time of the loan. Thus, it is necessary to carry out a comparison to benefit from the best rate. This is around 2.90%, especially for a personal loan or a car loan. Moreover, for a loan intended to finance insulation or renovation work, the rates are around 3.5%.
Opt for a 60-month auto loan
This method of financing turns out to be the most popular for buying a new or used car. Indeed, it offers a good compromise to benefit from a reasonable monthly payment and a cheap rate. The latter increases significantly for repayment terms that exceed 5 years. For example, for a 60 month loan, the taeg rate is 2.90%. Whereas for a 72 month loan, it is 4.50%.
To not subscribe to an expensive offer, it is advisable to go through a car credit comparator. However, it must base its comparison on the fixed taeg rate which is the statutory mandatory rate. Namely that some comparators even make it possible to obtain an answer in principle directly online.
The principle of revolving credit over 60 months
Unlike the assigned loan, a revolving credit does not require proof for the use of the released funds. In principle, the borrower will be able to spend the credit freely, at any time, in whole or in part. He can, for example, use it to equip the kitchen, to carry out small works of terraces… In addition, the monthly payment is defined according to the speed of repayment. You should know that from the moment the beneficiary uses part of the credit, the return of the amount spent is automatically triggered.
The monthly repayments gradually replenish a future right of use. Like any other loan over 60 months, it is only from a loan amount of more than 3,000 US dollars that the borrower can opt for a repayment over 5 years.
Comparison criteria to get the best rate
To benefit from a better credit rate, it is essential to know how to compare a few points. Note that online credit organizations and banks are in strong competition. They want to support their clients or potential clients with this type of product which is quite profitable for them. Therefore, it is recommended to select the establishment that offers a promotional rate at the time of subscription. In principle, this rate is practiced in small doses. However, it is often exceptionally offered when opened, for a first use.
Other than that, it is possible to choose an organization that suggests a reimbursement speed panel. This factor influences the total cost of credit. The acceptance rate of applications is also a criterion that should not be neglected. It does not directly mark the total cost of credit, but remains decisive. There are, for example, banks that offer low credit rates, but only accept 5% of requests.