Are you thinking of hiring a bank loan but you get lost in the wide range of products offered by financial institutions? If you do not make a good choice you could end up losing a lot of money, for this, you should be clear about these tips that will help you save at the time of subscription.
Every year, thousands of bank loans are sold in Spain, amounting to several thousand million euros in concessions to the most varied types of customers.
And of course, financial institutions have not hesitated to expand their range of products by offering more attractive and tempting offers every day.
However, not all loans that are advertised are adapted to the needs of all customers. Even more, in many cases the contracts hide costs that you did not have contemplated and end up paying more than you thought for your bank loan.
Therefore, when applying for financing, you should look at all the aspects that could influence the final price of your loan.
Here we leave you the main tips.
1. Do not trust the 0% loans
Although it is difficult to find these types of products in the financial market, the truth is that there are still some banks that offer 0% loans to their clients.
In this sense, we advise you not to hurry and read the terms of the contract very well, since this type of offers usually hide other types of fees and expenses that will only end up raising the final price of your loan.
2. Look after the interest rate
When we talk about paying attention to the loans that offer an interest at 0%, we refer to the associated fees and expenses that these can carry.
However, when you are looking for financing one of the first things you should negotiate with the bank is interest. In this sense, the lower this index is, the less you will have to pay for the money borrowed.
According to data from the Bank of Spain, the average interest on loans granted during 2017 was around 8.52%, so you should not sign a loan with a much higher value.
Do not forget that a few tenths of a difference in the interest rate of your loan can mean a lot of money to repay.
3. Limit the links
As you already know, the linkages can be different banking products that the bank will try to associate with your loan at the time of your contract.
It is important to remember that, in some cases, the links can be practical and advantageous. However, if your financial institution tries to link many products with excessive conditions, you could end up losing a lot of money.
So, if you want to get the best loan without paying more, we advise you to accept only those links that do not involve an extra cost and those that seem reasonable.
Among the links that are usually interesting are, for example, the direct debit of the payroll.
On the contrary, an uninteresting link is the obligation to hire a credit card that carries an annual maintenance fee.
4. Contract only one insurance
Many banking entities demand the hiring of insurance as a condition to grant a financial loan. And while this practice is not mandatory, the bank could reject your application because of this.
Given this, the only thing you should keep in mind is that you should not accept the contracting of more than one insurance, because this will only cause the final price of your loan to increase.
At the same time, you should review in detail the conditions of the contract and not accept insurance that presents a premium too high regardless of the type of loan you want to obtain.
5. Negotiate the commissions
Although most of the banking products involve commissions, be it opening, maintenance or other, the truth is that this is a point that can be easily negotiated with banks.
Do not forget that these costs can considerably increase your loan, so trying to eliminate them can mean a real saving at the time of requesting your loan.
In this sense, it is important that you look for products that do not apply this type of expense. However, if this is not the case, you can always negotiate with the bank to lower them or, better yet, delete them.
6. Compare all offers
Even if you believe that you have found the best loan in the market and that this one offers you the best conditions, you should not keep the first option that is presented.
Currently, banks offer a fairly wide range of loans and in many cases the differences in the final price are considerable.
Before this, do not hesitate to compare very well all the possibilities and choose the one that best suits your needs without overpaying.