The refinancing of real estate or vehicles has its own rules in each bank and at Loan and Credit Econômica Federal is no different. The institution is one of those who offer you the money loan in exchange for a collateral as well. Although it does not report on its website, the company usually has the advantage of having the lowest interest rates in the market.
For consumers, it is worth paying attention to every detail of this type of credit as the minimum value of the good, the maximum amount to be requested, the payment term and the fees. The person concerned must research the differences to find the right service for their need and their income.
In the case of Loan and Credit, to apply for refinancing both houses and cars is required to have a bank account.
Cash Refinancing: Credit Analysis
During the process made by the institutions, the consumer undergoes evaluations such as credit analysis to verify the situation of the CPF and the size of the installment that fits in the pocket per month. A check is also made of the actual value of the asset involved in the transaction to define the possible amount to be borrowed.
The hiring is only completed after these steps and then the funds agreed by the bank are released. In Loan and Credit’s rules, refinancing can only be done with the properties settled, settled and in the name of the requester.
How Loan and Credit Real Estate Refinancing Works
The institution accepts urban residential or commercial real estate, rural and land as collateral for credit. Monthly interest needs to be consulted. See more details of the program Loan and Credit Mortgage:
Minimum property price
For this loan line, the amount must be at least $ 30,000. This depends on the bank’s assessment of the property given as collateral.
The amount borrowed ranges from a minimum of $ 20,000 to a maximum of 60% of the total good.
Deadline for payment
The stipulated period may be from 1 to 20 years. Monthly installments will be automatically deducted from the client’s checking account.
How Loan and Credit’s Vehicle Refinancing Works
Cars need to be settled under Loan and Credit’s refinancing rules.
Loan and Credit’s refinancing program, called Aporte Auto, has monthly interest rates that vary according to credit analysis. Rules include not accepting rental vehicles, motorcycles, vans and the like.
The client has up to 4 years to pay off the credit.
Cars with unpaid traffic violations do not get loan approval. Irregular situation in the State Department of Traffic (Detran) also makes the operation unfeasible.
Vehicle age and credit amount
Loan and Credit only accepts cars up to 5 years old from the date of manufacture and releases a maximum amount of up to 70% of the total good. However, these conditions are related and there are two types of services offered. For cars up to 2 years old, you can borrow 70% of the value of the vehicle given as collateral. Between 3 and 5 years of manufacture, the limit of borrowed money drops to 60%.