Getting a loan is an almost common habit of many Brazilians, the problem is that the vast majority of consumers do not weigh the values at the time of hiring, which generates a large debt in the medium and long term.
Many still wonder how it is possible to know the rates offered by banks for the various loan arrangements. This is why, before going after credit in the market, one must thoroughly evaluate all the costs involved in the transaction.
It is very important to check the terms of the loan, such as the repayment term, grace period and, especially, the interest rates applied by the chosen bank or financial institution.
The first step in getting a cheaper loan is to consider which financial institutions offer credit at the lowest rates. Here’s how you can get a loan with lower rates.
What is CET (Total Effective Cost) and why is knowing this amount so important for getting a loan?
It’s simple! The CET is the total amount that the consumer will pay for the loan, ie including all fees charged by the bank or finance, whether taxes, interest or administration fees.
So if CET represents the final amount you will pay for the credit taken, obviously comparing it among the options offered on the market is a simple and clear way to choose the best credit alternative.
What are the fees charged on a loan?
Interest rates can cost a loan a lot, but they are not the only bank and finance fees to offer credit in the Brazilian market.
Generally, financial institutions also often charge administrative fees for account maintenance, among other features built into the offer, such as the transfer of credit to other banks.
Among the taxes, we can highlight the levy of IOF (Tax on Financial Transactions), which must be charged on any financial transaction, according to the amount borrowed. In addition, we have to emphasize that the repayment term is also one of the factors that can make a loan very expensive.
The longer the term, the higher the volume of interest rates, ie, the higher the CET of the loan. Have an idea how to do this calculation here!
How can I find loans with lower rates?
To begin with, it should be noted that the IOF rate should not change from bank to bank as it is a tax paid to the Federal Government. At the most, what should be evaluated more are the amounts charged for interest rates, according to the payment term.
Generally, public banks such as Bankate and BankZil are able to offer the lowest interest rates in the market. However, this varies widely and it is best to search in depth to find the best option.
The last tip we can give you is that you should also consider the type of loan you should choose. For banks and lenders, the higher the collateral, the lower the fees.
If guided by this maxim, the payroll loan has better rates, since the payment is discounted in payroll. Thus, as the financing of real estate and vehicles, since the assets are tied to the banks until the payment ends.
And don’t forget the importance of researching and simulating on all loan providers in the market. On our site you can find content about all modalities of this service, for companies and individuals, and answer your questions.