Your old car arrives at the end of the lifetime, you think of changing car.
Unfortunately, the prices are except budget and you think of subscribing an automobile credit.
Very many specialized companies battle the market of the credit. Think also quite simply of going has your bank, or even at the post office (recently the post office allows to secure loans with consumption).
Leasing is a form of credit, with the difference which the car does not belong to you, it is just rented over one long period.
At the end of this period of hiring you will have the option, with the help of a consequent sum, to acquire the vehicle.
If you do not wish to acquire it, it will be enough for you to bring back your vehicle in the dealer. Envisage also the cost of the insurance, plus the car is new, plus the insurance will be high.
Credit Car: to compare before engaging you ?
The TEG (Rate global manpower)
The TEG takes account of all the ancillary costs, whether they are the expenses of file or the insurances. It must thus make it possible to compare offers of loans simply. The lenders establishments have the obligation to communicate a TEG for each offer of credit.
The nominal rate
It is the basic interest rate of the loan. It included not expenses of file, insurance and guarantee. It is used to calculate the interests of your credit car, which you discharge with each monthly payment.
Duration of the credit car
This one corresponds to the number of years or months during which you will refund your credit car.
Monthly payments of refunding
It is the sum which you will refund every month over the duration of the credit. Caution: these sums added to your possible other refundings should not exceed 33% your monthly net incomes.
The insurance
Some are obligatory, others not. In all the cases of figure, do not hesitate to compare the tariffs and the level of guarantee suggested in order to make the best choice.
Total costs of the credit
It is the whole of the loads supported by the borrower over the duration of his credit: to the interests calculated starting from the nominal rate of a credit the insurance charges are added, the expenses of file and guarantee. The total costs of the credit are equal to the sum of all your monthly payments minus the amount of the borrowed capital.
• To subscribe a financing for the purchase of a car
• Justifying to provide to subscribe your credit car ?
In the majority of the cases, you (and your spouse or Co-borrower) will have to join the following documents:
- Photocopy of a supporting document of identity: National card of Identity, Passport, Driving licence
- Photocopy of a document in proof of current residence (invoice EDF or Telecom)
- Photocopy of your last pay slips and your possible other incomes
- Photocopy of all your statements of account over the last month
- Photocopy of the document in proof of the use of the funds
- Cancelled Cheque (original)
- Bank account number or Postal
Law Chatel and the consumer credit:
1 - To consolidate “the confidence and the consumer protection”
- The proposal Chatel (appointed UMP de Haute the Marne), adopted on January 20, 2005, aims consolidating “the confidence and the consumer protection” and at limiting the over-indebtedness. New rules are imposed on the loan societies.
- This text has the role to frame the credit revolving and the contracts tacitly renewable by reinforcing the information of the consumer. Lastly, the law Chatel prohibited at the organizations of credit any publicity for a free credit if this last implies the simultaneous subscription of a revolving credit.
The true free credit, aiming at facilitating the purchase (three times without expenses for example) can henceforth be a commercial argument. Publicities can refer of it apart from the place of sale, which was not the case.
2 - Greater information of the consumer
- As soon as possible three months and at the latest a month before the automatic renewal of its contract, the law Chatel requires of the organization lender to announce in writing to his customer his possibility of cancelling his loan. If this information had not been communicated in times, the consumer can put his contract free in the long term.
- Currently, each French household composed of four people manages on average 25 types of different contracts (rents, appropriations, insurances, subscriptions etc). All these contracts based on the principle of the renewal by tacit agreement submerge the consumer.
3- The appropriations revolving (or money reserves) better framed
- The contracts revolving are directly aimed by the law Chatel. Indeed, these types of personal credit developed in an important way these last years. The latter develop in particular within the framework of large distribution (purchasing card) and facilitate the over-indebtedness.
- From now on, in the event of increase in the amount of the money reserve, the organization of credit will be held to address a new offer by mail. Moreover, if a money reserve is opened but that one does not use it for a certain period, the contract is cancelled.
4- The encouraged free credit
- Publicity for the free credit becomes possible out of the place of sale with the law Chatel. The impact of the free credit is important: Mr. Chatel stresses that 60% of the consumers who had recourse there would have given up their purchase if it had not been possible.
Good namely: the law Chatel also applies to the insurances. Except the insurance life, your insurer must hold you informed of the expiry of your contract each year and your possibility of changing some. The time is 20 days to change some.
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