For this Holy Week many people are thinking of going out to take advantage of these days off, but for the moment they don’t want to spend so much.
Hence, they are thinking about a loan, but they do not know which one to choose or if it suits them get into debt right now.
The Bank of Mexico (Banxico) recommends entering your portal to the site Comparator Banxico before taking a decision.
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You have to enter the site Comparator Banxico where there is information on the characteristics and costs of the products that the financial institutions regulated by the Central Bank report to you.
Once you enter you have to choose the option “search and compare personal credits”.
WHAT SHOULD I LOOK FOR WHEN CONTRACTING A CREDIT?
To make an informed decision, Banxico suggests reviewing what the institutions offer.
It is important to consider the following:
· The CAT which is the Total Annual Cost, It is the one that considers the interest rate, the amount of the credit, the commissions and obligatory insurance, and the number and periodicity of the payments. The lower the CAT, the cheaper the credit. The lower the CAT, the cheaper the credit.
· Some banks do not charge opening fees and offer free insurance.
· In the case of credit cards, many offer various types of insurance such as car rental, loss of luggage at no cost and some do not charge an annual fee.
· The credit term: The longer the term, the more interest you will have to pay.
· The amount of the periodic payment: It is important that your income is enough to make your payments. Make sure your income is at least three times the amount of the monthly loan payment.
· The channels through which you can pay the credit or the card: Being able to pay the credit or the card through electronic transfers or in establishments or branches near your work or home saves you time and reduces the risk of paying late.
· The benefits offered by the card, such as: insurance, monthly purchases without interest, points and discounts.
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Upon entering the Comparator Banxico It will ask you to fill out a form depending on the credit you require, whether it is payroll or card.
Must identify the product with the lowest CAT, see if the income is enough to cover the monthly payment, check the details as requirements.
It will ask you if the interested party agrees with the characteristics and costs of the credit; If so, the next step is to contact the selected institution.
After verifying the contracting conditions to finally accept it.
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