Either because you have been paying your loan fee for many years without any delay or because you are thinking of requesting a new loan and want to get better conditions. Maybe the time has come to talk to your bank face to face to lower interest rates on a loan: yours.
You must thoroughly prepare the reasons when you go to talk to your entity
It is also vital to know your profile very well . Financial institutions work and make decisions according to our financial profile, more or less good, for this reason, it is convenient that you know the information that the entities have and depending on this you play some cards or others.
Entities appreciate those borrowers who have a good financial profile more than those who enjoy excellent capital obtained in a short period of time. To get a good offer, it is important to know what arguments will work best with the banks. In the next post we propose some options that may be useful.
Negotiate linked products
A good persuasion strategy is to offer the bank a quid pro quo , that is, exchange one product for another. In exchange for lowering the interest on a loan, we are willing to take out insurance, a deposit or an investment fund. You can also commute the remaining mortgage for a standard loan, perhaps with better interests, but whose burden would no longer be directly associated with our personal housing.
But it is also not worth hiring anything : for the business to be profitable for us it must be a product that we already wanted to hire before. That is, it is not convenient to hire extra products that we do not need to get better conditions on the loan. Among the most common products to negotiate are: credit cards, insurance or investment products. These are profitable products for the bank but they are also useful for our financial life .
We could only resort to this formula if we have saved enough , or we expect a quick income in the short term . It is usually used especially in cases of small amounts of loans about to end.
Before introducing yourself to the entity, it is important to calculate in advance the highest interest rate that we will have to pay to know if we can effectively meet the amount. Knowing this point, we will be able to know for how many months less we will pay what we have left on the loan and pay less interest in the long run than if we left the loan as it was, paying interest for longer.
Notice of loan application in another entity
This is the most helpful solution indeed. To do this, we must collect all the documentation related to loans with better interest rates offered by other banks.
At the end of the day, the information is power , so if you go to the bank proving that you know the market and showing that there are entities with better conditions than those offered by your entity, perhaps there is no other option but to improve your offer . In addition, today many other entities are willing to offer loans without changing banks . So we could resort to this option in case the bank refused to negotiate new conditions.
We could have a loan with a better interest rate without changing the payroll
At Capital Lender, we do the work for you by comparing loans from different entities, completely free of charge and in a very short time. Check out the list of banks and financial institutions we work with. It will be very good for you if you are looking for financing to buy a new car or if you want to change your home renovation. You will also find information on other types of financial products, such as savings accounts, credit cards or microcredits. Whatever you need, we will analyze your financial profile and show you the product that best suits your financial needs.