The secured loan is an option that can be used by you when you need credit.
The secured loan guarantees better payment conditions, lower interest rates and better credit release.
But with so many advantages will it really be the best option when we need money?
Loan with collateral is a good one?
You probably already have heard of secured loan or secured personal loan.
The secured loan is almost always exemplified as the house’s notorious mortgage. When we speak of mortgage of the house we are talking about the loan with property guarantee.
That is, the applicant applied for a loan and used as collateral for payment of his property. In real life we have the refinancing of vehicles or real estate.
The loan with guarantee is not very required in Brazil precisely because of this, the good conditions offered in this type of credit are linked to the submission of a guarantee with the financial institution that the amount requested will be fully paid.
For fear of losing the good used as collateral, this type of credit is usually avoided
In the secured loan it is possible to submit both your property and your car for evaluation of the financial institution to which you will apply for the loan.
How Guarantee Loans Work
The secured loan basically works as follows, your claimant uses a property previously yours (car or property) as collateral when applying for credit with a particular financial institution.
The financial institution evaluates the asset and determines its market value. The market value determines how much you can request. For example, some institutions release up to 50% of the market value of the asset used as collateral, another 70% or 90%.
You have a car valued at 100 thousand reais, this being your market value. The market value determined after the evaluation made taking into account among other things the year, the model, the brand and the state of conservation.
If you are seeking credit at a financial institution that offers up to 60% of the market value you may require up to 60 thousand reais.
Here the secured personal loan is known as vehicle refinancing once your claimant starts paying back a part of the vehicle in exchange for cash on hand.
Secured loan: what are the risks?
As we commented the loan with guarantee ends up not being much asked for the risk that its applicant has to lose the good used as collateral. But if well thought out and requested in a moment of real need secured loan can be an option for you to achieve dreams before unattainable.
We can not always control when we need a loan, but it is crucial that we are aware that we can repay the debt once we apply for a loan to repay a debt knowing that we can not repay the loan is to exchange six by half a dozen and in this case the good guaranteed will be at risk.
It is precisely for this reason, by using a good as collateral to repay that secured loan is so attractive.
The interest rates come out lower since the bank has a guarantee that you will repay the loan. And in case of default you can lose the guarantee used.
For the bank the use of a guarantee guarantees that the amount borrowed will not be lost which facilitates the applicant to obtain better payment terms and good interest rates.
The Bank of Brasília has as its main mission to act for the full economic growth and sustainable development of the Federal District (DF)
The Bank of Brasília or BRB is a public bank created in 1966 and today has as one of the largest shareholders the government of the Federal District.
A bank that, as the institution itself defines itself, has evolved over time, having as main objective of its action the economic and sustainable development of the Federal District and regions of direct influence with the Federal District.
Banco de Brasília SA was created in 1964 through Federal Law 4,545, but was only authorized to carry on its activities in 1966.
It is considered a bank to operate by the modality of mixed economic society having the largest shareholder the Government of the Federal District with practically 97% of the shares of the Bank of Brasilia.
Although not a well-known institution in other regions of the country, Banco de Brasília SA is a complete institution.
Offering all the services that the client expects from a financial institution.
From Credit Consignment BRB, personal credit, salary anticipation, 13th, vacation anticipation, real estate credit, rural credit, vehicle financing and vehicle refinancing.
With the Financial BRB it is possible to obtain in the release of credit up to 70% of the market value of the vehicle determined by the FIPE Table.
The FIPE table is from the Foundation Institute of Economic Research and is published monthly bringing the reference values and average values that should be worked for all cars within the national territory.
So that you can breathe a little relieved using your vehicle as a guarantee for release of credit will require that it has a maximum of ten years of manufacturing, that is, I have the manufacturing year dated 2008 (for loans requested later this year).
It is also necessary that your vehicle is not alienated. The alienation of the vehicle is a process where the automobile is given as collateral in a financing. While the applicant is paying the installments the vehicle is alienated from the bank, and the owner may lose the good in case of non payment of the remaining installments of his financing.
Just as the car can not be alienated, the vehicle must also be removed, that is, there are no installments to be paid from its financing.
To apply for the BRB loan, it is sufficient that the applicant for the loan go to a BRB or Financial BRB agency and look for the responsible manager to clear all their doubts and apply for their loan.
Banco de Brasília is recognized as a strong institution in the Center-West region of the country, with the main values being the commitment to its results, the valuation of people and the ethics and transparency of action.