5 year work credit (60 months): what is the best bank?
Discover how to simulate a loan work over 5 years and compare the financing offers of credit organizations.
Ready work over 5 years, the ideal duration?
In terms of financing, the rule is relatively simple since the shorter the duration and the more interesting the rate, this is valid for all types of financing including for work loans. This loan can take the form of a personal loan or an assigned loan, in both cases, the credit agency will offer several repayment term, knowing that the loan can extend over a maximum duration of 10 years, even 12 years in specific cases.
Opting for a period of 5 years is a good compromise in the choice of its financing because this duration makes it possible to smooth the repayment of the loan and to be able to obtain moderate monthly payments, it is still necessary that the credit is accepted. It is important to choose the right type of loan, namely a personal loan or an assigned loan, the rate may differ depending on the type of loan and naturally depending on the duration.
Choose the adapted work loan over 5 years
Two credits can meet a financing need, the personal loan and the assigned loan. The personal loan is simply an amount that can be freely obtained. This funding is more suited to the work done by the inhabitants themselves, that is to say that this credit can finance the purchase of materials and supplies without having to justify the sums with quotes, it works under form of envelope, it is necessary to define well the amount to ask with the organizations of credit as well as the duration of repayment.
The assigned work loan is a recommended consumer loan when the work is done by a professional, this helps secure the obtaining of funds with a quote and not to borrow more than necessary. In addition, the rates on affected loans are generally more attractive, including 60 months because the bank has visibility on the use of funds. Note that in case of cancellation of the quote or order form, the funds are not released, which avoids repaying monthly installment credit work in a vacuum, especially when the sum is smoothed over 5 years.
Simulate the loan work on 60 months
The loan simulation validates both the feasibility of financing but also the borrowing capacity of a person wishing to finance its work. It is sometimes necessary to adjust the duration of 60 months up or down to validate the disbursement of funds, in this case the borrower receives an adjusted offer and especially adapted to its ability to repay.
In addition to the rate, it is important to compare the total cost of the credit proposed during the simulation, this allows to obtain the best loan conditions. Note that the borrower insurance remains optional but is systematically required as part of the implementation of work loans.