Long-term loan is issued for a period of five years or more. A distinctive feature is a repayment period that significantly exceeds the consumer loan. You can take a long-term loan for business development, shopping housing, car, etc.
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Choose a reliable bank. Try to conclude a deal with the bank in which you are a regular customer. Perhaps the bank will provide you with a slight decrease in interest rate. Decide the exact cause of credit. You must provide consultants with specific information and bring the necessary arguments to get a long-term loan. You must have a good credit history. If this is not the case, take some time and restore it.
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You must provide creditors a document on the place of receipt of income and its monthly quantity. In some banks, long-term loans are issued only to those who have reached 21-25 ages. As a collateral, you will be asked to leave your property or provide the guarantor. When you feed all the necessary documents, wait for the Bank. This may take some time. Before signing the contract, carefully read it in order not to overdue the period of payments.
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House. To purchase a residential premises, you can make a mortgage. This type of lending is made up to thirty years. The longer you will pay it, the more overpay the percentage. So try to take a loan for a minimum time. You can also use differentiated payment. Each month will have to pay unequal loans, which will be proportionally reduced during the loan period. In the first part of the term it is necessary to make the greatest payments.
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Business. Banks willingly provide significant amounts for long time. But if you plan to open your business, you will have to provide many arguments for the belief of the bank to give you a loan. You must provide a promising idea and a high-quality business plan. If you already have your own business and plan to expand it, you will have to tinker with documents - provide all information about the company's head, its profitability, credit history, existing assets, etc.
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Education. Many banks provide special education programs. Pretty popular is the program at which during the four-six years you will repay some percentages. But after graduation, during a certain period, you must give the required loan amount. The period of payments for this type of loan can reach up to ten years. This program will help the student to concentrate on school and do not worry about the search for money and deadlines.
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Automobile. If you want to buy a car or other property, you will also fit a long-term loan. But in this case you will have to make about 20% of the cost at the beginning. Subsequent monthly payments will not constantly shy you, and if it is possible, you can pay more and make early payments. If financial conditions change - no one will prevent you from returning to a minimum. But you should definitely clarify all the terms of the loan.
Try to choose the most profitable program to repay a long-term loan. Talk to consultants and ask them to introduce you to the case. Before making a final decision, check out several options.
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