When choosing a loan, whatever the type, mortgage, personal, commercial, it is necessary to take into account a series of elements to be able to compare some credits with others.
- Interest rate : we must identify if the interest rate they offer us is fixed, variable or mixed.
- Credit term : you have to establish the time during which you want to manage your credit, since many times the interest rate is set based on it.
- Total Annual Cost (CAT) : considers both the initial interest rate and any other interest that is paid at the end of the loan term.
- Total amount to pay , taking into account the interest rate, commissions and extra costs.
- Forced times : check well the conditions in which they offer you the credit, since some institutions, after a certain period, decide to vary the conditions of the credit and the rate.
- Interest calculation : it is always cheaper to have a loan where the interest is calculated daily.
- Opening and management commissions .