The finalized loan is the easiest form of financing to obtain for a private citizen.
As can be seen from the name, this type of loan is aimed at the purchase of a specific consumer good, and entails for the buyer the obligation to disclose the purpose of the loan to the financing institution.
It is possible to request a loan aimed at numerous points of sale, for the purchase of services and goods (such as PCs, telephones, appliances and furniture).
Payment is made in installments, but unlike other forms of loan, the institution or company that provides the loan does not credit the customer with the money, but directly to the point of sale where the purchase is made.
The finalized loans are provided by credit institutions or financial companies through specific agreements with merchants.
The buyer actually stipulates two contracts: a sales contract with the retailer and a credit agreement with the provider.
The costs applied are the same as for other forms of financing. We will find in the contract the nominal annual rate (TAN) and the annual percentage rate (APR).
The repayment of the installments takes place monthly with debit to the bank account, or through postal bills.
Sometimes there may be a pre-amortization plan where the payment of the first installment is postponed by a few months based on special agreements between credit institutions and retailers. In fact, it often happens to see advertisements for large chains where they advertise the payment after a few months through a finalized loan.
How to get a finalized loan
The purpose of the loan is therefore to purchase consumer goods such as cars, electronic devices, models and furnishings and cell phones.
Once the product to be purchased has been identified, it is sufficient to present at the point of sale your income data and personal documents, which will then be forwarded to the credit institution providing the loan, for the appropriate checks on the income situation and on the credit history.
But no less important is the possibility of benefiting from a loan at subsidized rates also thanks to the agreements existing between the operators and providers, which can be dedicated to the purchase of specific goods or aimed at specific social groups.
The timing of the finalized financing, however, may be longer and the purchaser may be required to provide greater guarantees if higher amounts are to be obtained (the maximum amount that can be requested through this form of financing is in any case set at € 30,000).
In these cases, an additional guarantee may also be required, such as a guarantor’s pay slip.
Benefits of the finalized loan
The ability to sell your goods with the help of credit institutions is a great way to increase sales. In fact, thanks to special agreements, retailers encourage consumers to buy from them thanks to the possibility of buying the products in installments.
The big advantage for the consumer is the speed and simplicity of the loan. Finalized funding can also be granted within a few hours and by presenting a few documents.